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<br />Overview <br /> <br />-..--..- ------... -... -- ---......... ----... --..... -..-... --- ........... -..-.. --- ....... -------... --.. --.... ---................ --.... ---_.. -...-.. --- ---............. ---.. ..... ---.......... ---. <br /> <br />~ The recession may well be over, but the toll has been horrific <br /> <br />~ Employment continues to fall and unemployment to grow <br /> <br />~ The recovery will likely be slow as unemployed workers try to <br />find jobs and consumers struggle to get their finances in order <br /> <br />~ Major risk to the outlook: <br />~ Another wave of less-than-prime adjustable-rate mortgages <br />will reset between 20 I 0 and 20 12 <br /> <br />" 3 <br /> <br />Source:ABAG January 26, 20 I 0 Forecast <br /> <br />California Nonfarm Payroll Employment <br /> <br />-..- .....-- --............... ---- ----- --..... ................... .. ----... ............ ---...... -..-- --.... ..-.. ...----........-...... .... ...--.. ..-- ----.. ...-- --............ ..........-.. ---... -...-......... <br /> <br />California NonfannPayroll Employment <br /> <br />1&,500,000 .-...--........--....-....................-............................ ......n....._..._.........__..... ....-...............-.--...-- - _.... ....... <br /> <br />'11,000,000 <br /> <br /> <br />14,iOO,lIOO <br /> <br />14,000,000 <br /> <br />Dec. 2001 <br />14,141,700 <br /> <br />13.100,000 <br /> <br />13,000,000 <br /> <br />12,100,000 <br /> <br />120000,000 <br />J~"O Jan.t2 Jan-94 Jan." Jlln.11 Jan-OCl Jan-oZ Jan.04 Jan-OG Jan-OB <br /> <br />.. --.... -.." --_......... --- -.....- --.... --....... ....--.............. ..--- .....-. .....oo.... ....._ ~ __ - ....._.... ___ _....... __ _____oo...... _...... ___ ____... __ __....... - .. __........ _... ___~ <br />4 Source:ABAG January 26.20 I 0 Forecast <br /> <br />7A <br />Attachm~~e 3 <br /> <br />2 <br />