SAN DIEGO – The University of San Diego’s index of leading economic indicators rose for the seventh straight month in October, fueled by an increase in consumer confidence, it was recently announced.
The index, used to gauge the health of San Diego’s economy, rose two-tenths of a percent last month, according to Alan Gin, who compiles the index for USD’s Burnham-Moores Center for Real Estate.
The results could play directly into the southwest Riverside County outlook because many workers drive south to jobs in Escondido, Rancho Bernardo, Oceanside, Carlsbad, San Diego and cities.
San Diego County building permits were up slightly, and brighter prospects for the national economy also helped buoy the university’s index.
However, a drop in local stock prices, a decrease in help wanted advertising and a rise in the number of initial claims for unemployment insurance nearly offset the positive move, according to the index.
According to Gin’s index, the labor market will remain weak for the next few months, which will make 2009 the worst year ever in terms of job losses in San Diego County.