Report: 500K Calif. Jobs Returning, But LA County Expected To See Smaller Boost
LOS ANGELES (CBS) — The economic futures of Los Angeles County and California at large could be headed down two very different paths.
KNX 1070’s Jon Baird reports a weak jobs outlook continues to linger in the Southland.
The 110-page forecast from the Los Angeles County Economic Development Corporation (LAEDC) entitled “Emerging Opportunities and New Challenges in 2012 and Beyond” released on Wednesday painted a mixed picture of the county’s economic status and outlook for key industry sectors.
As many as 500,000 new jobs could be added to state payrolls over the next two years — a boost that could also drop California’s unemployment rate to as low as 10 percent.
But over the same period, LA County is expected to add a fraction of those jobs: about 15,000 in 2012 and as many as 22,000 jobs next year, with the biggest gains in entertainment, trade and business services.
Despite the findings, one Southland man remains confident that the county will continue its recovery.
“The news is consistent with what the economists have been predicting, that sooner or later there will be a turnaround,” he said.
Such optimism is less prevalent with those still trying to find a job after stints of unemployment lasting as long as 18 months or more.
“I know some people who are still out of work and still trying to find jobs,” one woman said.
Economists said it could be years before we make up the 300,000 jobs lost during the throes of the 2008 recession.