Are worse days ahead for California's economy?
According to a just released report, the state's economy is on the verge of recession, and some regions have already reached it. Regions like Orange, Riverside and San Bernardino counties are reportedly already feeling the tough economic times.
The report from the nonprofit Los Angeles County Economic Development Corp. (www.laedc.org) says that the state's two largest cities - Los Angeles and San Diego - may avoid heavy job losses, but the unemployment rates for both will go up in 2008 from 2007.
One economist in the report says that the housing market crash, financial sector difficulties, and large increases in prices for gasoline and diesel have severely impacted the state and local economies.