July 25, 1996 |
Despite signs that the California economy continues to recover, some locals remain uncertain that the state is rebounding from the economic miseries of the early 1990s. So, if it's of any comfort, two out-of-town executives who keep tabs on the Golden State from the other coast say that the recovery seems to be continuing. "I'm an outsider, but I like California," said Jim Adamson, chief executive officer of Flagstar Cos. Inc., the Spartanburg, S.C.
April 25, 1995 |
At a recent conference on prospects for California, Lewis Coleman, chief financial officer of Bank of America, confirmed that the state's economy was moving forward after recovering from the terrible recession of the early '90s. But, curiously, he spoke about the recovery as a scientist would describe quarks or anti-matter--as seen through evidence of its existence, not as seen physically.
February 28, 1992 |
In realtors' offices across California, a new phenomenon has been visible in recent weeks--customers. At least a few home builders have reported a rise in their long-depressed business. And amid all the mixed economic signals of recent days, there even have been hints of an upswing in retail sales. Is the California economy, bruised and battered from an unusually severe downturn, creeping back to its feet?
December 18, 1991 |
The outlook for the California economy is getting much bleaker, hurt by the weakening national economy, the continuing slump in real estate and persistent losses in defense-related employment, top economists say. If current trends continue, they say, the state's recession could last until late 1992 and perhaps into 1993, making the economic downturn the most severe in California since the Depression in the 1930s.
September 19, 1998 |
Despite mounting problems in the world economy and a jittery U.S. stock market, Californians are extremely upbeat about both the state economy and their own personal finances, a new Los Angeles Times poll has found. A full 67% of those polled say the California economy is "robust," and 73% believe their finances are secure. Overall, 61% of residents think the state is going in the right direction, up from 48% just four months ago.
February 7, 1995 |
President Clinton's proposed budget for next year delivers some bad news for the California economy in the form of a nearly $8-billion cut in defense spending, but the plan also contains several nuggets of good news for the state, including a possible second shot at a job-creating "empowerment zone" for Los Angeles.
February 18, 1991 |
An employer advertises 28 job openings and the result is pandemonium: Anxious applicants race to the plant at dawn the next day, jamming traffic on nearby streets. Within a week, almost 14,000 people--some with advanced college degrees--have asked for a job. A tale from the Great Depression? Hardly. The employer was Los Angeles-based Arco, and the scene took place recently at its Carson oil refinery. "I couldn't get in the front gate," Doug Elmets, an Arco spokesman, recalled of the mob scene.
January 3, 1993 |
The latest forecast for a California recovery: Don't hold your breath. Continuing layoffs, slumping real estate, shrinking defense budgets, a state budget deficit, earthquakes and riots all combined in 1992 to keep the state's economy on the ropes. Economists are now wary about predicting a rebound any time soon. "The recession will consume much if not all of 1993," says David Hensley, director of the UCLA Business Forecasting Project.
December 5, 1992 |
The California economy--once touted as so richly diversified that it was nearly recession-proof--is showing signs of unraveling, even as business conditions across the country display fresh signs of life. Government employment figures released Friday buttressed the growing pessimism among economists, some of whom now believe the state will remain mired in recession until late 1993 or early 1994. The government statistics, which show California unemployment climbing to 10.1% in November from 9.
September 18, 1992 |
The lingering recession in California, the worst since the 1930s, is now surpassing the downturn in Texas during the mid-1980s oil bust, and relief won't occur until after next summer, the UCLA Business Forecasting Project said Thursday. In its latest quarterly report on the California economy, the forecasting project said the state has experienced a 5% drop in employment since the recession began more than two years ago. By contrast, Texas saw employment drop 3.