Economic Study Says Job Growth Will Continue Slowly In California
A new economic study said job growth in California is moving - slowly - in the right direction, and will continue to do so. Robert Kleinhenz with the Los Angeles County Economic Development Corporation reported by 2013, the unemployment rate will drop to just over ten-percent. California’s current unemployment rate is eleven-point-one percent. Kleinhenz said getting to a “normal” rate of unemployment will take a while.
“The notion of normal unemployment, or a normal unemployment rate, is one that’s probably closer to seven-and-a-half percent for the state as a whole. So we’re still going to be a ways away from that normal rate of unemployment even after we get to 2013,” said Kleinhenz.
The organization released its 2012-2013 economic forecast and industry outlook Wednesday. The report said healthcare and related industries have seen stronger job growth, as has the leisure and hospitality sector. Housing jobs continue to lag.