California's recession-battered economy is improving but at a "slower than desired pace," says a new overview by Beacon Economics, a private firm that advises both private and public clients, including the State Controller's Office.
"California's economy is not headed for a double dip and will continue to grow although reaching the state's pre-recession peaks on some indicators is still several years away," the Beacon report says, adding that technology, agriculture, travel and business services seem to be leading the recovery.
Beacon's forecast, to be presented today at an economic conference in Los Angeles, closely parallels the economic assumptions of Gov. Jerry Brown's latest state budget. It sees a 1.5 percent increase in non-farm employment this year, followed by a 1.9 percent gain in 2013.
"California is clearly past the bottom it hit during the recession in terms of consumer spending, the residential real estate market, state GDP, and international trade," says Beacon economic researcher Jordan Levine, said in a statement.
"And although Los Angeles County is lagging the state, it also didn't fall as far as surrounding communities during the recession," Levine continued. "The biggest worry we have for Los Angeles is the fact that manufacturing -- traditionally an important source of growth in the region -- does not seem to be experiencing the same renaissance being seen in much of the rest of the nation."
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