INDUSTRY-BY-INDUSTRY OUTLOOK : The Year in Preview

California came several years late to the nation’s economic recovery party, but the state should be celebrating all through 1997.

Here is what key industries will be up to:

SECURITIES: 1996 was a year of record revenues, record earnings, record bonuses--a champagne year that may be producing a hangover. A turbulent December on Wall Street has many professionals and their clients worried about a retrenchment in 1997. Still, the brokerage industry has grown only grudgingly since the stock-market crash of 1987, with total employment hitting 262,000 as of Sept. 30, finally surpassing the old record set in the third quarter of 1987. Many observers believe a downturn would not hit the now-leaner industry quite as hard.