LOS ANGELES : Business Forecasters Say City Economy Is on Mend
Private business forecasters on Tuesday described the Los Angeles economy as on the mend but encouraged the Los Angeles City Council’s budget committee to join Mayor Richard Riordan’s call for cutting business-related taxes.
“The local economy is on an upward swing, not a rapid swing, but clearly an improvement” after the worst recession since the 1930s, said Lynn Reaser, senior vice president and chief economist for First Interstate Bank.
Reaser made her remarks before the council’s five-member Ad Hoc Committee on City Budget which on Tuesday began its review of the $3.9-billion budget Riordan proposed last week.
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