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|January 18, 2021|
Experts: No economic recovery until COVID controlled
SAN BERNARDINO – (INT) – The first Purchasing Manager’s Index (PMI) of 2021 is less than enthusiastic about the Inland Empire’s economy.
Although barely in slow growth mode, three of the key indicators in the PMI (the Production, New Orders, and Employment Indices) have dropped below the 50% mark.
The Institute of Applied Research (IAR) at Cal State San Bernardino found only 14% of Purchasing Managers surveyed forecasted that the local economy will improve in the First Quarter. 32% think it will become weaker and the rest (54%) projected that the current weak economy will remain unchanged.
California consumer confidence is down to an 8-year low, and there are more per capita unemployment claims in the state than in the nation as a whole. Southern California is a hotspot for the coronavirus, there may be another surge in the coming weeks.
“None of these factors elicit optimism about the state of the Inland Empire economy for the near future,” the IAR said.
Experts agree that the economy cannot recover until COVID-19 is under control.
Story Date: January 6, 2021