P R E S S R E L E A S E
For Immediate Release:
April 27, 2009
Contact: Brian Dries
Regional Manufacturers Showing Slower Declines
in Orders and Capital Expenditure
March’s economic report suggests declines may bottom out within six months
PHILADELPHIA – City Controller Alan Butkovitz today released the March Economic Snapshot and Forecast that found regional manufacturers are reporting a slowing in the decline of new orders and capital expenditure. This suggests that declines may bottom out in the next six months.
The region’s statistics are similar to the national economic review. Economists have become cautiously optimistic that the economy is starting to level off because of a slowing decline in key indicators such as industry demand, employment, capital spending and profitability.
The Controller’s economic forecast also reported a decline in regional building permits and increase in unemployment.
The Economic Snapshot and Monthly Forecast are compiled by the Financial and Policy Analysis staff. The City Controller’s office circulates these documents on a monthly basis to assist key decision makers in understanding and anticipating local and national economic trends.
The Monthly Economic Snapshot presents key economic data for the United States, the Greater Philadelphia Region, and the City of Philadelphia. The Monthly Economic Forecast Review is a collection of projections from prominent economic institutions and an analysis of their forecasts of future economic performance. These two documents together — the Snapshot and the Forecast Review — are a useful tool for policy makers and analysts in understanding our city’s and country’s economy.