JOB-GROWTH FORECAST: FAIR : UCLA PROJECT SAYS CALIFORNIA ECONOMY TO OUTPACE NATION'S.Byline: Gregory J. Wilcox Daily News Staff Writer 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 forecasters, in a report to be released today, scaled back their short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. job creation outlook for 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). while predicting that the state's economy will outpace out·pace tr.v. out·paced, out·pac·ing, out·pac·es To surpass or outdo (another), as in speed, growth, or performance. outpace Verb [-pacing, the nation's through 2010. California's new job growth rate will be about 3 percent annually through next year before throttling back to 2 percent over the long haul Long distance. Long haul implies traversing a state or a country. Contrast with short haul. , said the Business Forecasting Project at UCLA's John E. Anderson Graduate School of Management. The previous quarterly assessment, issued in June, predicted short-term annual growth of 3 percent through 1998. Since then, however, there has been slower than anticipated growth in the retail and wholesale trade sector. ``We've seen an awful lot of consolidation among retailers and also some closings in retail electronics, a very competitive and tough business,'' said Tom K. Lieser, the project's associate director. And even though the state's economy will outpace the nation's, it won't be robust enough to return the once powerhouse A fourth-generation language from Cognos that was introduced in the late 1970s for midrange computers. It supports both character-oriented, terminal-based applications as well as Windows clients. Applications developed under PowerHouse can be imported into Cognos' Axiant client/server environment. construction and aerospace sectors to past prominence prominence /prom·i·nence/ (prom´i-nins) a protrusion or projection. frontonasal prominence , Lieser's forecast said. Even so, the forecast maintains a generally upbeat tone and has a longer focus than the past outlook. ``It's still showing some good employment growth, it's just not what we had been predicting earlier,'' he said of the state's economy. CALIFORNIA OUTLOOK What the UCLA forecasters see for the California economy: Nonfarm employment will hit 16.7 million by 2010, an increase of 4.3 million jobs from the current level. More than half of the new jobs will be in the service sector. Manufacturing employment will peak in 1999. But it will be modestly higher in 2010 than it was last year. Unemployment will decline from 7.8 percent last year to 6 percent by 2002. It will remain above 6 percent throughout the forecast period. Unemployment fell to 5.1 percent in 1989, its lowest level since reaching the mid-4 percent range in the late 1960s. Real personal income will increase 3.1 percent annually through 2010. More people will be coming to California than leaving by 1998, with new population growth averaging about 1.2 percent annually. CAPTION(S): Box, Chart, Photo Box: (Color) CALIFORNIA OUTLOOK (See text) Char char: see salmon. char Any of several freshwater food and game fishes (genus Salvelinus) of the salmon family, distinguished from the similar trout by light, rather than black, spots; by a boat-shaped, rather than flat, vomer (bone) on the roof of t: (Color) HIGH-TECH EMPLOYMENT Photo: No caption (Color--Men waiting in a ``help wanted'' line) Daily News |
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