SD economic forecast gloomy

An index used to gauge the health of San Diego’s economy suffered its largely monthly decline on record in October, a University of San Diego economist reported Tuesday.

The Index of Leading Economic Indicators for San Diego County fell 2.3 percent in October, with every component measured down significantly during the month, according to Alan Gin, who compiles the index for USD’s Burnham-Moores Center for Real Estate.

The largest contributor to the index’s decline, which has fallen 30 of the past 31 months, was a drop in local stock prices and a surge in the number of initial claims for unemployment insurance.

Also down were building permits, consumer confidence, help wanted advertising and the outlook for the national economy.

The economy is being weighed down by ongoing problems in the real estate and financial systems that have spilled over into other sectors including, retail and auto sales, according to the index.

Gin’s report said the outlook for San Diego’s economy remains negative through the first half of next year. After that, it’s projected to stabilize.

“This downward spiral is projected to continue through the first half of 2009,” the index states.

“The economy is expected to stabilize in the second half of the year due to a combination of lower oil and gas prices, increased home sales and another stimulus package by the federal government.”

Related posts:

  1. Economic forecast remains negative
  2. Del Mar feels effects of weak economy
  3. Don’t let schools feel the economic pinch
  4. Gas prices drop 29.4 cents in week
  5. Gas prices rise for first time in eight weeks

Short URL: http://www.delmartimes.net/?p=6571

Posted by Pat Sherman on Dec 2, 2008. Filed under Archives. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply

Archives

Facebook

Bottom Buttons 1

Bottom Buttons 2

Bottom Buttons 3

Bottom Buttons 4

Bottom Buttons 5

Bottom Buttons 6

LA JOLLA NEWS

RSS LA JOLLA NEWS

RANCHO SANTA FE NEWS

RANCHO SANTA FE NEWS

RSS RANCHO SANTA FE NEWS

  • San Diego realtor pleads guilty to prostitution-related crimes
    San Diego realtor Michael E. Lustig pleaded guilty in federal court July 31 to prostitution-related crimes, admitting that he paid for sex with a 13-year-old girl on several occasions. Lustig, who was indicted by a federal grand jury in October of 2013, entered his plea before U.S. Magistrate Judge Mitchell D. Dembin. (At that time Lustig was reported to be […]
  • It’s no stretch for Rancho Santa Fe yoga instructor to ‘give back’
    As one of North County’s most prolific yoga instructors, Stacy McCarthy doesn’t just teach yoga, she lives the yoga lifestyle. Selfless service, or seva in Sanskrit, is an important concept of yoga — one that the Rancho Santa Fe resident practices daily. “When we give and we give from the heart, there’s nothing more gratifying than that,” McCarthy said. […]
  • Rancho Santa Fe resident’s Gen 7 wines earn top honors
    Rancho Santa Fe resident Tim Bacino’s Gen 7 Wines is on a hot streak, his varietals winning several awards this summer in California wine competitions. […]