Local stocks movement aids county’s economic indicators
City News Service
A sharp increase in local stock prices in December led to a rise in San Diego County’s Index of Leading Economic Indicators, which was released Friday.
The climb, of 0.4 percent, was the second consecutive increase in the monthly index prepared by the University of San Diego Burnham-Moores Center for Real Estate.
The increases followed three months of no movement, according to Alan Gin, a professor in the School of Business Administration. He said the index has not fallen in the last 21 months.
Local stock prices climbed 1.22 percent for the month of December and nearly 18 percent for the year, Gin said.
He said an improvement in the outlook for the national economy also helped.
The positive news was offset by a fifth straight month of declines in the number of residential building permits that were issued, making 2010 the second-worst year in the category since the 1970s — trailing 2009, Gin said.
The professor said that in December, unemployment rose slightly and the amount of help-wanted ads dropped a bit.
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