Report forecasts continued high Southland unemployment
Economy appears to be on the rise statewide
LOS ANGELES, Calif.—Southern California’s economy appears to making a mid-year comeback, but unemployment is likely to remain relatively high through next year, according to a report released today by the Los Angeles County Economic Development Corp.
“Southern California is in the midst of a real growth period led by industries such as high tech, international trade, tourism and entertainment,” according to chief LAEDC economist Nancy Sidhu.
“Though constraints are still influencing some sectors, Los Angeles County’s economy is seeing modest improvement in 2011 and should do even better in 2012. The path to recovery seems to be paved in front of us.”
The report notes that the statewide economy appears to be on the rise, with some minor growth in employment. However, the unemployment rate in Los Angeles County averaged 12.6 percent last year and will likely drop to only 12.2 percent by year’s end, according to the report.
Next year, the unemployment rate will drop again, but only to about 11.5 percent, with businesses remaining cautious about hiring until they are confident that the economic recovery is gaining traction, the study’s authors found.
“There are plenty of headwinds and uncertainty in the markets right now,” according to Perry Wong, senior economist for Los Angeles-based City National Bank. “The government must minimize the political risk of a dragged-on debt ceiling debate because it has the potential of derailing any current economic recovery.”
The report also noted that the value of two-way international trade through the Los Angeles Customs District grew by 22.6 percent last year, and is expected to increase by 6.7 percent this year and 4.6 percent next year.
LOS ANGELES, Calif.—The seasonally adjusted unemployment rate in Los Angeles County increased to 10.4 percent in January, up from a revised 10.3 percent in December, the state Employment Development Department announced today.
The 10.4 percent unemployment rate was below the 11.6 percent rate in January 2012, according to the EDD.
In Orange County, where seasonally adjusted numbers were not available, the unemployment rate was 7.1 percent in January.
LOS ANGELES, Calif.—The number of children aged 5 to 9 dropped by 21 percent in Los Angeles County over the past decade, making the county a major contributor to a statewide decline in the population of young children, according to a USC analysis of census data released today.
"We are ground zero of the 'missing children' of California,'' according to study co-author Dowell Myers, a USC professor of urban planning and demography.
LOS ANGELES, Calif.—The seasonally adjusted unemployment rate in Los Angeles County held steady at 12.6 percent between August and September, the state Economic Development Department reported today.
The 12.6 percent unemployment rate was above the 12.2 percent rate in September 2009, according to the EDD.
In Orange County, where seasonally adjusted numbers were not available, the unemployment rate was 9.6 percent, the same rate as August.
Sacramento, CA – Assemblyman Mike Davis (D-Los Angeles) was appointed by Speaker Karen Bass as the Chairman of the Committee on Arts, Entertainment, Sports, Tourism and Internet Media for the California State Assembly.
Despite the fact that a record 1.13 million individuals in Los Angeles County received CalFresh benefits in January 2013, there are still many residents in immediate need of assistance who are unaware that they may be eligible for the benefit.
Consequently, the Los Angeles County Board of Supervisors has voted to launch another campaign reminding people that May is CalFresh Awareness Month and that the help is available.
Additionally, the compaign is designed to promote healthier food choices in the nation’s largest and most diverse county.