San Diego Workforce Partnership Inc., the regional job training agency, recently put together a work force index intended to provide a more accurate picture of the local job market than simply checking the area’s unemployment rate, which was at 10.1 percent in December.
The work force index is based on seven measurements: the county unemployment rate; the Monster employment index; the Index of Leading Economic Indicators for San Diego County compiled by University of San Diego professor Alan Gin; The San Diego Union-Tribune consumer confidence index; the monthly number of first time filers for unemployment insurance; total nonfarm employment in the county; and the number of temporary workers in the county.
Based on data for December, the work force index for San Diego was 72.31, down from 72.68 in November.
The index uses a baseline of 100 for May 2005, when the area had basically full employment. It reached its apex in mid-2006 when it reached 105, which meant there were actually more jobs than workers, according to a report from the organization.
The index has been on an upward trend since bottoming out in October 2009, which would tend to show that economic conditions are improving, however slowly.