North County Times
ORANGE -- "An economic index released Wednesday pointed toward weak hiring activity and increasing numbers of layoffs in California.
The index, by Esmael Adibi of Chapman University in Orange, fell to a value of 52.1, the lowest in its 24-year history. The index is an artificial value derived from real-world data on construction spending, exports, nationwide economic output, and the Standard & Poor's 500 Index of U.S.-listed stocks.
"The trend in this indicator series supports our view that the California economy is experiencing the deepest recession in its history," Adibi wrote in a report.
