Regional Economic Outlook Getting Brighter

Apr 13, 2010 - Here's some good news.

Economic activity in New Jersey and Pennsylvania is forecast to gather steam through the end of 2010.

So says the latest leading economic indicators report from the Federal Reserve Bank of Philadelphia, which maintains a close watch on our regional economy.

Pennsylvania's leading index was 2.6 in January, up from 2.0 in December. The gain was driven by several factors�a decrease in unemployment claims, plus upward movement in the Philadelphia Fed's Business Outlook Survey and the state's coincident index, which reflects positive current economic activity. One negative factor: Building permits decreased. January was the fourth consecutive month of positive growth in the index.
New Jersey's leading index in January climbed to 2.6, from 1.6 in December, driven by the same factors as in Pennsylvania. Building permits in New Jersey slipped, too.

Unfortunately, the outlook isn't as bright for Delaware. The leading index was -0.8 in January, continuing a negative trend that has persisted since February 2007. Although still in negative territory, the index did improve. (See below.) Current business activity showed negative growth, as did building permits issues. But here, too, initial unemployment claims fell "significantly," says the Philadelphia Fed report.

January 2010: Third District Leading Indexes
(Federal Reserve Bank of Philadelphia)

State	January	December	November
Pennsylvania	2.6	2.0	2.1
New Jersey	2.6	1.6	1.4.
Delaware	-0.8	-1.7	-1.7

Read the news release here.

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Thanks for your interest,

Tim West