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Politics : Formerly About Applied Materials

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To: Paul V. who wrote (62371)	3/27/2002 4:27:03 AM
From: StanX Long	Read Replies (1) of 70976

Tech sector seen pulling Calif. out of recession By Michael Kahn biz.yahoo.com SAN FRANCISCO, March 27 (Reuters) - New growth in California's struggling high tech sector should lift the world's fifth biggest economy out of recession by mid-year, according to a forecast report released on Wednesday. ADVERTISEMENT The survey issued by economists at Anderson School at the University of California in Los Angeles predicted that an improving investment, sales and hiring climate for technology companies should help California recover from a dot-com blowout that sent its tech-heavy economy reeling. ``We are close to a turning point in California,'' said Tom Lieser, the economist who compiled the forecast. ``The rate of decline we had last year is behind us.'' Still, the recovery will be slow and growth will not come close to levels seen during the late 1990s when the Internet and technology boom powered California's economy to dizzying heights. Instead, a recovering national economy and a gradual pick-up of global orders for semiconductors -- a basic building block for the high-tech industry -- will help ease the nation's most populous state out of a downturn. ``We know of no analysts who are saying that sales of high-tech equipment or services will soon approach the unsustainable levels of late-2000,'' the report said. ``Our forecast predicts that basic industry growth in the information technology industry will resume by the middle of this year.''

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