The study was prepared by researchers at California StateUniversity Fullerton's Institute for Economic and EnvironmentalStudies. "There doesn't appear to be any signs of a recession …[though] the U.S. economy would appear to be slowing down at afaster rate than California," says Adrian Fleissig, a CSUFanalyst.

The school's Southern California Index, published quarterly, wasdeveloped several years ago to gauge the five-county Southlandarea's economic health and compare it to the rest of the nation.While the Southern California Index rose a solid 0.56% in thesecond quarter, the school's US index rose a mere 0.03%.

The index looks at seven key economic indicators. Five of theseven for Southern California rose in the latest quarter, Fleissigsays, led by a sharp increase in the number of building permitstaken out by residential and commercial developers.

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