The outlook for California next year remains very much in flux. With the possibility of another U.S. economic recession remaining uncomfortably high, there is an even higher probability that California’s economic recovery could stumble next year.
Total construction spending rose 0.8 percent in October, the third consecutive monthly increase. Private residential and nonresidential outlays increased, but public construction spending fell 1.8 percent.
U.S. manufacturing activity seems to be weathering the effects of the European sovereign debt crisis. The ISM index rose 1.9 points in November to 52.7, with solid gains in production, new orders and new export orders.