Consumer Confidence Adds Boost To San Diego Economy
Tuesday, August 31, 2010
The University of San Diego's Index of Leading Economic Indicators rose again in July, led by strong gains in local consumer confidence and help wanted advertising, it was announced today.
The University of San Diego's Index of Leading Economic Indicators for San Diego rose again in July, but it showed very mixed results.
Overall, the index rose 0.3 percent for the month of July. That was the 16th monthly increase in a row for the index.
The upward trend in July was driven by a more than one percent increase for both consumer confidence and help-wanted advertising.
But there was also bad news for the job market as unemployment insurance claims went up. The unemployment rate rose to nearly 11 percent.
USD economics professor Alan Gin said the good news is San Diegans are unlikely to see a double-dip recession.
"Given the index being up 16 months in a row, I don't anticipate a double-dip here in San Diego," he said. "But the problem is the economy is just growing very slowly."
Stock prices of San Diego companies took a dip in July while there was an increase in local building permits. That's good news for the housing market.
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