Y2K's Euphoric Start Levels Off to Sober State
The year 2000 started off with a bang, following strong holiday sales and an overall positive feeling within the apparel industry, mirroring the optimism of society at large before gradually winding down to current levels. Apparel industry employment in California decreased, despite continued gains in Orange County. And employment at the state’s knitting mills continued steady, although the numbers for Los Angeles County dipped toward the end of the year. A number of factors contributed to the current cautious conditions, including the wait for passage and implementation of the Caribbean Basin Initiative (CBI), the granting of permanent normal trade status to China, the delayed presidential election results, a nervous Federal Reserve’s action to stave off inflation and the decision to increase California’s minimum wage over the next two years.
