Economists at Chapman University now expect that Orange County employers will shed considerably more jobs than they predicted in December.
In the annual mid-year update to its local economic outlook, released today, Chapman raised its prediction for job losses to 18,000 from the 2,400 it initially forecast.
The revision comes after monthly reports from the state’s Employment Development Department have shown job losses this year are running higher than Chapman’s initial forecast. In the 12 months through May, Orange County employers shed 21,000 jobs, a drop of 1.4 percent, according to EDD.
As for 2009, Chapman is predicting a resumption of growth. County employers are expected to add 14,000 payroll jobs next year, according to Chapman’s update.
To see what Chapman economists have to say about O.C. real estate, click here.
- O.C.’s unemployment rate jumps to 4.8%, highest since ‘03
- It could be 2013 before O.C. recovers from mortgage job losses
- Long Beach State predicts 0.9% drop in O.C. jobs
- O.C.’s job market shrank 1.3% in past 12 months
[...] Chapman revises O.C. forecast, expects more job losses [...]
[...] Chapman revises O.C. forecast, expects more job losses [...]
[...] Chapman revises O.C. forecast, expects more job losses [...]