Written by The Business Journal Staff
In November the San Joaquin Valley economy, for the third-straight month, appears headed toward solid growth, according to a survey of local businesses.
The San Joaquin Valley Business Conditions Index, produced by Ernie Goss, research faculty with the Craig School of Business at Fresno State, stood at a score of 55.6 for November, unchanged from October.
The index is a leading economic indicator compiled from a survey of individuals making company purchasing decisions in the counties of Fresno, Madera, Kings and Tulare. It uses the same methodology as that of the national Institute for Supply Management.
An index greater than 50 indicates an expanding economy in the next three to six months.
“San Joaquin businesses boosted employment at a strong pace for the month. Over the past 12 months, the region has experienced job growth of 1.4 percent, which is a bit above the pace of the nation,” Goss said. “This boost is consistent with the improving labor market for the San Joaquin region and is a full half-percentage point above expectations recorded just six months ago.”
For the employment category, the index was 56.2 for November, up from 55.8 in October. The wholesale prices paid index dipped to 58.5 last month from 58.6 in October, indicating modest inflationary pressures at the wholesale level.
The business confidence index rose dramatically, to 59.4 from 42.2 in October.