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California Economy

BUSINESS
August 20, 2012 | By Dalina Castellanos, Los Angeles Times
Los Angeles International Airport helped pump $39.7 billion into the Southern California economy last year, and that number is expected to grow in the next few years as the airport expands, according to a new report. The report by the Los Angeles County Economic Development Corp. found that LAX's operations in 2011 supported more than 294,000 jobs and pumped billions of dollars from new construction and airport payrolls, nearby LAX-related businesses and tourist spending into Los Angeles, Orange, Ventura, Riverside and San Bernardino counties.
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NEWS
June 7, 2012 | By Stephen Ceasar, Los Angeles Times Staff Writer
A report released Thursday estimates that California will need about 2 million more students with post-secondary degrees to remain economically competitive with other states by 2025. The report, by California Competes, a group of independent business and civic leaders, projected that the state will need more than 5 million new students with bachelor's degrees or technical credentials by 2025 to fill job needs. Currently, the state is on track to have about 3 million such students in the next 13 years, the report said.
NEWS
May 24, 2012 | By Ted Rall
Up to 20% of personal income growth in California this year could be attributed to Facebook. What's the other 80%? The anti-tax folks might wage a guess and say "moving companies. " ALSO: Photo gallery: Ted Rall cartoons Will Smith and he who gets slapped Is the only good mountain lion a dead mountain lion? Follow Ted Rall on Twitter @TedRall . Follow Opinion L.A. on Twitter and Facebook .
BUSINESS
April 26, 2012 | By Marc Lifsher, Los Angeles Times
SACRAMENTO — Close to 100,000 jobless Californians will lose as many as 20 weeks of federal unemployment insurance benefits by the end of May, state officials warned. The extra benefits of as much as $450 a week are part of a federal extension to the regular state program known as Fed-ED, for Federal-State Extended Duration benefits. That will reduce the benefit period to 79 weeks. The federal government instituted Fed-ED in March 2009 to help the long-term unemployed in California during the worst recession in 50 years.
NEWS
April 26, 2012 | By Karin Klein
No matter how you feel about Meg Whitman, head of Hewlett-Packard, former head of eBay, you'd have to concede that one of her biggest contributions to the California economy was as candidate for California governor. She lavished about $160 million on her failed campaign, and we'd have to guess that most or all of that was spent within the state. It might be hard to get the engine of California's economy revving again, but we do get a good, if short-term, cough out of political campaigns, and the most recent proof of this is the spending on Proposition 29, the initiative that would impose an extra dollar-per-pack tax on cigarettes and use most of the proceeds on medical research for cancer and cardiovascular and lung diseases.
NEWS
April 3, 2012 | By Jim Newton
The reaction to my column on Monday was, in one sense, not terribly surprising. A few readers wrote to praise Molly Munger for spearheading a thoughtful alternative to Gov. Jerry Brown's proposed tax hikes. A few others wrote to suggest that her effort will only make the governor's plan more difficult to pass. And a bunch wrote to say I'm a yahoo or a “clueless columnist” (several used more colorful language) for arguing that some form of tax increase was needed to help California through its current budget difficulties.
BUSINESS
March 23, 2012 | By Alejandro Lazo
California employers added 4,000 new payroll jobs last month , signaling slow but steady improvement in the state's labor market. Despite the gains, the unemployment rate remain unchanged at 10.9% as more workers dusted off their resumes to look for employment. “People are more encouraged to find jobs,” said Stephen Levy, an economist with the Center for the Continuing Study of the California Economy . “As people come into the workforce it's going to take a while to get the unemployment rate down.” Statewide, the biggest job gains last month were found in sectors that pay better than average wages - another positive sign for the California economy.
BUSINESS
February 14, 2012 | By Marc Lifsher
California should experience only modest economic growth this year and next, adding nearly a half million new jobs and driving the unemployment rate down to just above 10%, the Los Angeles County Economic Development Corp. said in an annual forecast. Recovery from the deep recession of 2007-2009 is expected to be at “a painfully slow pace” and “it will take years for the county to return to the four million nonfarm job threshhold that marked most of the last decade,” said the report released Wednesday.
BUSINESS
January 26, 2012 | By Marc Lifsher, Los Angeles Times
California's combination of business, sales, income and other taxes ranks it close to the bottom of the 50 states for being business-friendly, according to a conservative Washington think tank. California placed 48th, ahead of New York at 49th place and New Jersey at 50th, said a report released Wednesday by the Tax Foundation. The findings, which are contradicted by other studies and disputed by some economists, are likely to become an issue in this fall's elections. California Gov. Jerry Brown is trying to put an initiative on the November ballot to temporarily raise the state sales tax and the individual income tax for people who make more than $250,000 a year.
BUSINESS
July 12, 2011 | By Marc Lifsher, Los Angeles Times
The California Public Employees' Retirement System pumped nearly $12 billion into the state's economy last year through benefits paid to retirees and other beneficiaries, making it "a significant economic engine in most California communities," a new study says. The findings of consultant Robert Fountain, a retired Cal State Sacramento economics professor, help to show how important the country's largest public pension is to the state's economy, fund officials said. CalPERS, which released the study Monday, has been engaged in an ongoing public relations campaign to improve an image that has been battered by investment losses and corruption scandals.
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