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UCLA Economic Forecast Predicts Slower Economy and Possible Recession Ahead. How Should Workers Respond?




An Amazon fulfillment center on August 10, 2017 in Sacramento, California. Warehouse employment grew more than 3% over the last year
An Amazon fulfillment center on August 10, 2017 in Sacramento, California. Warehouse employment grew more than 3% over the last year
Justin Sullivan/Getty Images

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Job growth is slowing down in California and a national recession might occur by 2021, according to a new report by UCLA Anderson School of Management released yesterday.

The quarterly report says California’s projected job slowdown is based on several factors, primarily employers experiencing difficulty finding new qualified employees. And the unemployment rate is expected to increase to an average of 4.6% in the first quarter of 2021.

According to the forecast, the previous four quarters show signs of recession precursors, such as weak home construction and residential investment, among others. The report says that predicted recession has a 15% chance of occurring in the next year, and between 24% and 83% chance the following year. Guest host Libby Denkmann sits down with two economists to breakdown the numbers, and asks an employment expert what workers can expect.

So what should employees be thinking about going forward? What’s your experience in today’s economic climate? We’re taking your calls at 866-893-5722.

With guest host Libby Denkmann.

Guests:

Jerry Nickelsburg, director of the UCLA Anderson Forecast and professor of economics, which released its second economic report for 2019 yesterday 

Chris Thornberg, founding partner of Beacon Economics and director of the UC Riverside Center for Economic Forecasting and Development

Kate Bischoff, owner of tHRive Law & Consulting, an employment law and HR consulting firm, based in Minneapolis