[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather
Santa Clarita CA
Cloudy
Cloudy
76°F
 
Calendar
Today in
S.C.V. History
October 20
1873 - Santa Barbara lawyers Charles Fernald and J.T. Richards purchase Rancho San Francisco for $33,000 (75 cents an acre) in a sheriff's sale [story]


Robert Kleinhenz

Los Angeles County’s chief economist talked Friday about the potential impact of the fiscal cliff if the United States were to take the plunge, while discussing the state of the county’s economy.

The overall economic outlook is a positive one, said Robert Kleinhenz of the Kyser Center for Economic Research, especially compared to where the economy was situated three years ago.

While year-over-year gains are positive, the economy is certainly not out of the woods, yet, or exactly at a point where economists are comfortable touting growth, he said.

“Jobs have been added at a slightly higher rate than the rest of the nation, but the county is slightly behind the state,” Kleinhenz said. “Yes, we’re making progress, but we’re still at a rate that’s too close for comfort.”

Ultimately, the very nature of a trip off the “fiscal cliff” – a term coined by economists to describe lawmakers’ end-of-the-year conundrum involving the expiration of Bush-era tax cuts that are expected to be compounded by tax increases associated with the Affordable Health Care Act and the implementation of sweeping spending cuts – will unavoidably impact consumer spending, Kleinhenz explained.

“If we go over the cliff and we see those cuts, you’re going to see a pullback effect that’s going to affect a lot of residents,” he said.

“We should be prepared for a pullback in government spending, and whether or not (drastic cuts) come to pass depends on what Congress does over the next few weeks,” Kleinhenz said.

He added that some of the damage has already been done as he’s been hearing – anecdotally, from leaders in private industries in sectors heavily affected by government spending, such as the military – that the uncertainty has prompted them to make cuts and hold off on growth.

The construction sector has seen some gains, but it’s also an industry that could have a bit of a slog into 2013, Kleinhenz said.

“In terms of housing, and in terms of construction we’ve seen stronger activitiy on the non-residential side,” he said. “Looking at this report, we’re down marginally on a month-over-month and year-over-year basis. That section continues to be weak and has a long way to go.”

However, there are several positive signs, Kleinhenz said.

The durable and nondurable goods manufacturing  has increased in the United States, reversing a trend that has seen thousands of jobs head overseas. Among the more prominent gains, Apple announced it would be bringing more jobs to a new facility in California at a location yet to be announced.

Kleinhenz attributed these figures to several factors that favor American job growth.

“Changes in the exchange rate, and the fact that the cost of labor is rising in so many places, Asia and China, specifically, meaning the cost of producing in those countries has gone up as the cost of living and wages there have improved in those areas,” Kleinhenz said.

The auto industry, which has a big impact locally, has also seen some positive signs, he said.

“It’s noteworthy that we’ve seen some gains with auto dealers,” he said. “It’s one of the areas we expect to see very big gains by the end of 2012, probably beating the expectation for most auto analysts.”

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


LOCAL BUSINESS LINKS
LOCAL BUSINESS HEADLINES
FINANCIALS OF LOCAL INTEREST
MARKETS & METALS
STOCKS OF LOCAL INTEREST
Bank Santa Clarita17.251  chart +0.00%
Biosolar Inc Com Usd0.0001(post0.0355  chart -11.25%
Sierra Bancorp27.65  chart -0.22%
Cu Bancorp (ca)37.50  chart +1.63%
Flex Ltd. - Ordinary Shares17.78  chart +0.40%
Mission Vly Bcp Ca14.20  chart +0.50%
Quest Diagnostics Incorporated95.08  chart +1.98%
Tejon Ranch Co19.38  chart +0.73%
Us Energy Initiative0.0007  chart +0.00%
Wesco Aircraft Holdings, Inc.9.50  chart +0.53%

Apple Inc.156.25  chart +0.17%
At&t Inc.35.54  chart -0.42%
Autonation, Inc.45.50  chart +2.20%
Best Buy Co., Inc.55.83  chart +0.67%
Big Lots, Inc.52.52  chart +0.92%
Barnes & Noble, Inc.7.35  chart +2.08%
Brady Corporation38.40  chart +0.26%
Boston Scientific Corporation29.69  chart +0.41%
Brookfield Asset Management Inc42.89  chart +0.02%
Cbre Group Inc Class A40.24  chart +0.57%
Carnival Corporation65.88  chart +0.14%
Comcast Corporation37.22  chart +0.87%
Costco Wholesale Corporation160.77  chart +1.46%
Curtiss-wright Corporation114.08  chart +0.80%
Cvs Health Corporation76.49  chart +2.49%
Cemex, S.a.b. De C.v. Sponsored7.96  chart -1.61%
D.r. Horton, Inc.42.67  chart +0.33%
Walt Disney Company (the)99.40  chart +0.39%
Edison International79.60  chart +0.16%
Hyatt Hotels Corporation Class 61.85  chart -0.02%
Home Depot, Inc. (the)163.43  chart +0.12%
Kb Home27.05  chart +0.07%
Kroger Company (the)21.02  chart +0.62%
Lennar Corporation Class A57.50  chart +1.32%
Laboratory Corporation Of Ameri151.72  chart +0.26%
Lowe's Companies, Inc.80.04  chart -1.51%
Mannkind Corporation4.11  chart +3.79%
Marriott International115.02  chart -0.16%
Mcdonald's Corporation166.30  chart -0.12%
Mitsubishi Ufj Financial Group,6.51  chart +0.46%
Netflix, Inc.194.16  chart -0.50%
Office Depot, Inc.3.78  chart +3.00%
Rite Aid Corporation1.78  chart -2.73%
Rexford Industrial Realty, Inc.29.91  chart -0.20%
Regal Entertainment Group Class16.29  chart -1.63%
Ross Stores, Inc.64.23  chart +1.33%
Republic Services, Inc.64.19  chart +0.85%
Starbucks Corporation54.57  chart -1.50%
Smart & Final Stores, Inc.7.00  chart -0.71%
Sears Holdings Corporation6.55  chart +8.09%
Six Flags Entertainment Corpora60.82  chart +0.28%
Sonova N171.80  chart -0.87%
Staples, Inc.10.25  chart +0.10%
Sunpower Corporation6.68  chart -0.15%
Target Corporation61.76  chart +2.20%
Time Warner Cable Inc209.56  chart -0.21%
Ulta Beauty, Inc.204.84  chart +0.11%
Walgreens Boots Alliance, Inc.68.06  chart +1.28%
Waste Connections, Inc.70.60  chart -0.25%
Whole Foods Market, Inc.41.99  chart -100.00%
Waste Management, Inc.77.73  chart +0.47%
Wal-mart Stores, Inc.87.44  chart +1.20%
Woodward, Inc.81.36  chart +1.06%
CURRENCY CONVERTER

Latest Additions to SCVNews.com
The Academy Museum of Motion Pictures has received three major gifts toward the creation of the museum in Los Angeles, bringing fundraising to more than $300M, nearly 80 percent of its $388M campaign goal.
Motion Picture Museum Nears $388M Campaign Goal
Caltrans added nearly 1,200 lane miles of pavement repair and 66 bridges to its growing list of projects to be delivered sooner than planned, thanks to the imminent influx of revenue from the Road Repair and Accountability Act of 2017 (SB 1), the transportation funding and reform package passed in April.
Nearly $3.4 Billion in Transportation Projects to Be Accelerated
The city of Santa Clarita and SCV Veterans Memorial, Inc. invite the public to attend a special ceremony unveiling the new Fallen Warriors Monument at Veterans Historical Plaza in Newhall on Wednesday, November 8 starting at 10 a.m.
Nov. 8: City Unveils Fallen Warriors Monument in Newhall
A suspect has been arrested in the investigation of an alleged sexual assault, according to Santa Clarita Valley Sheriff's Station officials.
Suspect Arrested in Alleged Sexual Assault
The California High-Speed Rail Authority punted one of the most important decisions during its monthly meeting Thursday, stoking concerns the entity is not moving quickly enough on the $64 billion project.
California’s Bullet Train Board Delays Award of Key Contract
An extensive investigation by the county of Los Angeles Department of Consumer and Business Affairs in conjunction with the office of California Attorney General Xavier Becerra has resulted in a lawsuit announced today by the Attorney General against retailer Curacao.
AG Sues Retailer Curacao for Allegedly Preying on Consumers
1873 - Santa Barbara lawyers Charles Fernald and J.T. Richards purchase Rancho San Francisco for $33,000 (75 cents an acre) in a sheriff's sale [story]
CHESTERFIELD, MO — NewGround, a St. Louis-based experiential design-build firm, recently teamed up with Logix Federal Credit Union to work on a large scale facility project, a new corporate headquarters building for the full-service credit union in the Burbank, California area.
Valencia Will Soon be Home to Logix Federal Credit Union Headquarters
The CSUN women's volleyball team (10-9, 4-3 Big West) opens the second half of the Big West season this week as the Matadors head up the coast this week for road tests at No. 23 Cal Poly (17-2, 7-0 Big West) and UC Santa Barbara (4-15, 3-4 Big West). CSUN, coming off a tough five-set loss to Hawai'i at home, is 3-4 in seven road matches this season but has won two of three Big West road contests.
Matadors Volleyball Testing Their Skills on the Road
No. 5 College of the Canyons defeated L.A. Mission College 3-0 on Wednesday to earn its eighth consecutive match and fifth straight sweep. Set scores were 25-15, 25-11, and 25-20.
Cougars Volleyball Earns Fifth Straight Sweep
CSUN Women's Soccer (7-4-5, 3-1-1 BWC) looks to move up in the Big West standings this week as it hosts UC Irvine on Thursday at 7:00 p.m.
Matadors Get Ready for Big West Matchups
Behind Julio Rubio's goal in the 11th minute CSUN defeated UC Riverside 1-0 in Big West Conference men's soccer action Wednesday night.
Matadors Lone Goal Enough to Hold Off UC Riverside
Northridge, CA – CSUN Athletics officially opened its new satellite athletic training facility on Thursday at an event featuring Athletic Director Dr. Brandon Martin, Assistant Athletic Director for Sports Medicine/Head Athletic Trainer Steven Grech, student-athletes, coaches, staff and campus partners.
Matadors Student-Athletes Welcome New Training Facility
Want unique gifts and a shopping experience unlike any other?
Nov. 18-19: City’s Annual Two-Day Fine Craft Show
City officials gathered Wednesday for the Grand Opening of "Three Oaks," the first 100 percent affordable family development in Santa Clarita.
Affordable Housing Comes to Santa Clarita
The Gibbon Conservation Center will celebrate Halloween for the first time on Saturday, Oct. 28 from 10:00 a.m. - 1:00 p.m.
Oct. 28: Gibbon Conservation Center Celebrates First Halloween
California State University, Northridge is partnering with the California State University Entertainment Alliance to host a morning of workshops designed to offer students and members of the public advice on building successful careers in the entertainment industry.
Oct. 23: CSUN Workshop; Succeeding in Entertainment Industry
Spotlight Arts Center, a local non-profit that provides free performing and visual arts classes to children in the Santa Clarita Valley, will hold its Fall Festival, Sunday, Oct. 22 from 11:00 a.m. - 3:00 p.m.
Oct. 22: Fall Festival Spotlight Arts Center
The College of the Canyons Athletics department is inviting all players, coaches and cheerleaders associated with a Santa Clarita Valley youth sports league or cheer organization to attend Saturday's Cougar football game free of charge.
Oct. 21: SCV Youth Teams Invited to Free COC Football Game
College of the Canyons freshmen Joanna Roecker and Cassandra Lee both turned in scores of 79 to lead the Cougars to a second place team finish at the Western State Conference (WSC) event hosted by Glendale College at Brookside Golf Course on Monday.
COC Falls Short at WSC Glendale
Beginning Monday, October 23, 2017, the city of Santa Clarita will increase the frequency of street sweeping throughout all areas of the City.
Oct. 23: City Begins Increased Street Sweeping Frequency
In a battle for Western State Conference, East Division supremacy, it was College of the Canyons that came out on top Tuesday night, as the Cougars scored two second half goals to secure a 2-0 win against visiting Antelope Valley College. Justine Hoeft and Jennifer Roney collected goals for the Cougars (11-2, 2-0).
COC Secures Win Against AVC With Two Second-Half Goals
The upcoming 10-year anniversary of the Buckweed Fires offers Santa Clarita residents a reminder of the ever-present fire danger in Los Angeles County, as blazes ravage the northern half of the state, as well.
Officials Reflect on 10-Year Anniversary of Buckweed Fires
Deputies from the Santa Clarita Valley Sheriff's Station, with help from a Smartphone GPS system, were able to locate a lost hiker Wednesday night at Towsley Canyon.
Smartphone GPS Locates Lost Towsley Canyon Hiker
Dreamation Craft Guild will be hosting a boutique at Canyon High School, Nov. 18, from 10:00 a.m. – 3:00 p.m. to benefit the family of John Phippen, the Santa Clarita resident who was killed in the Las Vegas shooting.
Nov. 18: Holiday Marketplace Benefiting John Phippen Family
SACRAMENTO, Calif. – To ensure drivers, passengers, and children are properly restrained while traveling California’s roadways, the California Highway Patrol (CHP) has partnered with the California Office of Traffic Safety on a new traffic safety campaign entitled, “California Restraint Safety Education And Training” (CARSEAT).
CHP’s New Traffic Safety Campaign Focuses on Saving Lives, Reducing Injuries
SACRAMENTO, Calif. – Speed and aggressive driving, the main causes of traffic collisions in California, will be the focus of a year-long education and enforcement campaign by the California Highway Patrol (CHP) that started Oct. 1, 2017.
CHP Grant Aims to Reduce Fatalities, Traffic Injuries; Addresses Street Racing
1945 - Acton Hotel, est. 1890, burns down; arson is suspected [story]
The fall 2017 Star Party at College of the Canyons' Canyon Country campus on Friday, Oct. 27 will focus on the pathways to space exploration that exist for star-gazers who are captivated by the many mysteries of the universe.
Oct. 27: Star Party at COC Canyon Country Campus
Determined to transform the deeply troubled Los Angeles County Probation Department, the Board of Supervisors Tuesday voted unanimously to consider an independent entity that would provide guidance, oversight and accountability.
Supes Consider Entity for Probation Reform Guidance, Oversight, Accountability
Alexia Cina of Canyon Country was arrested Wednesday in connection with the death of a mother of six children in a head-on crash on Golden Valley Road on October 6.
Woman Charged with Manslaughter, DUI in Death of Mother of 6
The 22nd annual Santa Clarita Marathon is scheduled for Sunday, November 5, 2017, following the Santa Clarita Health and Fitness Expo on Saturday.
Nov. 4-5: 22nd Annual Santa Clarita Marathon Events
The Los Angeles Dodgers jumped to a 3-0 lead in the best of seven series following Tuesday night’s 6-1 victory over the Chicago Cubs in Game 3 of the NLCS at Wrigley Field.
Dodgers Out to Sweep Cubs in NLCS Game 4
The Los Angeles Sheriff's Department's 2017 Medal of Valor Awards were held Tuesday in Los Angeles, and SCV Sheriff's Station Deputy Dmitry Barkon was recognized for his bravery and heroic actions.
SCV Sheriff’s Deputy Dmitry Barkon Earns Medal of Valor