SACRAMENTO, Calif. (AP) — A new report says California is on the road to economic recovery but should expect a long and bumpy ride, with double-digit unemployment likely to continue through 2012.
The report issued Tuesday by Beacon Economics says lingering effects of the recession will keep the recovery slow in California. Rising international trade and other job gains are positive signs, but there has been little growth in sectors tied to the hard-hit housing market.
California has seen a much smaller exodus of residents than during the previous recession in the 1990s. The San Rafael-based economic forecasting firm says that is in part because the recession was widespread and homes have become more affordable.
Nationally, the forecast warns of another slowdown — and possibly a slide back into recession — in 2013.
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