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Slow and low that is the tempo: CA to add 500K jobs over two years

Photo by Paul Heaberlin via Flickr Creative Commons

The state's jobless rate, currently at 11.1 percent, is expected to drop to near 10 percent in the next two years with the addition of 500,000 jobs. Experts are calling the economic trend "modest growth."

The annual forecast, released Wednesday by the Los Angeles County Economic Development Corp., shows an improved economic outlook based, in part, on continued budget cutting, notes the L.A. Times.

Los Angeles County seems to be moving, but it's improving at a slower pace than the state as a whole and the rest of the nation as a whole," said the principal author of the report and chief economist at the development company, Robert Kleinhenz.

California has lost 85,500 local, state and federal government jobs, and 300,000 private sector jobs since the recession began in 2007.

Standard & Poor upgraded its outlook on California on Tuesday -- according the financial rating company, the states's ability to repay its debts have jumped from "stable" to to "positive."

"We think the state is poised for credit improvement — and potentially a higher rating," S&P said.

An upgrade in the state's credit rating would be "a powerful vote of confidence," Gov. Jerry Brown said.

Health services, education, television/film production, and leisure/hospitality industries are expected to see the biggest gains in job opportunity.

"Barring an international meltdown," says the Times, LA County should see the creation of about 22,700 jobs in the next year. In 2006, the year before the recession, the county created more than 10 times that many jobs.