From the Los Angeles Times' Money & Company blog:
It’s pretty clear that California is currently in worse shape than the rest of the nation. Budget issues aside, the state’s unemployment rate, at 12.6%, is 2.7 percentage points higher than the nation’s. In March, the state’s unemployment rate was 2.9 percentage points higher than the nation's, setting a record difference.
But an economic brief released Tuesday by Comerica Bank suggests that California could begin to outperform the nation next year.
“California tends to be more cyclically sensitive than the national economy, suffering more in downturns but growing more rapidly during expansions,” wrote economist Dana Johnson in the research brief.
The state’s growth will be led, surprisingly, by the housing sector, Johnson said....MORE