We live in volatile economic times, with global markets reacting moment by moment to the latest bits of data and the utterances of central bankers and politicians — even the tweets from the White House.
California’s economy is much too big — the fifth largest in the world, we are constantly reminded — to avoid that volatility. Agriculture and the state’s high technology sector, for instance, are directly affected by trade conflicts between the U.S. and China.
California, meanwhile, generates its own economic x-factors, such as shortages of housing and workers, and wildfires’ impacts on electric utilities’ financial stability.
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