LAEDC releases mid-year economic outlook update
The United States should reach the bottom of a deep recession sometime this summer, while California might take until the end of the year. Recovery will follow very slowly in both cases, the Los Angeles County Economic Development Corporation says in its mid-year forecast.
Chief Economist Nancy Sidhu says federal stimulus money will help ease some of the pain:
Nancy Sidhu: "We are just now beginning to see it in Southern California. To the extent it goes to state or local governments, it will help them retain some of the workers and programs that they don’t want to cut. And in the case where it goes to infrastructure construction, it will help those firms."
Sidhu and her colleagues also predict that the Southland will continue to lose jobs in construction, manufacturing, and retail through the end of the year.
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