At the LAEDC Mid-Year Economic Forecast event on July 17, 2013, the LAEDC released its 2013-2014 Mid-year Economic Forecast Report.
- US Economy
- Slow growth for the remainder of 2013, accelerating in 2014
- Continuing improvement in the labor markets, consumer sector will show strength
- Risks: uncertainty regarding economic problems in Europe, slow growth among key trading partners; continuing drag on economy from U.S. fiscal policy.
- California Economy
- Private sector job gains, unemployment rate down gradually but steadily
- Housing and construction up substantially
- Risks: near-term drag on state and local economies from sequestration budget cuts; supply constrained price increases and rising interest rates take edge off gains in the housing sector
- Southern California Economy
- Regional economy continues to improve, but unevenly across counties and industries
- Private sector expansion continues, but labor market recovers at a slow pace
Download a full copy of the report here.