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ECONOMY: Economic index shows deepening slump

ECONOMY: Economic index shows deepening slump
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SAN DIEGO -- The mood among consumers grew even gloomier last month, weighing heavily on an index used to gauge the region's economy.

The University of San Diego's Index of Leading Economic Indicators fell to 119.7 points in May, its lowest level in several years, from 120.9 points in April, a decline of 1 percent. A measure of local consumer confidence was the most steeply declining component of the overall index. Other indicators were mixed, with local stock prices and building permits up slightly, and increased claims for unemployment insurance pushing the overall index lower. Help-wanted ads decreased in volume, in another sign of a weakening job market.

USD economist Alan Gin, who composes the index, said the job numbers, along with a monthly report from California's labor department, suggested that San Diego County's economy has probably lost more jobs since the beginning of the year than it has created.

Copyright 2012 North County Times. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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