Thursday, March 25, 2010
The San Diego Index of Leading Economic Indicators is up for the 11th month in a row. However, unemployment remains high.
SAN DIEGO The San Diego Index of Leading Economic Indicators is up for the 11th month in a row. Unemployment, however, remains high.
The index, produced by the University of San Diego, went up .1 percent in February. It was pushed up by increases in local building permits, more "help wanted" advertising and fewer claims for unemployment insurance.
One downside to the index was falling consumer confidence.
USD Economics professor Alan Gin compiles the index. He said lagging consumer confidence may relate to the fact that unemployment in San Diego is still 11 percent.
"Consumers now are just waiting for more good news on the economy, particularly the employment front," said Gin.
Gin pointed out that his index examines "leading" indicators, which go up prior to any major economic turnaround. He is optimistic, saying he expects San Diego to see a modest gain of about 5,000 jobs this year.