Thursday, August 28, 2008
The University of San Diego's Index of Leading Economic Indicators last month had its sharpest decline since the beginning of the year. KPBS Reporter Ed Joyce has details.
USD Professor Alan Gin says the index dropped 1.5 percent in July, the biggest drop since a 1.6 percent decline in January.
The decrease was led by a fall in consumer confidence in San Diego County. Help-wanted advertising declined for the 23rd month in a row, and unemployment claims increased.
Gin says San Diego's July unemployment rate of 6.4 percent marks the first time since the 1990s that the rate has topped 6 percent.
Stock prices of local companies also fell last month.
He says the only sign of increase economic activity was in construction, where there was a slight uptick in new residential building permits.
The USD index has fallen significantly for 10 straight months, and 27 of the past 28 months.
Ed Joyce, KPBS News.