Printer Friendly

MELLON BANK: PHILADELPHIA INDEX DIPS IN MAY

MELLON BANK: PHILADELPHIA INDEX DIPS IN MAY
 PHILADELPHIA, July 7 /PRNewswire/ -- The Mellon PSFS Index of Economic Performance for the Philadelphia metro area, which gauges the overall economic vitality and momentum of the region, posted a 0.7 percent loss in May for the second consecutive month, the bank said today.
 The two-month decline in the index follows a five-month upturn which had the earmarks of a possible recovery for the area's hard hit economy.
 Most index components fell in May, including both goods-producing and service-producing jobs, contract awards for commercial building and the trend in housing permits. Only the factory work week managed a significant improvement, rising to its highest level of 1992.
 As measured by the Mellon PSFS Index, the Philadelphia economy is still operating 4.6 percent below the level of a year ago. Compared to May 1991, employment is down across a broad spectrum of industries and the retail sector continues to lack spark. Moreover, recent reports, including the June U.S. jobs data, have cast doubt on the durability and strength of the national recovery, which in turn has implications for the future of the local economy.
 In all likelihood, there has been some deterioration in the Philadelphia area's prospects for the next couple of months. However, the quick action by the Federal Reserve to lower short-term interest rates, along with the accompanying drop in intermediate and long-term rates, has injected a new round of stimulus which should be felt in the local economy in the form of a stronger housing market and faster sales of big ticket items over the coming months. A pickup in employment and a return to significant real gains will probably take several more months.
 In May, the Mellon PSFS Index of Economic Performance for the Philadelphia area stood at 102.3, down from 103.0 in April.
 MELLON PERFORMANCE INDEX
 Philadelphia
 May
 (1980 equals 100)
 1987 1988 1989 1990 1991 1992
 123.7 131.6 126.2 119.9 107.2 102.3
 -0- 07/07/92
 CONTACT: Debra DeCourcy of Mellon Bank, in Pittsburgh, 412-234-5873
 (MEL) CO: MELLON BANK IN: FIN SU: ECO ST: PA -- PG004 -- X824 07/07/92
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 7, 1992
Words:362
Previous Article:TOYOTA SUPPLIER SUPPORT CENTER TO OPEN IN KENTUCKY
Next Article:GROUP OF OAK PARK RESIDENTS FILE SUIT TO STOP EXCESSIVE ELECTRONIC INTERFERENCE ORIGINATING FROM GOTHAM TOWER RADIO ANTENNA
Topics:


Related Articles
MELLON PSFS INDEX ADVANCES IN NOVEMBER
MELLON BANK: HARRISBURG INDEX INCREASES IN FOURTH QUARTER
PITTSBURGH INDEX STUMBLES IN MARCH
PHILADELPHIA INDEX RISES SLIGHTLY IN MARCH
MELLON PSFS: PHILADELPHIA INDEX FALLS IN JUNE
MELLON: PITTSBURGH ECONOMIC INDEX SHOWS INCREASE FOR JANUARY
PHILADELPHIA COINCIDENT INDEX ADVANCES IN JULY
Delaware Economic Activity Index: May 1997
New Jersey Economic Activity Index: May 1997
Pennsylvania Economic Activity Index: May 1997

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters