COUNTY JOB CREATION BOOMS; '97 FORECAST EXCEEDED BY NEARLY HALF.Byline: Gregory J. Wilcox Daily News Staff Writer Paced by a strong performance from services and manufacturing, 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's economy added 41.5 percent more jobs last year than previously estimated, the state said Monday. Revised figures from the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Employment Development Department show that the county, which has emerged as one of the nation's economic powerhouses, added 97,200 new jobs during 1997, up 28,500 from the earlier estimate of 68,700. The revised figure, required by the federal government, is considered to be a more accurate gauge of the region's economic performance because it captures people working in small-business start-ups that can be missed in monthly unemployment surveys. The state's latest statistics also showed that the county's economic momentum had carried over into January, helping to drive local unemployment down to 6 percent, its lowest level since November 1990 and a drop of 1.4 percent from the year-ago number. In Ventura County, January joblessness fell to 6.3 percent from 7.1 percent in the year-ago period. The numbers indicate the region has a bright economic picture, 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. a local analyst. ``When I saw these numbers I just jumped in the air and clicked my heels together and said, `This is great,' '' said Jack Kyser, chief economist The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the for the Economic Development Corp. of Los Angeles County. ``When you put it in perspective and compare it to where we were, it's very satisfying.'' The state figures show that most of the increased economic muscle came from the service sector, which added 37,000 jobs during 1997, and manufacturing, which added 23,100 new jobs. Services lost a few jobs in the revision but manufacturing gained 8,000 jobs, Kyser noted. Employment in the motion picture industry, the economic workhorse work·horse n. 1. Something, such as a machine, that performs dependably under heavy or prolonged use: "the 50-year-old DC-3 ... in Los Angeles, remained stable. The report adds up to the county turning in a strong economic performance, with probably more jobs than the official state count, Kyser said. ``We came out fairly well in this revision. The old girl still has a lot of life in her, even though some people have been complaining that L.A. isn't showing the growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. that some other areas of California are,'' he said. On a month-to-month month-to-month adj. referring to a tenancy in which the tenant pays monthly rent and has no lease, and the tenancy can be terminated by the landlord at any time on thirty-days notice. (See: tenancy, landlord and tenant) basis the county's employment fell by 63,600 jobs in January, but that kind of decline is typical because many people employed for the holiday season were laid off. All major industry sectors recorded job losses from December levels. However, the county's economy added 115,200 jobs during the 12 months from January 1997, giving it a growth rate of 3 percent. ``It looks like a pretty good report and there is a pattern of growth,'' said Tom K. Lieser, associate director of the UCLA UCLA University of California at Los Angeles UCLA University Center for Learning Assistance (Illinois State University) UCLA University of Carrollton, TX and Lower Addison, TX Business Forecasting Project, who singled out the recently revived re·vive v. re·vived, re·viv·ing, re·vives v.tr. 1. To bring back to life or consciousness; resuscitate. 2. To impart new health, vigor, or spirit to. 3. real estate sector. ``In general, most things related to real estate construction show a pattern of increases which was a little bit stronger than average so there is a recovery in both home buying and construction.'' |
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