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MELLON PSFS: PHILADELPHIA INDEX FALLS IN JUNE

 MELLON PSFS: PHILADELPHIA INDEX FALLS IN JUNE
 PHILADELPHIA, Aug. 24 /PRNewswire/ -- The Mellon PSFS Index of


Economic Performance for the Philadelphia metro area, which gauges the pace and momentum of overall economic activity, fell 0.7 percent in June, declining for the third consecutive month, the bank said today.
 June's setback resulted from a broadly based decrease in the index components.
 Housing permits fell for the fourth time in five months while service-producing jobs dipped to their lowest level in nine months. At the same time, goods-producing employment continued its slide. The factory workweek was shorter in June, and the trend of contract awards for commercial construction edged lower. A spring pickup in car registrations was the only positive development among the index components.
 Although the Mellon PSFS Index is still slightly above its low point, which was reached last fall, the current three-month decline suggests that all of the early 1992 momentum has dissipated. Looking ahead, the housing sector is very likely to benefit from the recent drop in mortgage rates. However, the ongoing national economic malaise is casting a shadow over Philadelphia's prospects for a solid, near-term rebound.
 In June, the Mellon PSFS Index of Economic Performance for the Philadelphia area stood at 101.7, down from 102.4 in May.
 MELLON PERFORMANCE INDEX FOR PHILADELPHIA
 June
 (1980 equals 100)
 1986 1987 1988 1989 1990 1991 1992
 120.2 124.8 130.3 126.5 120.0 106.0 101.7
 /delval/
 -0- 8/24/92
 /CONTACT: Debra DeCourcy of Mellon, in Pittsburgh, 412-234-5873/
 (MEL) CO: Mellon PSFS ST: Pennsylvania IN: FIN SU: ECO


DM -- PG004 -- 2565 08/24/92 11:50 EDT
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Publication:PR Newswire
Date:Aug 24, 1992
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