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MELLON: PHILADELPHIA INDEX FALLS IN OCTOBER

 PHILADELPHIA, Dec. 15 /PRNewswire/ -- The Mellon PSFS Index of Economic Performance for the Philadelphia metro area, which gauges the pace and momentum of overall economic activity, fell 0.1 percent in October, following a revised increase of 0.1 percent in September.
 The index is now down 2.1 percent since it reached a temporary high in March 1992, and it is down 23.5 percent from its highest reading in April 1988. Hopefully, the 0.5 percent drop in Pennsylvania's unemployment rate in November will be mirrored by a rebound in the local economy when next month's statistics become available.
 Four of the six components moved downward in the latest month including car registrations, housing permits, goods-producing and service-producing employment. Average weekly manufacturing hours remained stable, while construction contract awards recorded gains.
 Although the pace of the national economic recovery has firmed recently, the Philadelphia region has yet to show any signs of a meaningful increase in economic activity. A turnaround in the employment situation is necessary before much growth can be expected in personal income, home building and retail sales.
 In October, the Mellon PSFS Index of Economic Performance for the Philadelphia area stood at 100.8, down from 100.9 in September.
 MELLON PERFORMANCE INDEX - PHILADELPHIA
 (October)
 (1980 equals 100)
 1987 1988 1989 1990 1991 1992
 127.1 127.7 125.6 115.7 101.3 100.8
 -0- 12/15/92
 /CONTACT: Debra DeCourcy of Mellon Bank, 412-234-5873/
 (MEL)


CO: Mellon Bank ST: Pennsylvania IN: FIN SU: ECO

CD -- PG006 -- 7121 12/15/92 10:57 EST
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Date:Dec 15, 1992
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