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UCLA report gives dismal picture of economic recovery
UCLA Anderson Forecast paints dismal picture of economic recovery - latimes.com
: "The country's tepid growth in its gross domestic product isn't creating enough good jobs to build a strong middle class, according to a UCLA report . . . "Growth in GDP has been positive, but not exceptional," UCLA economists wrote in their quarterly Anderson Forecast. "Jobs are growing, but not rapidly enough to create good jobs for all." The report, which analyzed long-term trends of past recoveries, found that the long-anticipated "Great Recovery" has not yet materialized. Real GDP growth — the value of goods and services produced after adjusting for inflation — is 15.4% below the 3% growth trend of past recoveries, wrote Edward Leamer, director of the UCLA Anderson Forecast. More robust growth will be necessary to bring this recovery in line with previous ones. "It's not a recovery," he wrote. "It's not even normal growth. It's bad.""
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