. The Fed’s rate hikes are an especially powerful economic depressant to California’s high-cost economy.
California home sales fell to an 11-year low in November 2022, according to a California Association of Realtors index. Chapman University’s California Purchasing Manager Index, a measure of manufacturing activity, sits at a low not seen in a decade.Let’s ponder the odds the state enjoys what economists call a “soft landing” – a business cooling that doesn’t end with a crash.
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