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CSUF Economists Express Concern Over Affordable Housing and Cost of Living – Daily News


Two Cal State Fullerton economists, Anil Puri and Mira Farka, have revised their predictions for 2025 due to concerns about the nation’s growing wealth gap. While they initially forecasted a mild recession around this time, they now anticipate it to hit in late 2025. The data presents a mixed puzzle, with positive hiring trends but a softening economy. The wealthy are seeing a significant increase in household wealth, while lower-income households are facing financial stresses. Issues such as rising credit card debt, lack of affordable housing, and a widening wealth gap are contributing to economic weakness in Southern California.

Housing affordability is a major concern in Orange County, with median prices for homes exceeding $1.2 million. The county ranks last in California for housing affordability. The economists also point to challenges in the labor market, with California trailing the U.S. in job growth. The high-tech sector has suffered job losses in the state, while wages continue to rise, potentially impacting inflation rates.

There are concerns over a potential business slowdown if the minimum wage in California continues to increase. The economists caution that rising wages could lead to higher inflation rates and increased youth unemployment. Despite some improvements in business sentiment, the index remains below its long-term average, indicating caution among Orange County business executives. Inflation, government deficits, interest rates, and labor shortages are among the top concerns for Orange County businesses.

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