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MELLON: PITTSBURGH INDEX SLIPS IN NOVEMBER

 MELLON: PITTSBURGH INDEX SLIPS IN NOVEMBER
 PITTSBURGH, Jan. 14 /PRNewswire/ -- The Mellon Index of Economic


Performance for the Pittsburgh region, which gauges the overall economic health of the area, slipped 0.8 percent in November, the first such decline in five months.
 A sharp decrease in contract awards for commercial construction was the primary reason for the setback. A drop in housing permits and sluggish new car registations also contributed to the decline. On a more positive note, service-producing jobs increased during the month and goods-producing employment and the manufacturer work week held steady in November.
 In Novermber, the Mellon Index stood 4 percent below its November 1990 reading, which represented the cyclical peak for the index. Extremely weak car sales, the declining trend of new commercial building and a loss of 5,000 goods-producing jobs accounted for the slide in the index since it reached its post-1980 high in November 1990.
 In looking to the future, the employment picture appears to be stabilizing and the recent decline in interest rates should begin to boost housing and big ticket consumer goods sales. However, healthy growth must await a significant improvement in consumer confidence. By the spring, faster-paced activity should be in evidence.
 The Mellon Index for the Pittsburgh region stood at 104.0 in November, down from 104.8 in October.
 MELLON INDEX OF ECONOMIC PERFORMANCE -- PITTSBURGH
 November
 (1980 equals 100)
 1987 1988 1989 1990 1991
 89.4 102.0 101.3 108.8 104.0
 -0- 1/14/92
 /CONTACT: Debra DeCourcy of Mellon Bank, 412-234-5873/ CO: Mellon Bank Corporation ST: Pennsylvania IN: FIN SU:


JT -- PG005 -- 9391 01/14/92 09:04 EST
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Publication:PR Newswire
Date:Jan 14, 1992
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