BAKERSFIELD, Calif. (KGET) — One newly released survey has high hopes for Kern County’s recovery.
Smart Asset, a personal finance company based in New York, says the Bakersfield metro area has the fifth-fastest rebound in consumer spending in America. The company says it’s trying to judge if this will a “V-shaped” recession, meaning the economy will rebound as quickly as it fell, but the company isn’t too optimistic about that.
In Bakersfield, the Smart Asset study found local spending was down 40% at its lowest point this year, but by June 30, it was down about 8%. That was still down from last year, but it marked a notable turnaround.
Bakersfield shares 5th place with Salt Lake City and Minneapolis.