Gloomy Local Economic Forecast

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Following national and statewide trends, Los Angeles County will feel "more intense pain" for 2009 as the recession drags on, according to a forecast to be released today.

The county's total nonfarm employment will lose 89,000 jobs this year, a drop of 2.2 percent compared to 2008, according to the the study by the Los Angeles County Economic Development Corp.

As a result, the county's unemployment rate will average 9.8 percent in 2009, up from 7.1 percent last year.

County unemployment will continue to rise to an average of 10.6 percent next year, the study says.

"We are in a very, very major bind, and it's going to be tough to dig our way out of this," said Jack Kyser, chief economist at the LAEDC.

The biggest job losses will come in retailing, with a decline of 25,000 positions.
Manufacturing and construction job losses also will impact the economy with drops of 21,000 and 18,000, respectively.

Government agencies will cut another 5,000 jobs because of budget cuts.

County job losses will continue into 2010, with another 34,900 nonfarm positions cut, or a 0.9 percent decline, the study says.

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This page contains a single entry by Muhammed El-Hasan published on February 17, 2009 5:54 PM.

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About Biz Waves

Biz Waves is a one-stop Web hub for business news and content from the South Bay region of Los Angeles County and beyond.

The primary contributor is:

Muhammed El-Hasan, a business reporter at the Daily Breeze since 2000, covers aerospace and everything else about business in the South Bay. Muhammed previously reported at the San Bernardino Sun and the community news division of The Orange County Register. He also worked as a researcher in the Jerusalem bureau of the Los Angeles Times in 1996-97. But his career highlight as a young man was driving a forklift at a Gardena company near Hawthorne, where he grew up.

You can email Muhammed at muhammad.el-hasan@dailybreeze.com

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