LOS ANGELES-The bad news about the economy is not likely to last too long, and the long-term outlook both in California and the US is better than many press reports would suggest. That’s a summary of the findings of the 2011 Los Angeles Economic Forecast Book, authored by Beacon Economics and released in partnership with Pepperdine University's Graziadio School of Business and Management and its Presidential and Key Executive MBA program.

Christopher Thornberg, the founding partner of Beacon Economics and the leading author of the forecast, says that the bad economic reports of late “are short-term in nature and not indicative of a longer-term trend." Says Thornberg, "The recovery should continue at a better pace than what we saw in 2010 by the second half of this year, but expect a slowdown in 2013 when national leaders begin to unravel the deficit."

Key US, California and Los Angeles findings from the forecast include: