San Diego Economy Likely to Get Worse - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

San Diego Economy Likely to Get Worse

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A University of San Diego economist says that as the city's economy tries to bounce back from a flood of foreclosures and the Wall Street meltdown, it could get even worse.

USD economics professor Alan Gin said that for at least the next six months, the economy will most likely get worse.

"Every one of the components in our index was down and most were down significantly," Gin said. These components include local stock prices, building permits, consumer confidence and employment.

"Locally we are down about 15,000 jobs when compared to the same period of time in 2007," Gin said.

Statewide figures released Friday showed California's unemployment rate had risen to 8.4 percent, the highest in 34 years.

However, Gin also pointed to positive signs in the economy, such as gas prices and government bailouts. That federal money, he said, could trickle down to the city and create jobs with infrastructure and energy projects.

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