A preview of next year’s economy in...
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A preview of next year’s economy in the five-county area, based on projections by the Los Angeles County Economic Development Corp.:
Los Angeles County
The Stealth Recovery: The total economic output for Los Angeles County should rise 5.2%, considerably brisker than the 2.5% increase forecast for the U.S. gross domestic product. Despite government layoffs and cutbacks from mergers, Los Angeles County should post a 2.1% increase in nonfarm jobs. Aerospace, after shedding another 2,000 jobs in 1996, will probably end its decade-long decline, employing about 133,000 workers. About 20,000 new jobs should evolve in film and television. Unemployment is forecast at 7.5%, slightly higher than the state average. International trade through the L.A. Customs District should rise from $168.8 billion to $192.4 billion. Office vacancy will probably remain high at 19.9%, but Burbank, Glendale, Santa Monica and other hot entertainment industry locations should have vacancy rates that are half that.
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