The report assumes that mass vaccinations will clear a path toward a new, productive normalcy for many industries.
Economists say the positive outlook is partly due to consumers and businesses quickly adapting to virtual commerce.
The UCLA Anderson Forecast team writes that the economy is in a “Depression-like crisis.”
The update is the second revision to the regular quarterly spring forecast, which was published on March 12.
The report says GDP will reach 2% in the fourth quarter of 2020 and the California economy looks slightly stronger than previously predicted.
The authors expect California's unemployment rate to rise to an average of 5.1% in the fourth quarter of 2020.
A report on California’s economy found that the state’s rapid job growth is slowing down.
The report’s authors write that the big question for the California economy is how long the state’s tech industry boom can continue.
California’s economy is expected to continue to grow faster than the U.S. economy, but the report indicates that growth at the state and national levels will be weaker in 2020.
The third quarter report notes that the economy has grown, despite the chaos in Washington, D.C.
The latest report says GDP growth will exceed 2 percent in the near term but fall below 2 percent in 2019.
The report projects robust job growth and increased defense spending.
When Donald Trump was elected, UCLA Anderson economists revised their prognostications for the nation, state and Los Angeles.
UCLA Anderson Forecast’s quarterly outlook for the national economy foresees real gross domestic product growth in the 2 percent to 2.5 percent range throughout 2017 and 2018, where it has been for the past seven years.
UCLA Anderson Forecast calls for continued slow but steady growth in the two percent range.
For California, the forecast calls for a steady decrease in the unemployment rate, to about 5.0 percent by the end of 2018.
UCLA Anderson Forecast: Job growth, wage increases to push real GDP growth past 3% for first time since ’05
According to senior economist David Shulman, with the economy generating jobs at a 200,000-a-month clip, the unemployment rate should soon drop to 4.6 percent.
Despite a first-quarter bump in the road, the U.S. economy remains on track. California can expect a steady decrease in unemployment.
First quarterly report for 2015 says the U.S. economy “looks like an island of stability in a very volatile world.”
The report foresees the U.S. economy likely growing at a 3 percent pace during the next two years, as lower oil prices and higher wages bolster consumer spending and the unemployment rate falls.
UCLA Anderson Forecast: U.S. economy growing, unemployment rate dropping, defense spending on the rise
Real GDP for the U.S. will grow at about 3 percent over the next two years and the national unemployment will drop to 5.3 percent by the end of 2016.
The outlook is based on the recent Allen Matkins/UCLA Anderson Forecast Commercial Real Estate Survey, which analyzes the three-year outlook for real estate development activity in California.
The current forecast picks up where March's left off, predicting "normal growth" in the 3 percent range through 2016. In California, the unemployment rate will continue to drop.