The University of San Diego's Index of Leading Economic Indicators for San Diego County fell 0.6 percent in September, the school announced Thursday.
Four components -- building permits, initial claims for unemployment insurance, consumer confidence and help wanted advertising -- were negative during the month, with the first three down sharply. Local stock prices and the outlook for the national economy were positive, but only slightly so.
With September's decrease, the USD Index of Leading Economic Indicators has now fallen for six months in a row. Declining components continue to outnumber rising ones, and the magnitudes of the changes on the downside are significantly larger than the advances by the positive components, according to the index.
The outlook continues to be for a significant slowing in the local economy in early 2007. As previously indicated in this space, job growth is expected to cool considerably in the year ahead. Other areas that will feel the impact of this slowing will be the housing market, where prices and sales are expected to remain weak for most of the 2007, and in retail sales.