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STOCKTON, CA-The recession will officially end this fall but statewide unemployment, currently 11.5%, will peak early next year at 12.3% and will remain in double digits until the end of 2011. Pre-recession employment levels won’t be achieved until mid-2013 for most markets in the state, sooner for San Jose and San Francisco. That according to the Business Forecasting Center at the University of the Pacific’s Eberhardt School of Business, which produces quarterly economic forecasts for the US, California and nine metropolitan areas within the state.

San Francisco, including Marin and San Mateo Counties, was the last metro area in the state to fall into recession, according to the report. Moreover, it will be the only area in Northern California to avoid double digit unemployment and, along with the San Jose metro, will be the first to regain pre-recession employment levels.

“Unfortunately, it is little cause for celebration as that milestone is still three years away in the summer of 2012,” states the report. “The recovery will take an additional year for most other areas.”

Other highlights from the forecast:

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