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LA Job Market
Financial experts are contemplating an extremely slow return to economic recovery and job growth. It could take years to make up the 85,000 jobs lost since the state’s downward economic spiral began. Forecasters say Los Angeles County lost 300,000 jobs since 2007. Still a comeback is a comeback, and Los Angeles is heading in that direction. International trade, healthcare, education-and-information, hospitality- and-leisure are all expected to affect the city’s economy for the better. The projection is that job-growth in these sectors are expected to increase.
There are financial seer’s that tout good economic news for the City of Angels. In a January 2013 article, Business News Daily printed the following headline: “Los Angeles Is the No.1 Place to Find a Job”. As the financial newspaper for “startups and small businesses” it should know. The publication drew the conclusion from CareerBliss, an on-line career resource that reported L.A.’s job rank. The economy is topic of interest for many LA local news and media.
CareerBliss took more into consideration than the unemployment rate when it ranked Los Angeles at the top of the Best City list. Employment trends, or the lack thereof, are also considered. CareerBliss also makes rankings based on the city’s current job availability and a happiness factor. Apparently, those employed in Los Angeles are happier than employees in other cities. Los Angeles scored highly, above average in fact, in the ‘happiness department’. The happiness factor is based on employee reviews created by CareerBliss that analyze the characteristics of a happy work environment. So, the determination that Los Angeles is the best city, in which to find work is not simply based on the number of jobs listed in classified ads. Business News Daily quotes Heidi Golledge, CEO of CareerBliss as saying, “To find a city that has a great job market, you must look beyond just one factor.” Los Angeles came out on top as the best city to find a job, ahead of nine other cities, including New York, which ranked in the bottom ten. An interesting fact; New York tumbled to the bottom of the pile, among other reasons, for not showing a significant reduction in unemployment. It only took a slip from 11.1% to a 10% decrease in the ranks of the unemployed, for Los Angeles to take first place.
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What does the future hold?
There are modest, but encouraging signs for Los Angeles job hunters. Two economic reports by the Los Angeles County Economic Development Corp. indicate as much, citing a slow but steady recession recovery. Between 2012 and 2013 half a million jobs could be added to the State of California, which means the city of Los Angeles could see a slight drop in the unemployment rate. Currently, the city has an 11.1% unemployment rate, and financial predictions place unemployment down to 10% in the coming months.
The financial rating company, Standard and Poor’s, handed the State of California a ‘stable’ rating. The rating was based on the state’s ability to come back from crippling debt and consequently the ability to pay the debts off. Last year the S&P upgraded the modest ‘stable’ rating to “positive”. That’s the good news, but there is some gloomy news attached to the prediction.
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