Executive Summary
For Immediate Release:
Aug. 31, 2009
Contact: Brian Dries
215-686-8869
Forecasters Estimate Four Consecutive Quarters of Growth
Controller releases monthly economic report indicating
future improvements for national and local economies
PHILADELPHIA – City Controller Alan Butkovitz today released the July Economic Snapshot and Forecast that shows forecasters are estimating steady growth over the next four quarters and the annual-average growth is projected to increase to 3.2 percent in 2012.
The current annual-average growth projection for 2009 stands at -2.6 and hasn’t been this low since the -1.9 percent annual-average growth in 1982.
Along with a look at future growth, local manufacturers are showing signs of stabilizing as indicated with improvements in future activity. Indexes for general activity, new orders and shipments all registered slightly positive readings this month. For the fourth consecutive month, the percentage of firms expecting employment to increase over the next six months exceeded the percentage expecting declines – 29 percent versus 16 percent.
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.