State’s job outlook brightens
February 15, 2012
New jobs in California added over the next two years should decrease the state’s unemployment rate to 10 percent, according to an optimistic economic forecast by the Los Angeles County Economic Development Corp. [Los Angeles Times]
Predictions are for 500,000 new jobs, and officials of the development advocacy group say the increase will be due partly to ongoing state budget slashes.
Government jobs and services have been cut back severely since 2007, and more than 85,500 local, state and federal jobs were lost during the recession. Those who were displaced are now are moving back into the work force. That factor, coupled with growth in private sector employment, helped account for the modest gains. Standard & Poor, the financial rating company, this week upgraded California to “positive” from “stable.”