The Index of Leading Economic Indicators increased to 115.3 in March from a revised 114.1 the month prior.
Local consumer confidence, the national index of leading economic indicators, building permits, unemployment insurance (inverted) and help wanted advertising showed improvement, while local stock prices declined.
“The outlook for the local economy continues to be positive. One area where things are picking up is the labor market, with 24,700 jobs added in San Diego Country between March 2010 and March 2011. Sectors showing good job growth include administrative, support, and waste services (up 6,500 year-over-year), professional, scientific, and technical services (up 5,900), leisure and hospitality (up 4,800), and health care (up 3,800). Construction (down 1,000 jobs year-over-year) and manufacturing (down 700) are the sectors that continue to lag. While the gain is welcome, the local economy still has a long way to go to fully recover. At the March rate of job growth, it will take another four years to get back to the same level of employment as the peak in December 2007. The local unemployment rate remains high, having topped the double digit mark now for 22 consecutive months,” according to University of San Diego Professor Alan Gin.