Are we in a "double dip" recession? We talk to senior economist Jerry Nickelsburg, Ph.D, UCLA's Anderson School of Management. But what does Wall Street think? He talks about the tale of two California's--The Inland Empire and the Coast.
Economist Jerry Nickelsburg, PH.D., of UCLA’s Anderson School of Management said we are most likely not going to go into a “double dip” recession.
However, Wall Street doesn’t seem to share his optimism.
Nickelsburg explains that the Anderson Forecast suggests that the most likely scenario is that we don’t go into another recession; but Wall Street’s continued fluctuation reflects the risk in that forecast.
“While it’s not likely that we’ll have a double dip, it’s more likely that we’ll have one today than it was six months ago,” he said.
The Anderson Forecast also stated that California would have double-digit unemployment numbers until 2014. The reason behind the gloomy prediction, according to Nickelsburg, is that there are thousands of skilled workers in California who have the wrong skills for the current job market.
“It simply takes a long time for people to decide what they want to do—besides what they were doing—get the training necessary and then move into the sectors where there is demand for those skills,” he said.