The San Diego economy rose “sharply” in March, according to the University of San Diego’s monthly index of local indicators. It was the 12th straight month of increases for the index.
Pulling the trend positive were local stock prices and a positive outlook for the national economy, according to the index’s director, economist Alan Gin.
Consumer confidence was the only one of six indicators to decrease from the month before. There were slight gains in the pieces of the index that measure construction activity, unemployment and help wanted ads.
Gin was encouraged by some signs in local employment:
As was mentioned in previous reports, employment is the indicator that comes out most regularly at the local level, and employment tends to be a lagging indicator in recent recessions and recoveries. March employment numbers show a gain of 5,000 jobs compared to February, which was the best monthly gain in local employment since February 2008.
The unemployment rate still edged up for the month because more workers returned to the workforce in search of employment, which itself is a positive development. It is a sign that the unemployed are a little more optimistic about their prospects and no so discouraged as to give up looking for work altogether.
You can read the whole index here.
Along similar lines, I wanted to share an e-mail from Nathan Moeder in response to my story last night. Moeder is a principal with The London Group Realty Advisors, a local real estate firm.