Controller Releases Monthly Economic Report for August

Audit Date: September 28, 2009
Audit Categories
  • Financial
Controller: Alan Butkovitz

Executive Summary

For Immediate Release:
Sept. 28, 2009

Contact: Brian Dries

Local Sales Increase Follows National Trend
Controller releases monthly economic report showing consumer
purchasing increases sales tax receipts for August


PHILADELPHIA – City Controller Alan Butkovitz today released the August Economic Forecast and Snapshot that shows a 20 percent increase from July for the City’s sales tax receipts. The increase follows a national trend of boosting retail sales for the month of August.

The City’s sales tax receipts for August amounted to $11.9 million compared to $9.9 million in July. Although, even with the increase, sales are still lower than one year ago. The August 2008 sales tax receipts were $13 million.

The national boost for retail sales is attributed to an increase in a variety of purchasing, especially with department stores that posted stronger gains as back-to-school shopping was stronger than previously thought.

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.