The distinctly lopsided and often atypical economic effects that have stemmed from the pandemic recession are clearly on display in the contrast between the labor and housing markets in California’s major metropolitan regions. Beacon Economics’ new regional outlooks spotlight how labor markets in the state’s large metros have a considerable way to go before reaching full recovery, while the housing markets in those pricey areas have experienced sharp price and sales growth in the past year.

Meanwhile, California’s export trade continued to rebound in May, with the state’s businesses shipping a total of $14.971 billion in merchandise abroad, a nominal increase of 42.7 percent from May 2020.

While this robust bounce does reflect the V-shaped recovery Beacon anticipated, the news is not as upbeat as the numbers imply. Comparisons to May 2020 are bound to be positive, given it was the worst month for exports since the Great Recession. However, 29 other states posted bigger jumps in exports.