2 key indicators - jobs and retail sales - head in opposite directions.One of the most important Southland south·land or South·land n. A region in the south of a country or an area. south  land·er n.Noun 1. economic indicators Economic indicators The key statistics of the economy that reveal the direction the economy is heading in; for example, the unemployment rate and the inflation rate. , employment, rose a bit in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County in October from September, but was off from October a year ago. There were 4.27 million employed in the county in October, up 0.5 percent from September, but off 1.2 percent from 4.33 million in October last year, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the state Employment Development Department. There are fewer people with jobs in the county than last year, with consequent effects upon retailers, landlords and governments. Another major indicator, retail sales, is off. According to the U.S. Department of Commerce, retail sales in Los Angeles County fell to $5.36 billion in September, off 4.8 percent from $5.63 billion in August, and off 4.3 percent from $5.60 billion in September a year ago. After adjustment for a 3.0 percent rate of inflation, real retail sales are off 7.3 percent from a year ago -- meaning that for retailers, anyway, the recession is fairly hard-hitting. In other news, Chapter 11 bankruptcies (reorganization) rose to 223 in October in Los Angeles, up from 199 in September, and up 62.8 percent from 137 in October a year ago. Chapter 7 (liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy ) bankruptcies fell to 4,667 in October, off from 5,807 in September, but up 5.0 percent from 4,443 in October 12 months ago. Despite the raft of bad news, Southland real estate -- the one industry gloomsters have made the most hoopla hoop·la n. Informal 1. a. Boisterous, jovial commotion or excitement. b. Extravagant publicity: The new sedan was introduced to the public with much hoopla. 2. about -- remains remarkably resilient See resiliency. . Perhaps sparked by single-digit mortgage rates, home sales in October rose to 4,400 in Los Angeles County, up 5.5 percent from September, although off from a year ago. Home prices are flat -- as they have been for about two years -- coming in at a median $192,000 for the month. Condo sales and condo prices are also flat. To date, while Southland house price appreciation has been stopped dead in its tracks since 1989, no great house price collapse has occurred in Los Angeles. Econowatch, a compilation of Southland economic and business statistics, is published weekly by the Business Journal to keep tabs on local economic trends. |
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