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Legs of San Diego Economy Continue to Wobble

The University of San Diego's index of leading economic indicators is down sharply for September. That means the region's economy could keep getting weaker over the next six to 12 months. KPBS reporte

The University of San Diego's index of leading economic indicators is down sharply for September. That means the region's economy could keep getting weaker over the next six to 12 months. KPBS reporter Andrew Phelps has details.

USD's monthly index for September is down 1 percent from the month before.

Economist Alan Gin says that's a significant drop. He says the feeble housing market continues to dog the local economy.

Gin : Construction activity has dried up. We only had 307 residential units authorized by building permits in September. That's the lowest number that we've seen since the early 1990s.

So, Gin says developers react by cutting back on their construction plans. And he says that means fewer construction jobs -- 5,000 fewer than this time last year.

In fact, Gin says the overall health of the local job market is poor. Initial claims for unemployment insurance rose by nearly 2 percent in September. Help wanted advertising fell even more sharply.

Andrew Phelps, KPBS News.

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