Mixed messages

The Federal Reserve district in San Francisco, which covers Southern California, reports a decline in the rate of growth over the past six weeks, according to the Fed’s Beige Book of economic activity. Weakening consumer spending and a softer housing market were themes in all 12 Fed districts, although the numbers point to a gradual decline. That’s in step with other economic numbers being released (slower housing and auto sales are mostly to blame). What seems out of step is a forecast by an economist at the University of the Pacific Forecasting Center that projects the California economy will grow at a nearly 6 percent annual clip over the next three years. That’s double the nation’s projected gross domestic product. Does anyone want to take bets?