Source: Los Angeles County Economic Development Corporation
"Following a 3.0% increase in 2014, nonfarm jobs are expected to grow by 2.9% in 2015, and then slow slightly to 2.4% in 2016. The unemployment rate stood at 6.3% in July and is expected to decline to 5.8% in 2016. With further improvements anticipated for the labor market, personal income and total taxable sales should increase by 4.9% and 4.5% respectively this year, with similar or better gains in 2016."
Region is on track to greet 50 million visitors a year, and these visitors spent more than $18 billion in our economy this year.  At the same time, the hospitality and tourism industry also serves our 10 million local residents.  Accordingly, the report delineates the two separate components (traded versus local-serving), which are very different in terms of their composition, workforce needs, intermediate purchases and economic impacts — distinctions that have clear implications for how policymakers and stakeholders formulate programs to encourage not only more jobs but also better-paying jobs.
In spite of a long-term decline in manufacturing employment, California maintains a large base of manufacturing capabilities and strengths in a diverse set of manufacturing industries, from food processing and furniture to aerospace and medical devices.