Coronavirus: The Bay Area is likely headed for a recession. How bad could it get?

[Catabolite]

The Bay Area, long one of the world’s mightiest growth engines, could be headed for a coronavirus-induced recession, as shelter in place orders shutter stores and bars, construction grinds to a halt, and the tourism and hospitality industry all but disappears.

This week, UCLA Anderson Forecast issued its first revision to its quarterly report in its 68-year history. Despite a strong start to the year, it’s now predicting two quarters of negative economic growth nationally — enough to be considered a recession — and for the economy to take until 2022 to be fully recovered. California, according to the forecast, will be harder hit, with a projected 280,000 jobs lost in the state. And that’s not even accounting for the shelter in place order imposed on Monday throughout the Bay Area.

“We’re in uncharted territory as to the economic effects of the measures being taken to control the spread of this pathogen in the Bay Area,” said Jerry Nickelsburg, director of UCLA Anderson Forecast.

The forecast predicts unemployment in the state will reach 6.2 percent by the end of the year and average 6.6 percent during 2021. The January statewide unemployment rate was 3.9 percent, according to the California Employment Development Department. Personal income, adjusted for inflation, is expected to stay basically flat until 2022.

[afdb002]

1 minute ago, Catabolite said:

The Bay Area, long one of the world’s mightiest growth engines, could be headed for a coronavirus-induced recession, as shelter in place orders shutter stores and bars, construction grinds to a halt, and the tourism and hospitality industry all but disappears.

This week, UCLA Anderson Forecast issued its first revision to its quarterly report in its 68-year history. Despite a strong start to the year, it’s now predicting two quarters of negative economic growth nationally — enough to be considered a recession — and for the economy to take until 2022 to be fully recovered. California, according to the forecast, will be harder hit, with a projected 280,000 jobs lost in the state. And that’s not even accounting for the shelter in place order imposed on Monday throughout the Bay Area.

“We’re in uncharted territory as to the economic effects of the measures being taken to control the spread of this pathogen in the Bay Area,” said Jerry Nickelsburg, director of UCLA Anderson Forecast.

The forecast predicts unemployment in the state will reach 6.2 percent by the end of the year and average 6.6 percent during 2021. The January statewide unemployment rate was 3.9 percent, according to the California Employment Development Department. Personal income, adjusted for inflation, is expected to stay basically flat until 2022.

k

[Paaji]

3 minutes ago, Catabolite said:

The Bay Area, long one of the world’s mightiest growth engines, could be headed for a coronavirus-induced recession, as shelter in place orders shutter stores and bars, construction grinds to a halt, and the tourism and hospitality industry all but disappears.

 

 

This week, UCLA Anderson Forecast issued its first revision to its quarterly report in its 68-year history. Despite a strong start to the year, it’s now predicting two quarters of negative economic growth nationally — enough to be considered a recession — and for the economy to take until 2022 to be fully recovered. California, according to the forecast, will be harder hit, with a projected 280,000 jobs lost in the state. And that’s not even accounting for the shelter in place order imposed on Monday throughout the Bay Area.

“We’re in uncharted territory as to the economic effects of the measures being taken to control the spread of this pathogen in the Bay Area,” said Jerry Nickelsburg, director of UCLA Anderson Forecast.

The forecast predicts unemployment in the state will reach 6.2 percent by the end of the year and average 6.6 percent during 2021. The January statewide unemployment rate was 3.9 percent, according to the California Employment Development Department. Personal income, adjusted for inflation, is expected to stay basically flat until 2022.

K

[sri_india]

Antee ippudu area wise recession Loki velthunaya... Maa ooru turn eppudooo emo

[Catabolite]

4 minutes ago, sri_india said:

Antee ippudu area wise recession Loki velthunaya... Maa ooru turn eppudooo emo

Bay area housing prices will be worst hit if people lose their jobs and don't pay their mortgage. 

[MiryalgudaMaruthiRao]

Just now, Catabolite said:

Bay area housing prices will be worst hit if people lose their jobs and don't pay their mortgage. 

waiting antunna batter gotta uncles

[sri_india]

Just now, Catabolite said:

Bay area housing prices will be worst hit if people lose their jobs and don't pay their mortgage. 

Ayithy Bay area kastame antavaa

[Catabolite]

2 minutes ago, MiryalgudaMaruthiRao said:

waiting antunna batter gotta uncles

Y

[Catabolite]

2 minutes ago, sri_india said:

Ayithy Bay area kastame antavaa

That article saying so...how to pay million dollar mortgage with no job

[MiryalgudaMaruthiRao]

Just now, Catabolite said:

Y

rates paditey konadaniki but aa chance chinkis ivvarani gatti nammakkam

@Spartan uncle please confirm

[afdb002]

9 minutes ago, Paaji said:

K

paad ji

[Paaji]

Just now, afdb002 said:

paad ji

As if to the pad for the ji to getting the things bro 

[manadonga]

Dallas have big hit bu american airlines and southwest airlines 

[Android_Halwa]

This could be the turning point for Bay Area's growth..

No question that this region would still be at the forefront of futuristic innovations, but this situation might give companies an opportunity to move away from bay area, now that most companies are virtual ready...

[r2d2]

21 minutes ago, Catabolite said:

Bay area housing prices will be worst hit

highly inflated prices anyway..