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SoCal Experts Say No Sign of Recession Here

LOS ANGELES-Regional experts say that there's no sign of recession in the Southland, that gyrations in the stock market aren't shaking California's confidence. They point to the state's strong job market as the primary indicator of economic stability.

By Patricia L. Kirk | Updated on March 28, 2001

LOS ANGELES-Evidence of a slowing economy is just about nil in SoCal, where unemployment is the lowest its been in 20 years and other market indicators remain strong–or at least stable, according to one of the region’s top economists and executives with one of the region’s largest real estate investment firms.

While confidence in the stock market wanes, Jack Kyser, chief economist for Los Angeles County Economic Development Corp., notes, “What impacts people’s confidence is their employment situation, and LA County’s unemployment rate is at the lowest level it’s been since ’69.

In February the state’s unemployment rate dipped to a 20-year low of 4.5%, down from 4.6% the previous month.”The stock market going nuts for a couple months has a macro economic impact on the nation’s status quo, but it hasn’t affected anything in California we’re seeing so far,” says Dan Bothe, SVP/Co-CFO for Los Angeles-based Arden Realty Inc., suggesting that the state’s favorable employment stats are reflective of the overall real estate market, too.

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