Index: Economy growing at 'unspectacular pace'

Economic growth slowed once again in July in the San Joaquin Valley but is still positive, according to the San Joaquin Valley Business Conditions Index, released on Wednesday by the Craig School of Business at Fresno State.

The overall index dropped last month to 51.6 from 55.4 in June. The employment index posted almost identical numbers, as that decreased to 51.3 from 55.4 in June.

“The area has been adding jobs at a slow and unspectacular pace for the last several months,” said Ernie Goss, the research associate heading the monthly report, in a release. “Our index points to a continuation of this positive trend. Both durable and non-durable manufacturing firms are expanding. Food processing is experiencing solid job additions.”

Business confidence fell dramatically to a discouraging 39.5 — 10 full points lower than its 49.5 June index.

The trade index didn’t fare much better, as it went from 67.7 in June to 44.6 in July.
The inventories index maintained its 60.4 index.

“An inventory index above growth neutral is an indicator of an improving outlook by businesses. Businesses are adding to inventories in anticipation of growth in sales and production in the months ahead,” Goss said.