Tuesday, December 2, 2008
San Diego's Index of Economic Indicators had its largest monthly drop since the index began tracking the local economy in 1977. The Index fell 2.3 percent in October, with every sector measured down significantly.
University of San Diego Economist Alan Gin says building permits, consumer confidence, help wanted advertising and the outlook for the national economy all declined. However, he says the huge drop in the value of the stock market showed the biggest decline.
Gin: October was a particularly bad month for the stock market. The Dow Jones Average was down 14 percent during the month and that impacted stocks here in San Diego as well.
Gin says the value of the index has fallen in 30 of the last 31 months. He says the economy is being weighed down by ongoing problems in the real estate and financial systems. Gin says those problems have spilled over into other sectors including, retail and car sales.