The San Diego Regional Chamber of Commerce‘s monthly business index dipped in July, dropping more than four points to its lowest level in the year.
The index stood at 14.9. in July, slightly below its long-term average. The index ranges from +100 to -100 with zero being neutral.
“While not significantly lower than last month’s 19.1, optimism about the number of hours companies will be offering their employees has dipped as businesses anticipate transitioning from the busy summer season into fall,” the chamber said.
There was a similar drop in July 2017, and Tom Wornham, chief executive officer of CalPrivate Bank, said its not unexpected for optimism among hospitality and restaurant business to fall as the summer ends.
“This repeated dip suggests seasonal variation is at work and we’ll likely see optimism increase for these businesses in the coming months,” he said.
The index is based on monthly surveys of randomly selected chamber members.
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