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Wednesday, Sep 28, 2022
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Index: Local Economy Humming Along

San Diego’s economy appears to be purring and shows no signs of slowing based on the 0.6 percent rise for the April Index of Leading Economic Indicators.

The index, compiled by USD economics professor Alan Gin, showed increases in four of six categories. The latest hike was the 14th consecutive increase in the index.

The two categories that had the largest impact on the index’s increase were new unemployment claims, which registers positive for a lower number of claims, and in the amount of help-wanted advertising.

Also increasing were local stock prices and the number of building permits issued. The two measurements that declined were consumer confidence and the index for the national economy.

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Gin said the strength of the first quarter of the year is carrying into the second quarter, and portends solid growth through the end of 2000.

The most dramatic data emerging from the April index was the 1.3 percent drop in unemployment claims from the prior month.

The 10,478 claims filed was the lowest monthly total since November 1986.

San Diego’s unemployment rate has been below 3 percent for seven of the past eight months, and was 2.7 percent in May.

On the downside, consumer confidence continues to drop, but at a relatively slow rate, Gin noted.

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