BofA Sees Turnaround for California’s Economy: The...
From Times Staff and Wire Reports
BofA Sees Turnaround for California’s Economy: The San Francisco-based institution predicted that the state’s economy, currently in recession, would begin recovery by midyear and should narrowly outperform the nation’s economy. The generally upbeat appraisal of the nation’s most populous state came amid growing optimism about the nation’s economy, boosted by the end of the Persian Gulf War offensive. The report indicated that the results of the war will strongly affect energy prices and consumer confidence, said Frederick L. Cannon, a Bank of America senior economist. Cannon also predicted that California agriculture will continue to thrive despite the state’s five-year drought.
