KERN COUNTY ECONOMY ON THE UPSWING.Byline: Daily News BAKERSFIELD - Kern Kern, river, 155 mi (249 km) long, rising in the S Sierra Nevada Mts., E Calif., and flowing south, then southwest to a reservoir in the extreme southern part of the San Joaquin valley. The river has Isabella Dam as its chief facility. County's economy showed signs of improvement in late 2004, with an increase in consumer optimism despite a dip in the business outlook index, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. California State University Enrollment  , Bakersfield's Kern Economic Journal.
Researchers found the economy expanded at an annual rate of 2.4 percent, and labor productivity increased from October through December. The county's unemployment rate increased to 11.4 percent but nonfarm employment increased at an annual rate of 1.3 percent. The Business Outlook Index declined from 136.8 in the third quarter to 126.4 in the fourth quarter. ``These numbers indicate that business managers remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about local business conditions,'' said Abbas Grammy, CSUB CSUB California State University, Bakersfield CSUB WESTPAC Fleet Submarine Broadcast CSUB California State University Band economics professor and publisher of the journal. ``But their degree of optimism has slightly declined. However, the BOI (Business Outlook Index) was 10 percentage points higher than four quarters ago.'' The Bakersfield Consumer Sentiment Index sentiment index A numerical guide to investor feeling toward the securities markets that is constructed to determine whether certain segments of the investment community are bullish or bearish. reached a value of 144 in the fourth quarter. This is the highest level since CSUB began compiling the index in 1999, considerably higher than the 115 reading in the third quarter. ``Pessimism is nearly nonexistent non·ex·is·tence n. 1. The condition of not existing. 2. Something that does not exist. non ,'' said Mark Evans, interim dean of CSUB's Extended University and an economics professor. ``For every question on the survey, the frequency of pessimistic responses was less than 10 percent.'' Factors that brightened the local business outlook included greater local spending for the November elections, the holiday season helping with retail sales, and growth in local construction and service industries. Evans said consumers expressed concern over rising fuel costs, the winter season lowering agricultural activity, and the high cost of the war in Iraq. Other trends reported in the Journal that reflect Kern's economy: --The median sales price of homes in Kern County increased $6,500 in the fourth quarter, to $186,800. Since the fourth quarter of last year, the county's median price has appreciated 36 percent. --Crude oil prices continue to rise. The average price of San Joaquin Valley Noun 1. San Joaquin Valley - a vast valley in central California known for its rich farmland Calif., California, Golden State, CA - a state in the western United States on the Pacific; the 3rd largest state; known for earthquakes heavy crude, the area's benchmark oil, climbed 26 cents per barrel in the fourth quarter, to $35.35. Compared with four quarters ago, the average price is up $10.37 per barrel. The Kern Economic Journal is a quarterly publication focusing on local economic trends and developments and is produced by the CSUB Economics Department. |
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