Slow growth in L.A.

But at least there will be growth and not contraction, according to a new forecast from Cal State Long Beach. L.A. County can expect flat employment in 2008 and a 0.9 percent increase in 2009 (last year, the county grew at a sluggish 0.6 percent). L.A. has not been hit as hard as other parts of Socal, especially in the housing and finance areas. That's because much of the county is already built out and not subject to subprime calamities that have been centered in Riverside and San Bernardino counties. Even so, the news is not great. “There’s no question that we are in for an extended period of slow growth,” says Joseph P. Magaddino, chairman of the school's Economics Department. His one big assumption is that oil prices will fall sharply by the end of the year. If that doesn't happen – and there’s certainly no sign of it – you should expect a lot more strain on the local and national economies. While most forecasts have focused on the impact of the housing market, it's the price of gasoline that could tip things over the edge. Here are stories from the Business Journal and the Grunion Gazette.