Philly Fed forecasts mild growth for Pa.Tim Stuhldreher
Pennsylvania's economy is likely to continue expanding through the middle of next year, according to a forecast released this morning by the Federal Reserve Bank of Philadelphia.
The monthly state-by-state leading indexes released today predict economic activity over the next six months. Pennsylvania's index for October was 1.0, the Fed said.
The state saw a decline in initial unemployment claims and a positive trend in current economic activity, but building permits and a statistic that tracks manufacturing activity fell slightly, the Fed said.
Pennsylvania's leading index reached a 2011 high of 2.92 in February, then gradually declined. It turned negative from July through September.
Nationwide, 46 states had positive leading indexes in October, while four had negative ones, the Fed said. The national leading index was 1.5.
The statistics are a counterpart to the Fed's coincident indexes, the most recent of which were released Tuesday.