L.A. Could Be Looking At 'Two-Year Jobless Recovery'
Los Angeles, home to a near 14 percent unemployment rate, could be in the midst of "a two-year, jobless recovery," Los Angeles Deputy Mayor Larry Frank told Reuters.
That's some hard medicine to swallow, but the city has received about $44 million in federal stimulus funds intended to train workers and create 12,000 jobs. There are more than 270,000 people out of work.
L.A. Live Angelenos recently lined up for 600 jobs at new hotels at L.A. Live.
Irena Seta, a local unemployment center coordinator, said many of her clients have been off the job for 18 months. "It will probably be in 2011 when we see a vast increase in employment," she told the news service.
There are bright spots. People lined up for 600 jobs each worth $14 an hour and more, with health-care benefits to boot, at the new JW Marriott and Ritz Carlton hotels at L.A. Live downtown.
But one issue with new job openings is training and preparation: L.A. has about 800,000 people -- nearly the population of San Francisco -- living below the official poverty line. Nearly 40 percent of Angeleneos can't even read at an eighth-grade level.
"Believe it or not, there are jobs out there," said Seta, "but a lot of people have not been trained or do not have experience in those areas."