California is experiencing a "pandemic-induced recession" after nearly a decade of economic growth, according to Gov. Gavin Newsom.
During his daily COVID-19 press conference on Friday, Newsom stated that the state saw 120 straight months of job creation — but this has now ground to a halt.
In response, the governor announced a new task force made up of business leaders, including former presidential candidate Tom Steyer and former Disney chairman Bob Iger, who will advise the governor on economic recovery.
All four living former state governors and current legislative leaders from both parties will also be part of the task force. Newsom´s chief of staff Ann O’Leary will co-lead the team along with Steyer.
They will have their work cut out for them: Some 3.1 million Californians have filed for unemployment insurance since March 12, Newsom said.
Those individuals are not represented in the state´s current 5.3% unemployment rate. And economic experts are projecting several months, if not years, of recession due to the virus.
Newsom continued to urge people to stay indoors even though California appears to be "flattening the curve" of COVID-19 patients.
"The worst mistake we can make" is not continuing to socially distance as the state discusses how to ease out of the stay-home order, he said.
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