Based on a nice observation of Eschmeier, this is a study of the use o
f local spectral theory in investigations of the semi-fredholm spectru
m of a continuous linear operator, We also examine the retention of th
e semi-Fredholm spectrum under weak intertwining relations; it is show
n, inter alias, that if two decomposable operators are intertwined asy
mptotically by a quasi-affinity then they have identical semi-Fredholm
spectra. The results are applied to multipliers on commutative semisi
mple Banach algebras.