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Friday, Feb 23, 2024

LAEDC Report ‘Optimistic’ on Economic Recovery

Los Angeles Economic Development Corp. reported indicators of a strengthening economic recovery in the county during its monthly economic briefing Monday.Consumer spending has increased, and the county unemployment rate held steady for the second month in a row at 10.9 percent, down from 12.7 percent at the beginning of the year. The increased vaccination rate, with 41 percent of Californians over age 16 having received at least one shot, and reduced business restrictions are contributing significantly to the recovery, according to the LAEDC.“We're optimistic about where we are and where we will be next month, in terms of jobs and their numbers. That’s barring an increase in the number of new cases,” Shannon Sedgewick, director of the Institute for Applied Economics, said in the briefing. “Remember to stay diligent and continue to take precautions because our economic recovery depends on it.”Los Angeles payrolls added 34,200 jobs across all non-farm work sectors in the month of March, including 9,600 new accommodation and food service roles, which saw the greatest increase. The accommodation and food service industries remain hardest hit, however, representing 16.9 percent of total unemployment claims.

Young, female and Black workers continue to face the slowest recovery and the demographic groups remain disproportionately unemployed.As of April 5, L.A. County moved to orange tier restrictions, allowing for further reopening of indoor dining and entertainment operations. Now 83 percent of the counties in the state are in the orange tier, including all of the Southern California region, with no counties in the most restrictive purple tier as of April 13.

Katherine Tangalakis-Lippert
Katherine Tangalakis-Lippert
Katherine Tangalakis-Lippert is a Los Angeles-based reporter covering retail, hospitality and philanthropy for the San Fernando Valley Business Journal. In addition to her current beat, she is particularly interested in criminal justice topics, health and science stories and investigative journalism. She received her AA in Humanities from Moorpark College in 2016, her BA in Communication from Cal Lutheran University in 2019 and followed it up with a MA in Specialized Journalism from USC in the summer of 2020. Through her work, Katherine aspires to help strengthen the fragile trust between members of the media and the public.

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