Some projections for California’s economy from Governor Schwarzenegger’s budget revise today:
The outlook for the California economy is also for negative growth in 2009 followed by weak growth in 2010, and better growth in 2011:
Personal income is projected to fall 1 percent in 2009; and grow 1.4 percent in 2010, and 3.9 percent in 2011, as compared to 2.5 percent in 2008. The projected decline in personal income is the first since 1938.
Nonfarm payroll employment is forecast to fall by 3.9 percent in 2009 and 0.9 percent in 2010 and grow 1.6 percent in 2011, as compared to a 1.2‑percent decline in 2008.