Don't Quit Your Day Job: L.A.'s Local Economy Stuck in Rehab
Experts forecasting the future of the workforce climate in Los Angeles have a prediction as grim as today's wet weather. The Los Angeles County Economic Development Corporation’s 2011-12 “Economic Forecast and Industry Outlook” says that while there is going to be continued economic recovery here and around the nation, L.A.'s jobless rate will likely remain at around 11.7% through 2012, according to CBS2.
The depth of our recession is making it harder for us to experience strong growth, and that is expected to continue through this year and the next. Around the rest of the country, LAEDC says the unemployment rate will probably be in the "low eights" but "Los Angeles will continue to lag well behind both national and state rates." Way to go, L.A.!
International trade, tourism, and showbiz will help in job growth and in boosting our local economy. What will keep hurting: Housing, government layoffs, and the aerospace industry.