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Orange County expected to lose 43,200 jobs

February 24, 2009

Orange County, CA - Orange County is expected to lose more or less 43,200 jobs this year and employment will continue to go down in 2010, but at a slower rate, according to a recent report on the economy.

In the 2009-2010 Economic Forecast and Industry Outlook that was released last week, the Los Angeles County Economic Development Corporation predicts in that report a bleak situation for Southern California, including Orange County.

The 2.9% job loss of Orange County this year is anticipated to be mostly in retail and construction, insurance and finance, as stated by the forecast.

LAEDC expects that Orange County will continue to lose jobs next year, the loss of employment will decelerate to 0.9% or 12,400 positions.

According to LAEDC economist Jack Kyser who supervised the forecast, Orange County was hit hard by the flattening of new home construction projects, a slowdown in tourism, and the collapse of the subprime lending industry, and added, “That’s why we’re rather bearish about the economy in 2009.”