San Diego economic index slips with consumer confidence dip

City News Service

A drop in consumer confidence helped San Diego’s index of leading economic indicators decline 0.2 percent in June, according to figures released Tuesday.

Falling numbers of building permits and declining local stock prices,coupled with an uptick in initial claims for unemployment insurance, added to the decline, according to Professor Alan Gin, who compiles the index for the USD Burnham-Moores Center for Real Estate.

“Although a downturn in the local economy is not imminent, the first drop in the USD index in more than two years is a cause for concern,” Gin said. “Economists usually look for three consecutive changes in one direction in a leading index as a signal of a turning point in an economy, so it remains to be seen whether this is a beginning of a trend or simply a one-month aberration.”

Local consumer confidence dropped because of high gasoline prices and a soft job market, Gin said.

He said that the number of approved residential building permits has fallen dramatically in the last couple of months after the sector started the year strongly. The number of issued permits was still 38 percent higher than 2010, he said.

While unemployment climbed, the amount of help-wanted advertising was also up.

The index stands at 117, up from 109.7 in June 2010.

Related posts:

  1. November’s economic indicators show slight improvement
  2. San Diego economic index ticks up a notch
  3. Local stocks movement aids county’s economic indicators
  4. County’s Economic Roundtable to exploree local outlook
  5. San Diego economic indicators remain unchanged for third month

Short URL: http://www.lajollalight.com/?p=46608

Posted by Kathy Day on Jul 26, 2011. Filed under News, Region. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply

Bottom Buttons 1

Bottom Buttons 2

Bottom Buttons 3

Bottom Buttons 4

Bottom Buttons 5

Bottom Buttons 6

RSS North Coastal News

  • Congregation Beth Am Labor Day Picnic September 2, 2014
    Congregation Beth Am held a festive Labor Day Picnic Sept. 1. This year is the 31st anniversary of this synagogue that started in a tire store in Solana Beach. […]
  • Suspects attempt to rob Solana Beach bank ATM September 2, 2014
    An attempt to break into an ATM at a Solana Beach bank branch early Sept. 2 using a cutting torch ended with the cash machine in flames and two suspects fleeing empty-handed. The suspects set off the ATM's alarm during the failed heist shortly after 2:30 a.m. in the 600 block of Lomas Santa Fe Drive near Glencrest Drive, according to sheriff's Lt. […]
  • First phase of Earl Warren Middle School reconstruction begins in Solana Beach September 2, 2014
    As kids kicked back this summer, San Dieguito Union High School District kicked off the first phase of its complete reconstruction of Earl Warren Middle School. The $41 million project is made possible by the passage of Proposition AA. […]