The planning is already underway for the inevitable: the end to a record-long economic expansion that's fueled major California budget spending.
Gov. Gavin NewsomAnd it even comes with an impersonation of that voice on the loudspeaker toward the end of a flight.
“We’re about to begin our descent,” Newsom joked with reporters last month after an event in Sacramento. “We’re still at 36,000 feet, but we’re about to begin our descent.” The governor isn’t the only one who is preparing for a landing. But none of those watching the horizon know when or how fast it will happen. Nor do they know how it will affect myriad vital state services when the high-flying economy of most of the last decade runs out of gas.Last week’s report by state officials of record low measurement of unemployment in California included a reminder that national economic data are nearing uncharted territory.
The longest U.S. economic expansion in data dating to 1854 lasted for 120 months — achieved during the decade of technology industry growth in the 1990s. State researchersthat the current streak stands at 116 months, which bears a moment of reflection: Even the strong economies in the years after World War II, as well as those of the 1960s and 1980s, were shorter than the current streak that began in July 2009.
California has been a major part of the national story. The state has added almost 3.4 million jobs since February 2010, reported the state Employment Development Department, accounting for more than 15% of all the new jobs created in the country during that time period. As of October, California’s jobless rate stood at a historically low 3.9%.No one expects the streak to go on indefinitely, but there’s no exact science to figuring out when things will change.
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