Business
U.S. Economic Growth: Better Than Expected But Not as Good at IT Appears Says New Forecast; Still, no Recession in Sight

California Shifts To A Lower Pace of Job Growth
June 13, 2019—LOS ANGELES, CALIFORNIA—Despite the United States economy being on the edge of its longest expansion in history and a plethora of negative outlooks on the economy, a new forecast released today by Beacon Economics says there is no reason to anticipate a downturn until at least beyond 2020. While the new outlook warns of a slowdown in the nation’s economy, something that is already occurring, it argues that nothing on near-term horizon has the capacity to cause a contraction.
“We simply do not see the kinds of imbalances or rapid shifts that would be forceful enough or deep enough to push the economy into recession,” said Christopher Thornberg, Founding Partner of Beacon Economics and one of the forecast authors. “It’s certainly not going to happen in 2019, and highly unlikely to occur next year.” Thornberg is quick to point out, however, that no one should expect the expansion to reach or maintain 2018 levels and is forecasting the pace of U.S. economic growth to decelerate to approximately 2% this year. The slowdown is being driven by a number of sources including the end of the short-term stimulative effects created by the 2017 Tax Cuts and Jobs Act, intensifying trade disputes with key trading partners, and financial market wobbles that will keep investors looking for safety.
The new forecast points to the first quarter of 2019 as evidence of moderating growth. Although on the surface the nation’s 3.1% growth rate was one of the fastest in recent years, half of that expansion comes from highly transitional sources, including a large drop in imports and a build-up in business inventories. Growth in final demand in the first quarter was a weak 1.5%, the worst showing since 2015.
Perhaps the biggest threat currently facing the U.S. economy is the potential of spiraling trade disputes with China, and possibly Mexico and Europe. However, even that threat has been hyped to a level that exceeds reality, according to the forecast. The tariffs have indeed been a negative challenge for the groups and businesses directly impacted by them, but at its current level, the turbulence is not a threat to broader economic growth. That could change, however, if the disputes balloon or spread.
Additionally, the forecast raises concerns about the potential long-run consequence of conflating trade policy with foreign policy, as it appears the current administration is willing to do. “The trade-related actions now being taken by the U.S. undermine the nation as a protector of free trade in the broader global community,” said Thornberg. “Even if we win a specific trade war, the chaotic threats and unilateral policy choices destabilize the international trading system, and harm cooperative global political efforts at a time when governments around the world really need to address challenges in a collective way.”
Key Findings:
- U.S. consumer spending was weak in January and February, but in March recorded one of the largest jumps in a decade and was solid in April. The U.S. personal savings rate also increased in the first quarter indicating that the slower growth in spending was not being generated by income issues. All this suggests solid consumer spending numbers for the balance of 2019.
- Residential real estate has been a modest drag on the U.S. economy for over a year now. The market has swooned but will likely get a boost in the second half of the year given strong fundamentals and one of the tightest housing markets in decades.
- A counter-weight on the otherwise good fundamentals of the U.S. economy is the nation’s debt. The Federal government borrowed over $1 trillion in 2018 to cover the gap between revenues and expenses, twice the pace of 2017 and the worst showing since 2012 when the nation was clawing its way out of the Great Recession. While a public debt crisis is still far in the future, such misguided policy choices bring the day of reckoning closer.
- California’s economy has shifted to a lower pace of job growth in the first part of 2019 and will remain on that slower trajectory. Job growth in the state will continue, however, led by the tech-fueled economies of the San Francisco Bay Area.
- Despite the jobs slowdown, California continues on an impressive growth path with Gross State Product advancing by a 3.5% rate in 2018, faster than the nation as a whole and among the fastest growing states.
- California’s housing market may perform better this year than many expect. The 30-year fixed interest rate recently dropped to 4% and softer prices are expected due to an increase in the supply of homes for sale. Expect sales to improve in the second and third quarters of 2019 and the median price to advance modestly.
Download the full forecast for additional insights.
Beacon Economics is an independent economic research and consulting firm based in Los Angeles. This analysis was authored by Christopher Thornberg and Robert Kleinhenz. Learn more at www.beaconecon.com.
Business
Fire Helmet Manufacturer Helps Disabled Community find Employment

Riverside’s Phenix Technology Leads with Inclusion, Empowering the Disabled Community Through Workforce Training and Employer Education
Written by Logan Rosselli, IEBJ Content Contributor
In the heart of Riverside, off of Chicago Avenue, a small, but mighty team has been quietly manufacturing life-saving equipment for firefighters across the world for over 50 years. Phenix Technology Inc. is an internationally recognized fire helmet manufacturer who builds their products from start to finish right here in the Inland Empire. For their great products, they’ve received numerous awards such as the Greater Riverside Chamber of Commerce’s 2025 Innovator of the Year, a 2016 “E” for Exports award from the U.S. Department of Commerce, a finalist position in the “Coolest Thing Made in California” competition and more. However, their most recent accolade doesn’t involve their products at all.
In 2024, Phenix founded the ground breaking “Opportunity for All” program to provide disabled community members with the opportunity to access career education, hands-on experience and employment opportunities through an 11 week training cohort. In this program, neurodivergent individuals wanting to find stable employment learn about standard hiring practices, writing a resume, effective interviewing and professional attire while getting on-the-job training with a partnered employer in the community. It has helped dozens of disabled community members to find a new sense of independence and achieve their full potential while helping local employers find dependable employees who bring a unique perspective to the workplace.
It’s for this program that the National Association of Workforce Development Boards (NAWB), a representative of over 570 workforce development boards across the United States, honored Phenix with the prestigious W.O. Lawton Business Leadership Award in late March.
“While we take tremendous pride in the products we make, we also believe we have a mission to create a better world through developing opportunities,” said Angel Sanchez, CEO of Phenix Technology in a statement released in early April. “Opportunity for All has helped prove that individuals who have historically been excluded from the workforce don’t just contribute — they elevate organizations. We are honored to receive this national award and grateful to the partners who have helped us make this vision a reality.”
CEO Angel Sanchez Jr. accepts the NAWB Award
Though “Opportunity for All” is certainly the cornerstone program for the company, Phenix’s leadership team was not satisfied to leave their mission there. Thus, in 2024, the company founded its nonprofit arm, Phenix Gateway to offer more programs and advocacy to the community. Through Phenix Gateway, the company offers workforce development workshops for individuals who don’t need the full scale of the “Opportunity for All” program, but want to improve a specific skill like resume writing or workplace social skills.
However, Phenix knows that preparing disabled people for the workforce is only one end of the equation; the workforce also has to be prepared to accept the unique skills, perspectives and challenges of the disabled community. For this reason, Phenix Gateway offers employer training workshops as well as educational materials available to businesses and the community. Training programs cover a lot of ground, ranging from assistance with optimizing interviews for people with neurodevelopmental disorders to creating sensory-friendly environments in the workplace.
In Riverside, these programs have had a huge impact on the local community. As of March 2025, Phenix’s Opportunity for All program has had over two dozen participants and 44% found stable employment through or after the program. Their one-off workforce development workshops have seen over 200 participants learn new skills and help them find employment and the nonprofit currently partners with close to 90 businesses to assist them in their endeavor to create a more inclusive workforce.
Phenix Gateway staff helps a program participant with his skills
For businesses or community members interested in learning how they can support or participate in these programs, Phenix encourages them to reach out by email to info@phenixgateway.org and to attend their First Annual Gala: Rising Together, A Phenix Gateway Celebration, on Thursday, May 15th. Tickets for this event are available at phenixgateway.org.
Business
Supported by Local Leaders, CALED’s Annual Conference will be in Ontario this May

Empowering Economic Growth: CALED Conference Set to Unite Industry Leaders in Ontario
CALED’s ‘Growing Local Economies from the Ground Up’ Conference is being held in Ontario at the DoubleTree by Hilton Hotel Ontario Airport on May 7-9. This event is co-hosted by the City of Ontario and San Bernardino County, with Jennifer McLain Hiramoto, CALED’s Chair of the Board and Derek Armstrong respectively representing their city and county as Co-Chairs of the event.
With over 950 members and 45 years of empowering economic developers, CALED is the largest economic development association in the country and the annual conference is the number one place to meet and connect with the boots-on-the -ground, decision makers in our communities.
The conference will include a pre-conference teaching tour, ‘Building & Paying for Development Projects’ on May 6th and then begin in full on May 7th, with a welcome session and breakouts. Overall, there will be four general assembly sessions and 18 breakout sessions, which will delve into local economic development practices and innovative tools.
In addition to compelling content, the conference will have numerous opportunities to connect with community leaders and valued peers through networking receptions, the culinary crawl, and new this year, the Tournament of Champions, where conference attendees will navigate a gauntlet of games to win the grand prize on the evening of Thursday, May 8th.
To learn more about the conference and register, visit the CALED website at www.caled.org.
Business
Strengthening Community Connections: Our Exciting New Partnership with Toyota Arena, Ontario Convention Center, and GOCAL

Contributed Content | By Chris Venhoff, Senior Vice President and Inland Empire Market Leader for Consumer and Business Banking at U.S. Bank
As the Inland Empire market leader for U.S. Bank, I’m thrilled to share some exciting news: we are proud to be the Official Bank Partner of Toyota Arena and Ontario Convention Center. This partnership represents a reflection of our deep commitment to the Inland Empire and our dedication to fostering a vibrant, thriving community.
At U.S. Bank, we believe that strong partnerships drive meaningful progress. Toyota Arena and Ontario Convention Center are at the heart of the region’s culture and economy, bringing people together for world-class entertainment, business conventions, and community events. By joining forces, we’re not only expanding our presence but also creating opportunities to engage with residents, businesses, and organizations in ways that make a lasting impact.
Through our sponsorship, we’ll support concerts, sporting events, and conventions that showcase the diversity and energy of the Inland Empire. But this is only the beginning. As our partnership evolves, we’ll work closely with Toyota Arena, Ontario Convention Center, and GOCAL to introduce community-focused programs, including financial literacy workshops and charitable giving initiatives.
This partnership is designed to bring added value to the people we serve. For our customers, we’re introducing the U.S. Bank Fast Pass Lanes, providing priority access at Toyota Arena events. Special offers, exclusive event experiences, and tailored financial solutions for businesses operating in the region are just a few of the many perks we’re excited to roll out.
Our employees are at the core of our success, and this partnership allows us to recognize their dedication. Through exclusive access to events, corporate hospitality opportunities, and community volunteer programs, our team will have new ways to engage with and celebrate the community they serve.
The Inland Empire is a dynamic, fast-growing region, and we’re committed to supporting its continued success. By investing in Toyota Arena and Ontario Convention Center, we’re helping to create and sustain jobs while driving local business growth. These venues bring in visitors, revenue, and visibility, strengthening the region’s economy.
This collaboration is about more than just sponsorship—it’s about making a difference. By working together, we can elevate not just these venues but the entire Inland Empire. At U.S. Bank, we’re committed to being a partner in progress, supporting our customers, businesses, and communities every step of the way.
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