California has surpassed France and Brazil in annual economic rankings to become the sixth-largest economy in the world, the Gov. Jerry Brown administration announced on Tuesday.
The California State Department of Finance said in a statement that the Golden State leapfrogged two spots in last year’s annual rankings, from No. 8 to No. 6. The rankings are based on data from the International Monetary Fund (IMF) and the U.S. Bureau of Economic Analysis (BEA).
The strong ranking of the Golden State reflects its comparatively healthy economy at a time when much of the rest of the nation and world are struggling.
Jeff Michael, an economist with the University of the Pacific, said, “It’s a statement of the size and significance of the state’s economy to the world, and the United States. It speaks to California doing relatively well in a sluggish global economy.”
California has seen significant economic growth since 2012, when the state had fallen to 10th spot in the global economic rankings because of the lingering effects of the housing market slump and recession. The most recent data showed the state’s unemployment rate at 5.3 per cent.
However, many economists have cautioned global economic rankings seesaw from year to year and can easily be influenced by factors like fluctuations in currency valuations. They pointed out that the strength of U.S. dollar vs. the euro played a key role in pushing California ahead of France last year.
A homeowner in Southeast Portland shot and killed an intruder early Thursday morning, a spokesperson for the Portland Police Department said in a news release.
Air cargo carrier Cathay Pacific Airways announced on Thursday that it would launch twice a week service to Portland, offering a new route for Asia-bound exports.
A motor vehicle accident occurred Tuesday morning in Litchfield claimed two lives and left a teenager injured, the Kennebec County Sheriff's Office confirmed.
Sightings of motorcyclists zipping through traffic and splitting lanes are not rare in heavily populated cities like Los Angeles.
California State Attorney General Kamala Harris’ Office has confirmed that subpoenas have been issued to oil refiners as part of its investigation into unusually high gasoline prices in the state during last year.
A California bill designed to change how schools in the state retain and fire teachers fell short in its first legislative vote on Wednesday.