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UCLA's Anderson Forecast: Modest job growth, drought impact on city

by A Martínez and Jacob Margolis | Take Two®

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A dog hangs around an abandoned farmhouse on February 6, 2014 near Bakersfield, California. Now in its third straight year of unprecedented drought, California is experiencing its driest year on record, dating back 119 years and possible the worst in the past 500 years. David McNew/Getty Images

A new study out today from UCLA's Anderson School paints a grim picture of California's economy. 

It's been 23 years without job growth for Los Angeles. That's worse than both Detroit and Cleveland between the 1990-2013 periods. That's not looking good for California. 

The authors speculate that this has to do with an underprepared workforce, stagnant population growth and a less than welcoming environment for businesses. 

Another factor that could result in economic impacts  is California's drought. As of right now there hasn't been much of an impact, but if it continues for a long period of time, it could be noticeable. That would be because of cuts in fishing and manufacturing jobs.

Study author Edward Leamer speaks with A Martinez about the report.

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