In summary
California’s economy, which contracted into recession during the COVID-19 pandemic and then exploded, may be headed downward again due to national and global economic trends.
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California’s economy exploded as the state emerged from a relatively brief but severe recession caused by business shutdowns that Gov. Gavin Newsom ordered in 2020 to battle the COVID-19 pandemic.
Virtually overnight, more than 2 million Californians lost their jobs and the state’s unemployment rate skyrocketed to more than 16%. However, once the restrictions were eased, the jobless rate slowly drifted downward to pre-pandemic levels, under 4%, and California…
