MELLON BANK: LANCASTER ECONOMY SLIPS IN THIRD QUARTER
MELLON BANK: LANCASTER ECONOMY SLIPS IN THIRD QUARTER PITTSBURGH, Nov. 21 /PRNewswire/ -- The Mellon Index of Economic Performance for Lancaster County, which gauges the overall economic health of the region, slipped a modest 0.7 percent in the third quarter of 1991, the bank said today. The drop reflects a small reduction in goods-producing jobs and a significant decline in service-producing employment. A major decrease in
contract awards for commercial construction also contributed to the third quarter's loss. On a more positive note, the factory work week moved higher and car registrations improved slightly from their weak first half performance.
Over the past 12 months, the Mellon Index for Lancaster County has fallen 6.2 percent, primarily as a result of soft car sales, weak commercial construction and a loss of goods-producing jobs. In spite of these factors, Lancaster County's performance during the recession, which began in July 1990, has been relatively good. However, the county's economy had started to slow well before the onset of the national recession. It is expected that the Lancaster economy should begin to post moderate gains early next year if the national economy manages a recovery. The Mellon Index for Lancaster County stood at 151.2 in the third quarter, down from 152.3 in the second quarter. MELLON INDEX OF ECONOMIC PERFORMANCE FOR LANCASTER Third Quarter (1980 equals 100) 1986 1987 1988 1989 1990 1991 133.9 140.0 152.2 163.2 161.2 151.2 -0- 11/21/91 /CONTACT: Debra DeCourcy of Mellon Bank, in Pittsburgh, 412-234-5873/ (MEL) CO: Mellon Bank ST: Pennsylvania IN: FIN SU: ECO DM -- PG008 -- 5779 11/21/91 10:05 EST
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|Date:||Nov 21, 1991|
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