San Diego’s economy is in the doldrums, and not looking at turning around anytime soon, according to the index of leading economic indicators released Sept. 6.
For the fourth consecutive month, the index compiled by University of San Diego economics professor Alan Gin showed a decline, with July’s index dropping a tenth of a percent.
Five of the seven components of the index decreased during July, with the largest decline coming from an increased number of claims for unemployment insurance, which is registered as a decrease.
Four other components were down slightly. These were the stock prices of local firms; consumer confidence index; reduced help-wanted ad lineage; and the national index of leading economic indicators.
The sole category showing an increase in July was in the number of building permits issued.
Gin said most of the index’s components turned negative in April, and haven’t turned around since.
“Given the negative indications, the outlook is for a slowing in the local economy towards the end of 2006, with the weakness extending at least through the beginning of 2007,” Gin said.
Ho Man , you Guy’s see the Cover of Business week !!!
Just got back from the super market. The whole cover dedicated to it. “HOW TOXIC IS YOUR MORTGAGE” Had this snake wrapped around this house squeezing it.
Not surprisingly, Gin doesn’t really think it’s a big deal:
Gin said the news wasn’t good, but it wasn’t necessarily bad. “It means things are going to slow,” he said. “There should be some concern, but there is no need to panic.”
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