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Monday, Nov 16, 2009Economist available regarding expected unemployment report
Posted by dgore
EXPERT ALERT/OPINION
On Friday, November 20, the U.S. Department of Labor will report California’s unemployment rate for October. The headlines are expected to be grim. Last month, California posted a 12.2% jobless rate and lost nearly 40,000 jobs. October figures are expected to show more of the same. However, economists predict the California economy is finally growing and the market has stopped bleeding jobs.
Journalists covering of the job market might be interested in Los Angeles-based labor economist David M. Smith, PhD, Associate Professor of Economics at Pepperdine University’s Graziadio School of Business and Management as a source.
Dr. Smith specializes in the national-level and California labor economy and can share his prognosis on the current job market and outlook for what’s ahead.
Dr. Smith acknowledges that there is little cheer for the currently unemployed, underemployed or those seeking better career prospects. However, looking ahead, there are some breaks forming in the gray cloud hanging over the economy, brightening the outlook for job seekers.
Small Business and Entrepreneurs. Private funding for small businesses in Northern California is growing (San Francisco Bay Area saw a 15% increase from Q2 to Q3 in funding). Southern California will start to benefit from more available funding and lending. Also, more affordable housing will draw younger, would-be entrepreneurs in greater numbers says Dr. Smith.
Healthcare. In early November, the U.S. Bureau of Labor Statistics released national-level employment data and reported that the health-care industry added 29,000 jobs in October. This is nearly the same amount it grew in September. In total, since the start of the recession, the industry has added 597,000 jobs, according to the BLS. And like in September, there was growth across all health-care sectors, including in hospitals, ambulatory-care settings and in doctors’ offices. Dr. Smith says this will bode well for California which also needs trained healthcare workers.
Green Technology and Energy. The energy sector – green technology in particular – promises to be a significant job creator. The Pew Charitable Trust recently released a study that said the renewable energy industry has grown steadily over much of the past decade and added jobs at more than twice the national rate. Especially in California, green jobs will be a significant job creator.
Reporters interested in Dr. Smith’s perspective may email him, contact his office at (310) 568-5590 or reach out to the Graziadio School Public Relations Office for his mobile number.
Journalists with questions about other Pepperdine Graziadio School of Business and Management sources may contact the Graziadio School Public Relations Office as well.
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