Philadelphia Economy
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Table of Contents
Manufacturing in Economy of Philadelphia
As per index, related to business activity released by Federal Reserve Bank of Philadelphia, manufacturing in Philadelphia economy has gone down for month of May. However, Philadelphia’s economy statistics have also shown that levels of manufacturing activity have decreased at a lesser rate in May than in April 2009.
Economic data released by Federal Reserve Bank of Philadelphia has revealed that as of April 2009 its factory gauge stands at minus 24.4 but in May 2009 this index has reached minus 18. These readings signify that Philadelphia economy is contracting.
However, Philadelphia Housing Sector Index has risen at a rate of 6.5 percent. This is an encouraging sign for Philadelphia economy. Recently it has moved from a position that was its lowest in April 2009.
Travel and Philadelphia economic system
It has been estimated by a number of travel agencies in Philadelphia that number of travelers this holiday season there would be less travelers than previous fiscals. This is a worrisome trend for Philadelphia economy that represents gradual decline in spending of consumers across country after traumatic global financial phase.
Philadelphia television industry
Television industry is a major part of Philadelphia economy by way of being a prominent revenue earner. They have been no exceptions to onslaught of global financial disaster and have been forced to scale down their operations from an economic point of view by way of doing away with jobs of high profile employees. Television stations in Philadelphia have also had to share financing of their operations with others in order to stay in hunt.
Sponsors have started to go away. A significant portion of sponsorship came from members of automobile industry. However, from 2004 exodus of these entities has left Philadelphia economy in a lurch where they have lost out on revenue worth almost $200 million running up to 2008 fiscal. This amount is a fourth of money generated by Philadelphia television industry in this period.
It is expected that as many as six major television stations in Philadelphia would be functioning. However, these stations would have to look at money from local sponsors in order to stay afloat.
