City News Service
The Index of Leading Economic Indicators for San Diego County, released today by the University of San Diego Burnham-Moores Center for Real Estate, fell 0.2 percent in October from the previous month.
Increases in the outlook for the national economy and gains in help-wanted advertising were offset by lower consumer confidence and a drop in the number of approved residential building permits, USD Professor Alan Gin said.
For the fourth straight month, half the components of the index were up and half were down, according to Gin. He also said a pattern in which the overall index falls slightly one month and increases a small bit the next month was extended to half a year.
"With no turning point being signaled, the outlook for the local economy remains unchanged from what was previously reported — positive but weak growth through at least the first half of 2012," Gin said.
October's job growth was the highest since 2005, and help-wanted advertising increased for the 10th straight month, according to the professor.
On the down side, the number of building permits issued fell for the fifth straight month and there were fewer construction jobs, he said.
It is likely the number of building permits approved in 2011 will be higher than last year, but it will still end up being the third worst year for that sector since he began keeping records 20 years ago, Gin said.