Valley economy outpacing nation in job growth
The Valley’s economy continues to improve, according to the Craig School of Business at Fresno State. The latest San Joaquin Valley Business Conditions Index is up to 55.6. Last month it was at 55.0. According to a school news release “an index greater than 50 indicates an expansionary economy over the course of the next three to six months.”
One interesting report highlight was that ” the region has experienced job growth of more than 3 percent, which Dr. Ernie Goss (Craig School research faculty) said is almost triple the pace of the nation.”
More findings, as written by the Craig School:
- Wholesale prices: The prices-paid index, which tracks the cost of purchased raw materials and supplies, rose to 58.6 from 55.4 in September.
- Business confidence: Looking ahead six months, economic optimism, as captured by the business confidence index, fell to 42.2 from September’s 44.5. Goss said that weak U.S. and global growth are negatively affecting confidence among local businesses.
- Inventories: Businesses increased inventories of raw materials and supplies for October. The October inventory climbed to 55.7 from 51.9 in September.
- Trade: The new export orders index remained below growth neutral for October. The index increased to 45.9 from 36.9 in September. The import index stood at 46.5, which was up from 43.0 in September.
- Other components: Other components of the October Business Conditions Index were: new orders at 55.8, up from 53.3 in September; production or sales at 57.6, up from September’s 56.8; and delivery lead time at 53.0, down from last month’s 56.0.
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