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Friday, Jan 27, 2023

Week In Review

Friday, March 21

Recession? What Recession?:

San Diego’s unemployment rate for February dropped to 5 percent, down from a revised 5.2 percent in January, according to the state Employment Development Department.

The area gained a net of 3,500 jobs during the month to bring total non-farm employment to 1,297,400. Government jobs increased by 2,500, while leisure and hospitality posted a gain of 1,800 jobs. Offsetting those gains was a decline of 2,100 jobs in retail trade.

The area’s unemployment rate was below that for the nation, at 5.2 percent, and California, at 6.1 percent.

, Mike Allen

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Sunday, March 23

Audit Odyssey Near End:

The city of San Diego said it received an auditor’s opinion for its 2006 fiscal year, clearing the way for the city to re-enter the municipal bond market.

Mayor Jerry Sanders said the city plans to submit the audited financial statements to the City Council, and notify the three Wall Street credit rating agencies in hopes of securing favorable ratings and return to issuing tax-free bonds to help finance delayed capital improvement projects.

Obtaining an unqualified audit opinion for the fiscal 2006 finances follows the completion of audits for the fiscal 2003, fiscal 2004 and fiscal 2005 results, which were delivered last year.

Since 2004, the city has not issued bonds, and has been forced to borrow funds from banks. The city failed to reveal key financial information relating to its pension fund deficit, prompting federal investigations and bond rating agencies to downgrade and suspend ratings on city debt.

, Mike Allen

Tuesday, March 25

SAIC Wraps Up First Year As Public Firm:

SAIC, a San Diego defense and engineering company, said that it had fourth-quarter net income of $99 million, or 25 cents per diluted share. Revenue was $2.33 billion during the quarter, which ended Jan. 31.

In the same period one year ago, the company had net income of $84 million, or 20 cents per diluted share. Revenue was $2.09 billion.

The company trades on the New York Stock Exchange as SAI.

, Brad Graves

Wednesday, March 26

Wings Clipped:

Fort Worth, Texas-based American Airlines canceled about 200 of its flights March 26 so its crews could inspect some wire bundles aboard its MD-80 aircraft.

Three flights were canceled at Lindbergh Field , one arrival from and one departure to Dallas/Fort Worth and one arrival from Chicago , according to Lindbergh spokeswoman Sherry Shipley.

The airline said that a joint team of airline and Federal Aviation Administration inspectors raised questions about the wires during an audit.

, Liz Wiedemann

Thursday, March 27

Four-Year Forecast:

Executives with Sempra Energy, the San Diego-based energy and utility holding company, released business forecasts during a presentation in New York.

The company forecast earnings of $4.35 to $4.60 per share in 2009 and $5.50 to $5.80 per share in 2012.

In February, Sempra repeated a previous earnings forecast of $3.65 to $3.85 per share during 2008.

Shares trade on the New York Stock Exchange as SRE.

, Brad Graves


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