USD economist Alan Gin released his economic index today for May.

Declines in the measures for housing, employment and consumer confidence dragged the index down and marked the 13th month of declines in 14 months, the report said. Slight gains in local stock prices and a national outlook were no match for the slipping categories.

“The slump in the housing market has begun to affect other parts of the local economy,” Gin wrote, adding that job growth year-over-year was 4,200 compared to 18,000 added in 2006. “The outlook is that this will continue for the rest of 2007 and into at least the early part of 2008.”

KELLY BENNETT

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