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Thursday, Oct 6, 2022
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Economic Barometer Falls; Forecast Calls for Slower Job Growth

San Diego’s economy continued to show weakness in November and December, according to the latest Index of Leading Economic Indicators compiled by University of San Diego professor Alan Gin.

In a report issued Jan. 31, Gin found declines in both months. The index has fallen for nine consecutive months.

The index, made up of six measurements, declined by 0.4 percent in December and 0.3 percent in November.

Three components were down during December, with two, the number of building permits issued and the amount of help wanted ads, down sharply. A third component, initial claims for unemployment insurance, was down slightly, but it was the ninth decline in a row.

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The number goes down when unemployment claims increase.

On the plus side, the index showed modest gains in local consumer confidence and the outlook for the national economy.

Gin said the continued weakness in the housing market is likely to negatively impact the local economy and labor market at least through the first half of 2007.

He predicted year over year job growth between 12,000 to 15,000 for 2007. Last year, the figure of net new jobs created here was about 18,000.

, Mike Allen

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