The Los Angeles County Economic Development Corporation issues its mid-year forecast today. KPCC’s Brian Watt took a look.
Brian Watt: Chief Economist Nancy Sidhu says we can think of the recession hammering California and the country as a deep hole.
Nancy Sidhu: We’re down near the bottom of that hole, and it’s dark out there.
Watt: The U.S. economy should get all the way to the bottom this summer, she says, and the state should get there by the end of the year. The forecast says that some industries that drive the Southland economy face a sort of economic climate change. The aerospace industry’s taking fewer orders from airlines, and very possibly, from the Defense Department. Film and television production have departed to other – cheaper – states.
Sidhu: While California has put in some incentives to encourage producers to make their pictures here, it’s not clear that that will be good enough.
Watt: Sidhu and her colleagues say that in construction, manufacturing and retail, the Southland will continue to lose jobs through the end of the year.