USD: Building permits, help wanted ads surge slightly in May
The University of San Diego’s Index of Leading Economic Indicators rose for the 14th consecutive month in May, led by a surge in building permits, it was announced Wednesday.
The index rose 0.2 percent in May, compared to the previous month, according to Alan Gin, who compiles the statistical measure for USD’s Burnham-Moores Center for Real Estate.
There were also moderate gains in help wanted advertising, the outlook for the national economy and local consumer confidence, according to the index. On the downside, local stock prices retracted sharply and initial claims for unemployment insurance rose slightly.
According to Gin, the outlook for the local economy calls for slow to moderate growth for the rest of the year and into the first half of 2011.