This week in the news, economist Mark Schniepp claims that California’s economy is no longer recovering, but expanding. Bank of America is placing a huge bet in California small business by hiring 150 new small business bankers in the state, showing that they believe there’s about to be a major growth season for small business. And the California State Legislature is pushing the statewide ban on plastic shopping bags, leaving business with only paper or reusable as options – albeit greener ones.
California’s thriving job market is no longer in a recovery
Recent number indicate that California is growing jobs faster than it has since 2007, right before the recession. Second only to Texas in Friday’s job report, the state added over 340,000 jobs, lowering the notoriously high unemployment rate from 8.1% to 7.8% in the past month. It’s a huge leap from where we were a year ago, with unemployment at 9.1%. Read more on OCRegister.
Bank of America hiring 150 small business bankers in California
Bank of America seems pretty optimistic about small business looking forward. They have plans to hire 150 new small business bankers this year, suggesting that they believe they’ll be serving more small businesses in 2015 than they currently do by a significant amount. They’ve run the numbers, and based on their findings, small business lending should grow dramatically over the next year in the same manner it did from 2012 to 2013, where it displayed a 31% growth. Read more on BizJournals.
California Bill to Ban Plastic Bags Advances
Plastic bags are bad for the environment, dangerous to animals and babies, and are the most widely used grocery carrying method in California. They get left all over the state, flying out of vehicles (including trash trucks), being thrown aside as litter, and blowing about during a nasty Santa Ana condition. The California State Legislature has had enough. They advanced a bill on Wednesday to ban plastic bags statewide, helping to eliminate the problem. Read more on BND.
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