Going forward, Lynn Reaser, an economist with Point Loma Nazarene University in San Diego, is concerned the Delta variant could weigh on consumer’s willingness to spend.
When the COVID-19 pandemic hit last year, Gregory Flynn, chief executive of Flynn Restaurant Group in San Francisco, the nation’s largest franchise operator, furloughed some 29,000 employees in 44 states, including more than 5,000 in California.Revenue dropped in 2020, but now, despite labor shortages and supply chain disruptions, sales at the group’s Applebee eateries, including 80 outlets in California, are up 10% over 2019, thanks to both in-house dining and takeout.
“People came out of hibernation,” said Sung Won Sohn, an economist at Loyola Marymount University. “But the Delta virus remains a wildcard. If another wave of the pandemic continues, economic growth will suffer.”infections began surging. California’s labor force participation rate ticked up to 60.9% from a low point of 59.2% in September 2020, but the state has recovered just 58.3% of the 2,714,800 jobs lost in March and April of last year due to the pandemic.of 100,000-plus job growth,” said Enrique Lopezlira, a UC Berkeley economist. “But many workers are still on the sidelines. Employers need to improve the quality of jobs, not just wages.
“More importantly, COVID concerns could affect the ability of parents to find child care even as schools reopen, prolonging the struggle of companies to fill open positions,” she said.Jobs will come back and the state’s economy will recover faster than the nation’s, a UCLA forecast says, led by consumer spending, tech jobs and home-building
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