LONG BEACH : Port City to Stay in Grip of Recession, Study Says
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A team of Cal State Long Beach economists Thursday predicted that the seaside city will remain in the grip of recession longer than either the nation or the state and will not begin its recovery until 1994 at the earliest.
Professors Lisa Grobar and Judith Roberts said that from July, 1990, to July, 1992, Long Beach lost 26,000 jobs--19,000 of them due to layoffs at McDonnell Douglas. The pair also reported an 11%, or $2.4-billion, loss in retail sales from 1990 to 1991. During the same period, retail sales in the United States dropped by 1.9% and in California by 3.9%, according to the economists’ report.
Grobar said 1993 is not looking any better than 1992 for Long Beach. Both economists said they expect more job losses until mid-1993, and no increase in retail sales or home prices until 1994.
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