🌴💸😰 California Economi Stay Edgy: Tech Layoffs an’ Studio Cutbacks Causing Deficit
As da rest o’ da country worries about recession, California stay tryin’ fo’ not lead da way there. But wit’ major industries like tech companies an’ supply chain logistics struggling, it stay hard fo’ da state fo’ maintain it’s powerhouse status. 🏭💼📉
Da severe floodin’ dis winter due to atmospheric rivers caused da Central Valley’s farmin’ communities to lose hundreds of millions of dollars in crops. 🌧️💦🌽
Da cost of livin’ stay gettin’ astronomical an’ thousands o’ Californians been laid off recently. Plus, Governor Gavin Newsom disclosed a $22.5 billion deficit in da 2023-24 fiscal year, which stay a far cry from da $100 billion surplus a year ago. 😱📉💸
Wit’ much o’ da state’s revenue comin’ from taxing da incomes o’ da wealthiest Californians, dips in Silicon Valley an’ Wall Street create instability. Alphabet, da parent company o’ Google, laid off 12,000 workers worldwide an’ Silicon Valley Bank, a key lender to tech start-ups, collapsed last month. 💻👨💼💔
Da drop in venture capital funding also creates problems. Rising interest rates an’ recession fears cause investors to become more risk-averse, which hurt Silicon Valley’s ability to create jobs. Da entertainment industry also faces issues as studios adapt to new viewin’ habits. Disney alone is eliminatin’ 7,000 jobs worldwide. 🎬🎭💼
Da nonpartisan Public Policy Institute o’ California recently found widespread pessimism about da economy. Two-thirds o’ respondents expect bad economic times fo’ da state in da next year, an’ 62 percent feel da state already in recession. 😔📉
Even wit’ da state’s problems, there still are strengths. Unemployment stay lower than last year in some areas, like San Francisco an’ San Jose. But California has seen da highest of highs an’ the lowest of lows, an’ dis boom-bust history may continue into da future. 💪📈📉
Da robust supply chain, which contributes to almost a third o’ da state’s economy, stay also strugglin’. The pandemic an’ an ongoing labor fight between longshoremen an’ port operators create stresses, an’ cargo processin’ at da Port o’ Los Angeles is down 43 percent in February compared to last year. 👷♂️🚢📉
As Joe Stephenshaw, director of da California Department o’ Finance, said: “Those risks became realities.” But as always, California will keep movin’ forward, no matta da challenges. 🙌🌅
NOW IN ENGLISH
🌴💸😰California Economy Is on Edge After Tech Layoffs and Studio Cutbacks
As the rest of the country worries about a possible recession, California is doing its best not to lead the way there. However, with major industries such as technology companies and supply chain logistics struggling, it is hard for the state to maintain its powerhouse status. 🌴💸😰
Severe flooding this winter due to atmospheric rivers caused farming communities in the Central Valley to lose hundreds of millions of dollars in crops. 🌧️💦🌽
The cost of living is becoming astronomical and thousands of Californians have been laid off recently. Governor Gavin Newsom disclosed a $22.5 billion deficit in the 2023-24 fiscal year, which is a far cry from the $100 billion surplus a year ago. 😱📉💸
With much of the state’s revenue coming from taxing the incomes of the wealthiest Californians, dips in Silicon Valley and Wall Street create instability. Alphabet, the parent company of Google, laid off 12,000 workers worldwide, and Silicon Valley Bank, a key lender to tech start-ups, collapsed last month. 💻👨💼💔
The drop in venture capital funding also creates problems. Rising interest rates and recession fears cause investors to become more risk-averse, which hurts Silicon Valley’s ability to create jobs. The entertainment industry also faces issues as studios adapt to new viewing habits. Disney alone is eliminating 7,000 jobs worldwide. 🎬🎭💼
The nonpartisan Public Policy Institute of California recently found widespread pessimism about the economy. Two-thirds of respondents expect bad economic times for the state in the next year, and 62 percent feel the state is already in a recession. 😔📉
Even with the state’s problems, there are still strengths. Unemployment is lower than last year in some areas, like San Francisco and San Jose. However, California has seen the highest of highs and the lowest of lows, and this boom-bust history may continue into the future. 💪📈📉
The robust supply chain, which contributes to almost a third of the state’s economy, is also struggling. The pandemic and an ongoing labor fight between longshoremen and port operators create stresses, and cargo processing at the Port of Los Angeles is down 43 percent in February compared to last year. 👷♂️🚢📉
As Joe Stephenshaw, director of the California Department of Finance, said: “Those risks became realities.” But as always, California will keep moving forward, no matter the challenges. 🙌🌅
