The Morning Report
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The University of San Diego’s index of economic indicators showed gains in the local economy in July, the sixteenth straight month of improvement.
The greatest signs were in increased consumer confidence levels and in help wanted advertising, said Alan Gin, a University of San Diego economist who has published the local economic indicators since 1991. The number of building permits also increased slightly.
On the negative side, applications for unemployment insurance increased. The unemployment rate in San Diego County increased to 10.8 percent in July from 10.5 percent in June.
Here’s Gin on what it means:
The USD Index remaining positive suggests that a downturn in the local economy is not on the horizon, but as has been indicated in previous reports, growth is likely to be very weak. What is keeping the economy stagnant both locally and nationally is a high unemployment/low consumer spending cycle.
— ADRIAN FLORIDO