Local Economic Index Is Up Slightly for JuneWednesday, July 31, 2013
An index measuring San Diego’s economy increased by a tenth of 1 percent in June, with three of its six components showing gains.
Led by a big jump in the local consumer confidence and smaller hikes in the amount of help wanted advertising and number of building permits, the USD-Burnham Moores Center for Real Estate’s Index of Leading Economic Indicators for San Diego County rose for the 10th straight month. It’s also risen for 18 out of the last 19 months, providing evidence that the economy continues a slow and steady recovery.
Two components sustained declines in June. The number of new claims for unemployment increased, measured as a negative, and the stock prices of local companies declined by nearly 1 percent. The index of the national economy was flat for the month.
Alan Gin, the USD economics professor who compiles the index, said the outlook is for “solid growth” for the rest of this year and for at least the first half of 2014.
The county showed job growth in the region over the 12 months to June of 26,000. If the region maintains that pace through the end of the year, it will be the best annual job growth since 2000, Gin said.
But there is some concern about whether the pace can continue as the job data in recent months on year-over-year comparison has been weak, he noted.
— SDBJ Staff Report