University of California, Los Angeles economists say the glass is half full for the U.S. economy — at least for now.
The quarterly UCLA Anderson Forecast released Wednesday wanly touted a "better-than-expected outcome" for the U.S. economy in the near term, a major upgrade from the last report's forecast of a "depression-like" crisis for the economy. But the new, relatively optimistic assessment is highly reliant on how the pandemic progresses, the authors cautioned.
California's economy is broadly expected to mimic the nation's so long as pandemic-related shutdowns dissipate in 2021. Still, the optimistic outlook doesn't expect a full recovery for California until after the end of 2022, when economists forecast state unemployment will remain close to 6%, compared to just under 5% for the U.S. overall.
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Riders Share is AirBnB for motorcyclists.
The motorcycle rental platform that launched two years ago as a way to help fanatics enjoy a ride without the high cost has now raised $2 million in Series A funds led by LiveOak Venture Partners.
Created by a UCLA alumna, Riders Share will use the cash infusion to expand their customer service and marketing, along with developing new products. The company operates a sharing platform where users can rent out their own motorcycles or rent someone else's. Based in Austin, the company already has more than 10,000 listings. Los Angeles, where it was born, is among its largest market.
The U.S. economy is in a "depression-like crisis" and it will take at least three years before its GDP and unemployment rate return to the levels it saw before COVID-19 pandemic struck, University of California, Los Angeles economists reported Wednesday.
Their 126-page UCLA Anderson Forecast for June 2020 anticipated a 42% annual rate of decline in real GDP for the current quarter with a "moderate recovery" that resembles a "Nike swoosh." The GDP won't return to 2019 levels until early 2023, it said. The unemployment rate, which rose from 3.5% in February to 14.7% in April, is expected to hover around 10% in this year's fourth quarter and remain above 6% into the fourth quarter of 2022.
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