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ECONOMY: Report indicates it could take a decade to regain lost local jobs


Tuesday, June 28, 2011

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Kelly Cunningham, an economist with the La Jolla-based institute, wrote in the report that the San Diego area lost 105,000 jobs since the recession began in 2007, and that it could take at least five years to recover those jobs.
"Only under the most optimistic scenario will San Diego return to full employment by 2020," he said. San Diego needs to add 224,000 jobs over the coming decade to bring the unemployment rate back to "full employment" ---- which is considered the case when the jobless rate is below 5 percent. "That is an optimistic scenario."