An index measuring San Diego’s economic health shows the patient getting worse, and little sign of a quick recovery.
The University of San Diego’s Index of Leading Economic Indicators for the county fell 2 percent in January, following declines of 2 percent or more in the previous three months.
The university released the index Feb. 26.
Alan Gin, the USD economics professor who compiles the index, said the four monthly declines were the four largest ever recorded for the index.
“The outlook for the local economy remains bleak at this point,” Gin said in his report. “The length and depth of the decline in the USD Index suggest that San Diego’s economy may remain weak through the end of 2009.”
January’s index included big decreases in the number of building permits issued, a higher number of unemployment insurance claims filed, lower help-wanted ad lineage and a continued drop in consumer confidence.
The two components showing a rise were local stock prices (which have since declined), and the national economic index. The rise in the national number was slight.
The national index has actually risen for two months in a row, and Gin said this may augur a turning point, or at least a bottom sometime later this year.
, Mike Allen
