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Three-Year SD Consumer Spending Drop Worst Since Great Depression

Don Bauder, SAN DIEGO READER

Friday, October 22, 2010

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Taxable sales fell 0.7% in 2007 (the recession began in that year's fourth quarter), 4.5% in 2008 and a staggering 12.8% in 2009, when sales fell to $39.5 billion, the first time since 2002 they had been lower than $40 billion in the county. Get this: adjusted for inflation (the proper economic method of measurement), sales fell to 1997 levels, when the county had 560,000 or 1 in 5 fewer residents.