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MELLON BANK: PHILADELPHIA INDEX FALLS IN SEPTEMBER

 PHILADELPHIA, Nov. 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 0.2 percent in September, following a revised drop of 0.8 percent in August, the bank said today.
 The index is now down 2.3 percent since it reached a temporary high in March 1992, and it is down 23.7 percent from its highest reading in April 1988.
 Four of the six components moved downward in the latest month including car registrations, average manufacturing work week, goods-producing employment and service-producing employment. However, both housing permits and construction contract awards recorded gains for the month.
 Although the pace of Philadelphia's decline has slowed, the sluggish national economy, low consumer confidence and the lack of job and income growth, all are preventing a sustained recovery from taking hold.
 In September, the Mellon PSFS Index of Economic Performance for the Philadelphia area stood at 100.6, down from 100.8 in August.
 MELLON PERFORMANCE INDEX
 Philadelphia
 (1980 equals 100)
 September
 1986 1988 1990 1992
 120.6 128.5 116.6 100.6
 -0- 11~25~92
 ~CONTACT: Debra DeCourcy of Mellon Bank, 412-234-5873~
 (MEL)


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

DM -- PG005 -- 3881 11~25~92 11:52 EST
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Publication:PR Newswire
Date:Nov 25, 1992
Words:218
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