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Thursday, Oct 6, 2022
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Index Reflects Slowing Local Economy

San Diego’s economy continued to slide downward with a 10th consecutive monthly drop in the January Index of Leading Economic Indicators compiled by a University of San Diego economics professor.

For January, the index dropped a tenth of 1 percent, led by declines in the number of new building permits issued, increased unemployment claims, and reduced help-wanted ads.

Alan Gin, the University of San Diego professor who assembles the data, said the outlook for the local economy remains weak through at least the first half of 2007.

“The slowdown in the housing market is beginning to have a greater and greater negative impact, particularly in terms of job losses,” Gin said in the report issued March 15.

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He cited a decrease of 3,800 construction jobs in January, along with a loss of 2,200 jobs connected to real estate activities.

Three of the six components showed minor increases: local stock prices, consumer confidence and the national economic indicators index.

While Gin noted that consumer confidence continued to climb for the fifth consecutive month, he wondered what the effects of higher gasoline prices would have on that component. He said the recent gas spikes are likely to further damage the regional economy, with more buying power siphoned out of the economy.

, Mike Allen

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