Economic indicators for San Diego show slight dip in September

By City News Service

The University of San Diego’s Index of Leading Economic Indicators fell slightly in September, the first decline in a year-and-a-half, it was announced Thursday.

The 0.1 percent drop was led by a sharp reduction in residential building permits and a slight rise in initial claims for unemployment insurance, according to Alan Gin, who compiles the index for USD’s Burnham-Moores Center for Real Estate.

Local stock prices, consumer confidence, help-wanted advertising and the outlook for the national economy were positive during the month, but only modestly, according to Gin.

“While September’s decline is a little worrisome, it is not a signal that a downturn in the local economy is imminent,” his report states.

Economists usually look for three consecutive months of moves to signal a turning point in the economy. “It remains to be seen whether this is just a temporary bump in an upward trend or the beginning of the dreaded ‘double dip’ recession,” Gin wrote.