California’s $2.7 trillion economy may face pain from the U.S.-China trade spat and show signs of slowing job growth but economists don’t see a recession in the cards.
The Golden State added a mere 800 new nonfarm jobs in June after picking up 7,200 jobs in May and more than 39,000 in April. In the past year, the data show Texas is now beating California in job growth. California’s Employment Development Department is set to release July figures next week.
At the same time, there’s been a recent decline in home buying in California where prices are already sky high in many markets. One example is the Southern California market, which experienced double-digit percentage declines in new and existing home sales in June, according to CoreLogic.