P R E S S R E L E A S E
For Immediate Release:
June 24, 2009
Contact: Brian Dries
Business Outlook Shows Improvement for Future Activity
Controller’s monthly economic forecast depicts positive outlook for local manufacturers
PHILADELPHIA – City Controller Alan Butkovitz today released the May Economic Snapshot and Forecast that found business activity in the region is showing signs of improvement for local manufacturers for the first time in eight months.
The percentage of manufacturing firms expecting employment to increase over the next six months exceeded the percentage expecting declines (26 percent vs. 16 percent), according to the Philadelphia Federal Business Outlook Survey. The indexes for future new orders and shipments also improved.
Moreover, the largest percentage of executives, 45 percent, indicated that they expected increases in demand for their products that were six months or more in the future. The forecast also highlighted that the unemployment dropped from 9.7 percent in March to 9.1 percent in April.
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.