09/15/2019

Economy Healthy, No Recession Looming For California, Economists Say

When they presented the California Association of Realtors 2019 Mid-Year Market Forecast this month, C.A.R. senior vice president and chief economist Leslie Appleton-Young and deputy chief economist Jordan Levine announced as of July, the U.S. was officially 10 years into its economic recovery period.

The country has experienced the longest period of economic expansion on record.

The economy is healthy, with GDP reaching 3.1 percent in the first quarter of this year. Unemployment was at 3.7 percent in June — the lowest in 55 years, and job growth was at 1.5 percent. Consumer confidence has remained elevated. Interest rates are at an all-time low, hitting 3.75 percent in June. There is speculation that interest rates may be lowered even more.

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