County’s economic indicators index moves up slightly

City News Service

San Diego County’s index of leading economic indicators was up two-tenths of a percent in July, according to a report out Tuesday from the University of San Diego’s Burnham-Moores Center for Real Estate.

The rise, though fractional, follows a dip of 0.2 percent in June, the first decline in 27 months.

The uptick was led by strong gains in help wanted advertising — up for the seventh straight month — and the outlook for the local economy, USD Professor Alan Gin said.

Those categories offset a sharp drop in consumer confidence and a dip in the number of authorized residential building permits, Gin said.

He said worries exist about the possibility of a double-dip recession, both locally and nationally.

“The probability of a recession is probably less than 50 percent, but the probability is significant and is growing,” Gin said. “A drop in consumer confidence and the lack of income due to high unemployment has adversely affected personal consumption expenditures, which is about 70 percent of economy activity.”

Drops in government spending, a weak real estate market, inflation and disagreement over fiscal policy are all additional ingredients for a downturn, he said.

“Consumer confidence continues to plummet as the drumbeat of bad news about the economy takes its toll,” Gin said. “Particularly impacted are purchases of big ticket items such as automobiles, furniture, housing…as consumers tend to be more hesitant to take on debt when they are worried about
their jobs and income.”

The index in July stood at 117.1, more than seven points ahead of the same month last year, according to Gin. The highest the indicators have stood in recent years is 144.2, in March 2006.

Related posts:

  1. San Diego economic index slips with consumer confidence dip
  2. November’s economic indicators show slight improvement
  3. Pacific Beach woman gets missing cat back — 17 months later
  4. Grand jury: City needs to re-examine city hall project costs
  5. Fletcher, Kings discuss implementation of Chelsea’s Law

Short URL: http://www.lajollalight.com/?p=49296

Posted by Staff on Aug 30, 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

  • Leave no one behind in Alzheimer’s research July 30, 2014
    Today in the U.S., more than 5 million people are living with mild to moderate Alzheimer’s disease. According to a 2009 study by the Alzheimer’s Association, of those 5 million people, more than 500,000 live in California. As we live longer, rates of Alzheimer’s disease have grown dramatically, and the disease is now cited as the third leading cause of death […]
  • SD Foundation announces $47M in grants, names new board members July 29, 2014
    The San Diego Foundation today announced it granted $47 million to nonprofit organizations in fiscal year 2014. Since its inception, the foundation has granted $880 million to serve and improve the San Diego region. […]
  • SD Surf Academy Condliffe GU11 win Albion Cup July 29, 2014
    San Diego Surf Academy Condliffe GU11 won the Albion National Soccer Cup championship, held July 18-21 in San Diego. […]