LOS ANGELES-Forecast LA, a Los Angeles economic report from Beacon Economics and Thomas and Dorothy Leavey Center for the Study of Los Angeles at Loyola Marymount University, shows a slowly improving Los Angeles economy. In 2014 and 2015, the report predicts steady growth; however, it will be several years before we see major economic growth.

This news may not come as a surprise to many Los Angeles residents. According to Fernando Guerra, LMU political science and Chicano studies professor and director of the Dorothy Leavey Center, "Angelenos have a pretty strong sense of the economic realities facing our region, and they expect things to improve this year. They still remember the negative effects of the recent downturn, of course, and that may be why respondents in our survey say significant economic growth is still several years away."

Employment is expected to grow 2.5% in Los Angeles County and 2.1% in the whole of California in 2014, but will rev up to 3% in 2015 and 2016. However, residents aren't confident of this growth. The report surveyed California residents, and, while 35% expected unemployment to decrease, 35% expected no change at all and 31% except an increase. Still, Christopher Thornberg, Beacon Economics founding partner explains, "The fundamentals have significantly improved, and the probability of another major shock hitting the system and disrupting things this year is not high enough to worry us."