LOS ANGELES (CBSLA) — For job-seekers, California hasn’t looked this golden in nearly two decades, according to an economic forecast released Wednesday.
Los Angeles County’s average unemployment rate dropped to 4.6 percent last year, its lowest point since 2000. The report from the Los Angeles Economic Development Corporation predicts that it will drop even further to 4.3 percent by the end of this year, and down to 4.1 percent in 2019.
Almost all job sectors in Los Angeles County added positions last year, with health care and social assistance leading the way with 21,800 jobs.
Four sectors – manufacturing, retail trade, finance/insurance and natural resources – all reduced jobs last year.
California as a whole is expected to continue to “outpace the nation in economic growth” with continued drops in unemployment that will pressure wages upward, according to the report.
Nationally, the report predicts the U.S. economy will “remain on a fairly steady, though undistinguished, growth path” for the next few years, with consumer and government spending anticipated to rise.
(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. City News Service contributed to this report.)