The Bureau of Economic Analysis just released an analysis of GDP growth in the last quarter of 2019 and a preliminary analysis of the entire year.
Read it and weep. The numbers for 2020 will be heartbreaking. All we can do is believe we can fly, to get the economy up and running again once “Safer at Home” restrictions are eased. Whenever that is.
Please realize that although “models predict” that the nationally the number of COVID-19 deaths will peak around April 15, that doesn’t mean we can all toss our face masks and throw a bonfire party at the beach on April 16. That could lead to renewed spread.
No, we’ll have to stick to social distancing for weeks longer.
But, back to the halcyon days of 2019!
The preliminary full-year analysis of GDP shows California’s GDP grew at an annualized rate of 2.6% — not bad, but not in the top tier. Better than a kick in the pants, and surely better than what we’ll see in 2020.
Dig down into the data and you’ll find that California was smack in the middle of the ranks, number 24, for 2019. Second quarter 2018 was great, third quarter was okay, then for most of 2019 the State bumped along around 2% growth in GDP.
The next update on Gross Domestic Project by state is scheduled for July 7. No doubt that it will be ugly.