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LAEDC Releases 2013-2014 Mid-Year Economic Forecast

By July 17, 2013 No Comments

At the LAEDC Mid-Year Economic Forecast event on July 17, 2013, the LAEDC released its 2013-2014 Mid-year Economic Forecast Report.

mid-yearreport

Key findings:

  • 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.