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PHILADELPHIA INDEX FALLS IN AUGUST

 PHILADELPHIA INDEX FALLS IN AUGUST
 PHILADELPHIA, Oct. 16 /PRNewswire/ -- The Mellon PSFS Index of


Economic Performance for the Philadelphia metro area, which gauges the pace and momentum of overall economic activity, fell 0.4 percent in August following a drop of 0.1 percent in July. The index is now down 1.7 percent since it reached a temporary high last March.
 Five of the six components moved down in August, including car registrations, average manufacturing work week, housing permits, goods-producing employment and service-producing employment. Only construction contract awards, a leading indicator of major building projects, showed an increase.
 Parallel to the disappointing performance of the national economy, the Philadelphia economy remains trapped in a recession-like environment. Indeed, the latest data tends to reinforce the widespread perception that the economy is barely moving forward and may in fact be headed for another decline.
 In August, the Mellon PSFS Index of Economic Performance for the Philadelphia area stood at 101.2, down from 101.6 in July.
 MELLON PERFORMANCE INDEX - PHILADELPHIA
 (August)
 (1980 equals 100)
 1987 1988 1989 1990 1991 1992
 125.3 129.0 125.0 118.0 101.9 101.2
 -0- 10/16/92
 /CONTACT: Debra DeCourcy of Mellon Bank, 412-234-5873/
 (MEL) CO: Mellon Bank Corporation ST: Pennsylvania IN: FIN SU: ECO


CD -- PG021 -- 1055 10/16/92 15:10 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
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