An index measuring the health of San Diego’s economy dropped again in September, the 29th time it has done so in the last 30 months, according to a report released Oct. 30.
The University of San Diego’s Index of Leading Economic Indicators for the county declined 0.8 percent for September, propelled mainly by a big uptick in the number of unemployment insurance claims.
Only one of the six components used to determine the index, the outlook for the national economy, was in positive territory. Besides unemployment claims, the remaining components that declined were building permits issued, local stock prices, consumer confidence and the amount of help wanted ads.
Alan Gin, the USD professor who compiles the index, didn’t change his negative forecast through the first half of 2009.
“What is needed to turn the economy around both locally and nationally is stability in the housing market,” Gin said. “It is very likely that a recession will be declared for the national economy. In fact, we may be there already.”
, Mike Allen