The 2008 GDP (gross domestic product) was $491 billion. 

2009 saw the under employment rate and the unemployment rate on a very sharp rise of about 9.8 percent to 10 percent. The largest job losses occurred in the manufacturing, retailing and construction sectors. There is a sharp decline of 3.6 percent in the per capita personal income. There is also a drop of 6 percent in taxable retail sales. 

When we dig a little deeper, we see that Los Angeles already faced a severe depression in the 1990s even with all the resources at hand. Things were brighter in 2003 with the city being the leading manufacturer in the whole of the United States. Furniture, apparel, food and transportation industries were the largest and best here. 

However, statistics show a 4 percent unemployment rate in 2004. Things are still expected to become better as the import and export trade started increasing because of the new high-speed cargo rail system of the port. The city officials are optimistic that there will be 140 percent increase in trade by 2015.

Even while one sector is up, there was a sharp decline in others. 2007 saw a sharp decline of 22.7 percent in the permits of housing units. This figure grew to 31.8 percent in 2008. 

Though Los Angeles has been hard hit, if resources are used properly and the proper lessons are learnt from previous years, there is hope for 2010.

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