Experts say California Expected to Add 500K Jobs

LOS ANGELES (AP) – Experts are forecasting modest growth in California’s economy with the addition of nearly 500,000 jobs over the next two years, which would drop the state’s jobless rate to near 10 percent. Unemployment in California is currently at 11.1 percent. The Los Angeles County Economic Development Corp.’s annual forecast being released Wednesday says the anticipated improvement in California’s economy is based partly on continued budget cutting. The Los Angeles Times says many government jobs and services have gotten the ax since the recession started in 2007. The state has lost 85,500 local, state and federal government jobs during the recession. On Tuesday, the financial rating company Standard & Poor’s upgraded its outlook on California’s ability to repay its debts to “positive” from “stable.”

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