California economy set for continued expansion; Central Valley leads in growth, followed by Northern California; southern region due for slow recovery in 1995 and 1996.SAN FRANCISCO--(BUSINESS WIRE)--Jan. 6, 1995--The California economy will enjoy two more years of expansion, with growth continuing in most industries and regions of the state, Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank forecasts in a special issue of The Wells Fargo Economic Monitor. "After a long and difficult downturn, it's a pleasure to report that recession has now given way to growth," said Wells Fargo Chief Economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the Joseph Wahed. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the bank's economists, agribusiness and international trade are leading sectors of the economy, while the Central Valley is showing the best growth among the state's three principal regions. Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern is growing, partly as the result of renewed expansion in the important high technology sector. Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , which was hardest hit by sharp cuts in defense spending, is recovering at a slower and uneven rate, with Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. lagging behind. "The most encouraging news of California's recovery is the dramatic increase in employment last year, now estimated at nearly 200,000 jobs, and the outlook for the state to add another 400,000 jobs during 1995 and 1996," Wahed said. More than half of the expected job gains will come in Southern California. "The winning combination of rising employment and stronger sales should add about $100 billion to the California economy by the end of 1996," he continued, noting that $100 billion is equivalent to the size of the entire Wisconsin economy. He cautioned, however, that the recovery is still fragile and hesitant. Higher interest rates have already depressed home sales in California and dampened business hiring; further increases in interest rates could harm the recovery but should not trigger a full-fledged recession, Wahed predicted. As for Orange County's financial problems, Wahed expects they will hurt the county temporarily, but won't measurably slow the state's economic growth. The bank bases its forecast for moderate expansion of the California economy on five principal factors: the general recovery in world business, continued good growth in the rest of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , strong pent-up demand among Californian consumers and businesses that built up during the 1990-1993 recession, reforms enacted in Sacramento that have improved the state's business climate, and a winding down of cuts in defense spending. CONTACT: Wells Fargo Bank, San Francisco Lorna Doubet, 415/396-3606 |
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