(CNS) – Inland Empire business activity is declining, but the downturn is not occurring at the same pace as the rest of the nation, UC Riverside economists said Thursday.
The UCR School of Business’ Center for Economic Forecasting & Development released its quarterly Inland Empire Business Activity Index, showing that area businesses experienced a 1.6% growth rate during the second quarter of 2022 — the most recent data available — a steep drop from the 4.7% expansion in the first three months of the year.
Despite the significant contraction, the rate still contrasted markedly with the negative 0.6% rate for the nation as a whole during the same quarter, according to the report.
Successive periods of sliding gross domestic product reflect that the country may already be in the early stages of a recession, according to some economists.
The UCR economic forecasting team said the financial headwinds should not derail prospects…