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PITTSBURGH COINCIDENT INDEX RISES 0.1 PERCENT IN JUNE

 PITTSBURGH, Sept. 2, l993 /PRNewswire/ -- Mellon Bank's (NYSE: MEL) coincident index of economic activity for the Pittsburgh region -- which gauges civilian employment, industrial power sales, wages and salaries, and retail sales -- rose 0.1 percent in June after a gain of 0.3 percent in May, it was announced today.
 The June increase was due principally to a 1.7 percent rise in industrial power sales. In addition, area retail sales maintained gains from April and May. After adjustment for inflation, June spending was up 0.1 percent. Other components of the index were soft in June; civilian jobs slipped 0.2 percent, while wages and salaries were flat.
 "The new tax hikes about to take effect, and the uncertain prospect for mandated health benefits, are discouraging expansion and causing companies to remain cautious about addin"? said Richard Berner, senior vice president and chief economist, Mellon Bank. "However, recent gains in the index, while small, indicate Pittsburgh's recovery remains alive and well."
 Mellon's index, designed to track current economic conditions, has remained relatively stable during the first six months of l993 after a spurt at the end of l992. This slowdown has reflected the national economy, which cooled in the first half of the year after a strong showing late in l992.
 Nonfarm payrolls fell about 4,000 in the second quarter while the survey of individual households registered a population loss of 5,000. "These declines were not large, but it will take a stepped-up pace of growth in the United States as a whole to restart local area job growth to the pace it was before the recent economic slowing began," Berner said.
 -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: Tilda Walsh of Mellon Bank, 412-234-5873/
 (MEL)


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

KC -- PG004 -- 8327 09/02/93 10:21 EDT
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Publication:PR Newswire
Date:Sep 2, 1993
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