Report: Steady Job Growth on Tap for L.A. County

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Slow but steady will rule when it comes to job growth in L.A. County over the next six years, according to a forecast released Monday by Beacon Economics.

But the forecast comes with a big disclaimer from the Los Angeles forecasting firm thanks to the election of Donald Trump as president. The forecast “could change significantly depending on the policies and initiatives implemented by the new presidential administration,” Beacon Economics said in a statement issued with the forecast.

The forecast itself calls for job growth in a narrow range of 1.7 percent to 1.9 percent a year for the next five years, in line with the average over the past year. That represents an addition of 75,000 to 85,000 jobs a year on a current base of 4.4 million jobs.

The unemployment rate is expected to drop slightly over the next five years to around 4.5 percent from the current 5 percent. That’s very little movement compared to the last five years that saw the unemployment rate fall from 12 percent.

Along with the gains in employment, the forecast anticipates sales tax receipts will grow by about $10 billion over the next five-year period to a total of $88 billion – a growth rate of about 2.5 percent a year.

Public policy and energy reporter Howard Fine can be reached at [email protected]. Follow him on Twitter @howardafine.

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