San Diego Economic Indicators Slip In October
Wednesday, November 30, 2011
Aired 11/30/11 on KPBS News.
The slight fall signals a continuing weakness in the local economy.
SAN DIEGO The University of San Diego's index of economic indicators slipped .2 percent in October. Half of the indicators tracked by USD fell and half went up.
The outlook for the national economy had the biggest gain, jumping about 2 percent. Help-wanted advertising increased, and unemployment claims declined.
The index also found consumer confidence was the sector with the largest decline: It fell nearly 2 percent.
"Despite that, though, the early indications are that this holiday buying season looks pretty good with some big numbers on Black Friday and Cyber Monday," said Alan Gin, University of San Diego economist. He compiles the numbers.
Building permits were down 1.5 percent and local stock prices declined marginally.
There will likely be a little bit of growth as the economy moves through the first half of next year, according to Gin, but the growth will be sluggish.
"The forecast continues to be what it has in the past. We'll have continued positive growth in San Diego, although it'll be slow, probably through the first half of 2012," said Gin.
The labor market is slowly improving, and Gin said that will help push the indicators up next year.
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