Executive Summary
Press Release
For Immediate Release:
Dec 23, 2008
Contact: Harvey M. Rice
215-686-6696
CITY CONTROLLER BUTKOVITZ
RELEASES NOVEMBER ECONOMIC DATA
Report shows continuing declines for Philadelphia’s manufacturing
PHILADELPHIA – Manufacturers are bracing for more losses in the upcoming months, according to the November 2008 economic data released by City Controller Alan Butkovitz. The report includes the most recent Monthly Economic Snapshot and the Monthly Economic Forecast Review.
The recession’s impacts were felt in Philadelphia, as economic activity indexes fell throughout the region. Local unemployment remained flat while regional unemployment increased by one point, reflecting Philadelphia’s relative stability with large medical and education services industries. Manufacturers are expecting continued declines over the next six months.
The Mayor’s latest five-year plan projection lowered the Realty Transfer Tax collections by $30 million, from $185 million to $155 million. The City has concerns for the new budget projection.
Leading indexes, which forecast economic growth, were more positive, predicting moderate growth in the new year. All groups expect December to be as bad if not worse than November and for the next quarter to be difficult.
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.