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MELLON BANK: PHILADELPHIA COINCIDENT INDEX REMAINS STEADY

 PHILADELPHIA, Sept. 2 /PRNewswire/ -- The Mellon PSFS coincident index for the Philadelphia metro area -- which gauges civilian employment, industrial electric power sales, retail sales and nonfarm wages -- remained unchanged in both May and June, according to Richard Berner, senior vice president and chief economist, Mellon Bank.
 While three of the four indicators -- retail sales, civilian employment, and wages and salaries -- moved up in June, industrial power sales, which have improved significantly on a trend basis, dropped 1.3 percent for the month. This drop echoes results from the Federal Reserve Bank of Philadelphia's local manufacturing survey which has indicated reduced factory activity in the area.
 "The worst of the recession appears to be behind Philadelphia, and the coincident index has stabilized in recent months," Berner said. "While it has not yet shown a turn for the better in the metro area, the steep declines apparently are over. Philadelphia's unemployment rate dropped from 7.8 percent last August to 6.6 percent in June. Large cutbacks in construction and trade jobs that were weighing down the local economy ended this spring."
 /delval/
 -0- 9/2/93
 /Note to Editors: For technical information on the Mellon coincident
index, contact Cheryl O'Brien, regional specialist, at 412-


234-1529. Statistical information available upon request. Mellon will issue a companion leading indicator index in the near future./
 /CONTACT: Jim Dever of Mellon Bank, 215-553-4684/
 (MEL)


CO: Mellon Bank; Federal Reserve Bank of Philadelphia ST: Pennsylvania IN: FIN SU: ECO

CD -- PG005 -- 8335 09/02/93 10:30 EDT
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Publication:PR Newswire
Date:Sep 2, 1993
Words:252
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