Report on Economic and Financial Developments
|
|
- Rosemary Lloyd
- 6 years ago
- Views:
Transcription
1 Report on Economic and Financial Developments Loretta J. Mester Executive Vice President and Director of Research July, 1 *The views expressed here are those of the author and do not necessarily reflect those of the Federal Reserve Bank of Philadelphia or of the Federal Reserve System. Executive summary Economic growth slowed in the second quarter in both the nation and the district Downside risks include: European sovereign debt & banking system problems U.S. fiscal situation looming at year-end Slower global growth Several central banks have taken further steps to try to boost growth Policy questions: Has the outlook changed enough to warrant further action? If so, what action? 1
2 Employment growth has weakened since the start of the year. In June, payrolls rose by thousand jobs. Average monthly job gains this year are no higher than last year. Thousands of jobs Monthly change in nonfarm payrolls Last month plotted is June 1 Average monthly gains for each year are indicated by the grey lines Quarterly job gains in the second quarter were only 1/3 of what they were in the first quarter Thousands of jobs Quarterly change in nonfarm payrolls Last month plotted is 1 Q Source: Bureau of Labor Statistics
3 Progress on unemployment has stalled over the past three months Civilian unemployment rate US:. (June) PA: 7.5 (June) NJ: 9. (June) DE:.7 (June) Three States:.3 (June) NJ US PA DE Source: Bureau of Labor Statistics and Phila Fed Research Department. Monthly data: Last point plotted is June 1. Personal income growth has stabilized to a modest 3 percent pace over the past three months Year-over-year growth in personal income and real disposable income (3-month moving average) Jan 7 Jul 7 Jan Jul Jan 9 Jul 9 Jan 1 Jul 1 Jan 11 Jul 11 Jan 1 Monthly data: Last point plotted is May 1 3
4 Retail sales growth moderated in June 1 Year-over-year growth in retail sales, excluding autos, gas stations, and building materials stores Year-over-year growth in nominal retail sales Year-over-year growth in real retail sales Monthly data: Last point plotted is June 1 Regional manufacturing activity has slowed over the past three months, similar to last summer Business Outlook Survey: General Activity Index Future General Activity Index Diffusion Index Index represents percentage of respondents reporting an increase minus percentage reporting a decrease. Monthly data: Last point plotted is July 1
5 At the national level, manufacturing activity rebounded in June, but its pace stepped down in Q compared to Q1 Index, 7= Motor Vehicle Assemblies (right scale) SAAR, Mill. Units Manufacturing Output Industrial Production Monthly data: Last point plotted is June 1 Business investment in equipment and software has also softened 3 Nondefense capital goods excluding aircraft Year-over-year percentage change, SA Orders Shipments Monthly data: Last point plotted is May 1 5
6 Oil prices have firmed over the past month, but are down about $1 a barrel since the start of the year. Gasoline prices remain under $3.5 a gallon. $ per barrel oil 15 1 Spot Prices West Texas Intermediate $ per gallon for gasoline. Brent Retail Gasoline Weekly data: Last point plotted is July 13, As oil prices have fallen, inflation has moderated to slightly under the FOMC s longer-run goal of percent 5. Total PCE Inflation and Core PCE Inflation 1-month % change % 1.5% Monthly data: Last month plotted is May 1
7 There are signs that housing is starting to recover, with sales and starts moving up, albeit from very low levels Thousands of units 5 5 Existing single family home sales Thousands of units Privately owned housing units started New single family home sales Monthly data: Last point plotted is June 1 for starts and existing home sales and May 1 for new home sales FHFA Purchase-Only House Price Index House prices appear to have stabilized and may even be starting to rise Year-over-year percentage change CoreLogic Excluding Distressed Sales Case-Shiller House Price Index Composite Monthly data: Last point plotted is April 1 for Case-Shiller and FHFA and May 1 for CoreLogic 7
8 Uncertainty surrounding the European sovereign debt and banking problems continues to cloud the global outlook, but European countries have taken some positive steps 1 Spread of 1-year government bond over 1-year German government bond Greece (right scale) 5 1 Portugal Ireland Italy Spain France 1/3/11 //11 7/5/11 1//11 1//1 //1 7/5/1 3 1 Daily: Last point plotted is July 17, 1 NASDAQ & S&P 5 3 Stock prices continue to be volatile on concerns about Europe and the global growth slowdown. The S&P5 is little changed, on net, over the past month, but is up over percent, on net, year-to-date. 3 NASDAQ Dow Jones Dow Jones Industrials S&P Jan 1 5 Jun 1 1 Dec 1 7 May Nov 11 7 Apr 1 9 Daily data: Last point plotted is July 1, 1
9 Interest rates are very low across the maturity spectrum. Longer-term interest rates have fallen as investors seek the safe haven of U.S. Treasury securities. The Fed has kept the fed funds rate at essentially zero for 3-1/ years year mortgage rate year Treasury bond yield 1. Fed funds effective rate. Jan 7 Jul 7 Jan Jul Jan 9 Jul 9 Jan 1 Jul 1 Jan 11 Jul 11 Jan 1 Jul 1 Weekly data: Last point plotted is July 1, 1 Calculation of LIBOR has come under increased scrutiny In September, the Fed announced new and expanded swap lines with other central banks to alleviate pressures in dollar short-term funding markets Overnight LIBOR rate. 1. Fed funds effective rate. Jan 7 Jul 7 Jan Jul Jan 9 Jul 9 Jan 1 Jul 1 Jan 11 Jul 11 Jan 1 Jul 1 Weekly data: Last point plotted is July 1, 1 9
10 What is LIBOR? LIBOR = London Interbank Offered Rate At what rate could you borrow funds, were you to do so by asking for and then accepting interbank offers in a reasonable market size just prior to 11 am London time? Not based on actual transactions Rates for 1 currencies and 15 maturities British Bankers Association collects responses from 1 banks; Thompson Reuters calculates the trimmed arithmetic mean 3 US banks: Bank of America, Citigroup, JP Morgan Chase Used as a reference rate in a variety of financial contracts including swaps, commercial loans, mortgages, student loans In the US, mortgages tied to LIBOR: % of number of 1 st mortgages = 3 million loans 9% of outstanding principle of 1 st mortgages = $ billion Central banks around the world have been easing monetary policy Fed Extended operation twist to year-end China, Brazil, South Korea, Australia, Denmark Cut policy rates Japan: Increased Treasury bill purchases under Asset Purchase Program ECB Cut central bank lending and deposit rates United Kingdom Increased asset purchases Funding for Lending Scheme low-cost funding to banks that increase lending to households and firms 1
11 Growth is expected to be modest in many countries over the next two years Real GDP Growth, SAAR Euro Area Japan United United States Kingdom China Source: OECD Economic Outlook, May 1 for China and June 1 for others. Hatched bars are forecasts. The fiscal cliff is a risk to the forecast $ billions % of FY13 GDP Changes in Revenue Policies 399.5% Expiration of tax provisions and adjustments to AMT 1 1.% Expiration of employee s payroll tax reduction 95.% Other expiring provisions 5.% Taxes included in Affordable Care Act 1.1% Changes in Spending Policies 13.% Automatic sequestration 5.% Expiration of emergency unemployment benefits.% Reduction in Medicare payment rates for doctors 11.1% Other Changes in Revenues and Spending 15.7% Total Change in Deficit (without economic feedback effects) 7 3.% Source: Congressional Budget Office, May 1 11
12 Market participants continue to price in more accommodative policy given the weaker economic data 1. 3-day federal funds futures rates.75 April, 1 Jan 19, 1 June, July 1, 1. Jan 1 Jul 1 Jan 13 Jul 13 Jan 1 Jul 1 Jan 15 1
13 Appendix: Additional Charts Economic activity continues to expand in most states, but at a slower pace than earlier this year Philadelphia Fed Current Economic Activity Indexes, annualized growth over the three months ending in May 1 > % 3% to % % to 3%.5% to % -.5% to.5% -% to -.5% -3% to -% <-3% 13
14 Private sector payroll growth has slowed in recent months Thousands of jobs Monthly change in private nonfarm payrolls Last month plotted is June 1. Average monthly gains for each year are indicated by the grey lines. Recent modest job growth has retarded progress on recovering lost jobs % of jobs lost from employment peak to employment trough and % of lost jobs regained since employment trough 7.% 7.%.3% % % of lost jobs regained.% % of jobs lost 5.% 7.%.9% US PA NJ DE Incorporates June 1 data for US and May 1 data for states 1
15 Employment in our three states decelerated since the beginning of the year Annualized 3-month payroll job growth, as of May 1 Job growth ann. 3-month as of May US:.9% 3-state:.3% PA:.5% NJ: 1.% DE: 3.% < 3%.9% to % 1.9% to 1%.9% to %.1% to 1% 1.1% to % > % 1. Pittsburgh,. Erie, 3. Johnstown,. Altoona, 5. State College,. Williamsport, 7. Harrisburg-Carlisle,. York-Hanover, 9. Lebanon, 1. Lancaster, 11. Reading, 1. Scranton-Wilkes-Barre, 13. Allentown-Bethlehem-Easton, 1. Newark-Union, 15. Bergen-Passaic-Hudson, 1. Trenton-Ewing, 17. Edison, 1. Philadelphia, 19. Camden,. Wilmington, 1. Dover,. Vineland-Millville-Bridgeton, 3. Atlantic City,. Ocean City Employment growth in our three states is lower than in the nation. So far this year, job growth in NJ has offset weakness in PA and DE. Annualized year-to-date payroll job growth, as of May 1 Job growth ann. yr-to-date as of May US: 1.5% 3-state:.% PA:.% NJ:.1% DE:.1% < 3%.9% to % 1.9% to 1%.9% to %.1% to 1% 1.1% to % > % 1. Pittsburgh,. Erie, 3. Johnstown,. Altoona, 5. State College,. Williamsport, 7. Harrisburg-Carlisle,. York-Hanover, 9. Lebanon, 1. Lancaster, 11. Reading, 1. Scranton-Wilkes-Barre, 13. Allentown-Bethlehem-Easton, 1. Newark-Union, 15. Bergen-Passaic-Hudson, 1. Trenton-Ewing, 17. Edison, 1. Philadelphia, 19. Camden,. Wilmington, 1. Dover,. Vineland-Millville-Bridgeton, 3. Atlantic City,. Ocean City 15
16 Household net worth is beginning to recover after the sharp contraction in Change in household net worth Trillions of $ $9 $ $3 $ age change, year to year -$3 -$ -$ $ Change Source: FRB Flow of Funds, annual data for ; quarterly data for 1Q1 1 Q1 -$1 -$15 Private sector job growth in the U.S. is slowing compared with the 1991 jobless recovery. And this recession was much sharper. Cumulative % change in private nonfarm payrolls since recession trough 1 U.S. private payroll employment - Avg of recoveries, Last point plotted for 9 recovery is June 1 Trough Mar 1991 Nov 1 Jun 9 Months Since Recovery Began 1
17 Unlike prior recessions, government jobs are being cut Cumulative % change in government nonfarm payrolls since recession trough 1 U.S. government payroll employment Census workers => +1K in May 1 Avg of recoveries, Last point plotted for 9 recovery is June 1 Trough Mar 1991 Nov 1 Jun 9 Months Since Recovery Began Total employment growth in the nation is weaker than in the 1991 recovery Cumulative % change in nonfarm payrolls since recession trough 1 U.S. payroll employment Avg of recoveries, Last point plotted for 9 recovery is June 1 Trough Mar 1991 Nov 1 Jun 9 Months Since Recovery Began 17
18 Unemployment rates vary across the region, with higher rates in southern New Jersey County Unemployment Rates: May 1 (Preliminary) Erie Warren McKean Potter Tioga Bradford Susquehanna Crawford Wayne Forest Wyoming Venango Elk Cameron Sullivan Lackawanna Mercer Clinton Lycoming Pike Clarion Jefferson Luzerne Montour Sussex Monroe Passaic Lawrence Clearfield Centre Union Columbia Warren Bergen Butler Armstrong Northumberland Carbon Morris Snyder Essex Beaver Schuylkill Northampton Indiana Mifflin Union Hudson Lehigh Allegheny Cambria Dauphin Hunterdon Blair Juniata Somerset Perry Lebanon Berks Westmoreland Huntingdon Bucks Middlesex Montgomery Mercer Monmouth Washington Cumberland Bedford Lancaster Chester Fayette Somerset Philadelphia Franklin York Ocean Greene Fulton Delaware Adams Camden Burlington Gloucester New Salem Castle Atlantic Cumberland Cape Kent May Less than 7.5% 7.5% - 9.% 9.% - 11.% Greater than 11.% Sussex The share of unemployment that is long-term remains high of Unemployed weeks or longer weeks or longer Jan.71 Jan.7 Jan.5 Jan.9 Jan.99 Jan. Monthly data: Last point plotted is June 1 1
19 . Long-term unemployment remains high. Progress has stalled in the past two months. Weeks Job losers as percent of civilian labor force Average weeks unemployed Long-term unemployed as percent of civilian labor force Monthly data: Last point plotted is June 1. Job losers are people unemployed for less than 5 weeks. Long-term unemployed are people unemployed for more than weeks The unemployment rate is higher when we include all marginally attached workers and those working part-time for economic reasons. This rate ticked up in May and June. U: Unemployed in U3 plus all marginally attached workers and those working part-time for economic reasons 1.9%.% U3 = Official unemployment rate Monthly data: Last point plotted is June 1 19
20 Labor force participation is below the level that would be predicted by cyclical factors and demographics Civilian Labor Force Participation Rate (SA) Nonlinear trend Q1 Q1 3Q1 Q1 9Q1 9Q1 95Q1 9Q1 1Q1 Q1 7Q1 1Q1 13Q1 Quarterly data: Last point plotted for participation is 1Q Source: Bureau of Labor Statistics. Trend is author s calculation controlling for the unemployment rate, share of working age population over 5, share of working age population female, time, and time-squared. Total inflation is down from its peak reflecting the drop in oil prices. Total CPI Inflation and Core CPI Inflation 1-month % change % 1.7% Monthly data: Last month plotted is June 1
21 Longer-term inflation expectations appear to be well-anchored Survey of Professional Forecasters Median 1-Year CPI Inflation Expectations Jan 5: FOMC releases % inflation target Year Inflation Compensation from Treasury Inflation- Indexed Securities. Jan- Jul- Jan-9 Jul-9 Jan-1 Jul-1 Jan-11 Jul-11 Jan-1 Jul-1 Daily data: Last point plotted is July 13, 1 for inflation compensation and Second Quarter 1 SPF for 1-year CPI inflation expectations Consumer sentiment has fallen over the past three months on uncertainty over the European sovereign debt problems, the global slowdown, and U.S. fiscal problems looming at year-end Sentiment index, Q1 = 1 Confidence index, 195 =1 1 1 Consumer Sentiment Index, University of Michigan Consumer Confidence Index, Conference Board Jan 7 Jul 7 Jan Jul Jan 9 Jul 9 Jan 1 Jul 1 Jan 11 Jul 11 Jan 1 Jul 1 Monthly data: Last point plotted is June 1 for Confidence and July 1 (preliminary) for Sentiment 1
22 Billions of Dollars $, $5, $, $3, $, $1, $ -$1, -$, -$3, -$, -$5, -$, The rebound in the stock market contributed to a sizable rise in household wealth in the first quarter Change in households stock and mutual fund holdings Change in households real estate equity Q1 Source: FRB Flow of Funds, annual data for ; quarterly data for 1Q1 Auto production remains strong. Auto sales slowed in the second quarter from the robust first quarter pace. Millions of Units, Annual Rate Auto and light truck sales 1. mill 1.3 mill Auto and light truck assemblies Monthly data: Last point plotted is June 1
23 Household debt-to-disposable income is falling Debt-to-Disposable Income Quarterly data: Last point plotted is 1 Q1 Households debt-service burdens are falling. This partly reflects low interest rates. Total financial obligations to disposable personal income* Quarterly data: Last point plotted is 1 Q1 Source: Federal Reserve Board *Includes payments on mortgage debt, consumer debt, auto leases, rental properties, homeowners insurance, and property taxes. 3
24 Inventories of unsold homes are down from their peaks Months supply at current sales pace Months supply of condos and co-ops.7.5 Months supply of single family homes Source: National Association of Realtors Monthly data: Last point plotted is May 1 House prices are firming in the western part of Pennsylvania and the Marcellus shale area Change in FHFA House Price Index For Metro Areas (as of 1 Q1) Not Reported Less than 5% % to 5% % to % % to % % to % % to % Greater than % Pittsburgh, - Erie, 3- Johnstown, - Altoona, 5- State College, - Williamsport, 7- Harrisburg-Carlisle, - York-Hanover, 9- Lebanon, 1- Lancaster, 11- Reading, 1- Scranton-Wilkes-Barre, 13- Allentown-Bethlehem-Easton, 1- Newark-Union, 15- Bergen-Passaic-Hudson, 1- Trenton-Ewing, 17- Edison, 1- Philadelphia, 19- Camden, - Wilmington, 1- Dover,- Vineland-Millville-Bridgeton, 3- Atlantic City,- Ocean City
25 Delinquencies continue to move down. Still, one in 13 mortgages is seriously delinquent. of all mortgages outstanding, 1- residential units Past due at least 3 days Seriously delinquent: Past due at least 9 days or in foreclosure New foreclosures 5Q1 Q1 7Q1 Q1 9Q1 1Q1 11Q1 1Q1 Quarterly data: Last point plotted is 1Q1 Source: Mortgage Bankers Association, seasonally adjusted Stock prices abroad have recovered a bit as the European countries have agreed on some initiatives to help with the sovereign debt and banking problems London FTSE& German DAX German DAX London FTSE Japan Nikkei Hong Kong Hang Seng Jan 1 5 May 1 3 Aug 1 3 Dec 1 19 Apr 11 1 Aug 11 7 Dec 11 Apr 1 Hong Kong Hang Seng & Japan Nikkei Daily data: Last point plotted is July 1, 1 5
26 The value of the dollar continues to rise on safe-haven flows Index, March 1973 = 1 95 Trade-weighted value of $ against major currencies and Euros per $ Euros/US $ Weekly data: Last point plotted is July 13, 1 The Fed holds nearly $1 trillion in agency mortgage-backed securities and agency debt. Operation twist continues to lengthen the portfolio s maturity. By the end of the year, the Fed will hold no short-term Treasury securities. Trillions $ 3..5 Assets Treasury Supplementary Financing Program Liabilities Other assets Loans Other Liabilities Agency securities Treasury securities Federal Reserve notes in circulation Reserve Balances Jan-7 Nov-7 Sep- Jul-9 May-1 Mar-11 Jan-1 Trillions $ Weekly data: Last point plotted is July 9, 1
27 7
Report on Economic and Financial Developments
Report on Economic and Financial Developments Loretta J. Mester Executive Vice President and Director of Research June 1, 1 *The views expressed here are those of the author and do not necessarily reflect
More informationThe Economic Outlook
The Economic Outlook Loretta J. Mester* Executive Vice President and Director of Research 8 th Annual Temple University Fox School of Business Leadership and Professional Development Seminar February 21,
More informationU.S. DEPARTMENT OF HUD 05/2016 STATE: PENNSYLVANIA HOUSING TRUST FUND PROGRAM RENTS
STATE: PENNSYLVANIA --------- 2016 HOUSING TRUST FUND PROGRAM RENTS --------------- Allentown-Bethlehem-Easton, PA-NJ MSA Allentown-Bethlehem-Easton, PA HMFA HOUSING TRUST FUND RENT 362 388 504 659 814
More informationPUBLIC UTILITY REALTY 2011 TAX REPORT ADDRESS FEDERAL ID (EIN) A. Tax Liability from Tax Report
RCT-127 A (10-11) (I) 1271011101 Bureau of Corporation Taxes PO BOX 280704 Harrisburg PA 17128-0704 PUBLIC UTILITY REALTY 2011 TAX REPORT TAX ACCOUNT ID NAME ADDRESS FEDERAL ID (EIN) _ (Department Use
More informationRecent Changes in the Housing and Mortgage Markets of Pennsylvania; Working Paper #1-2011
I. Introduction The Business Cycle Dating Committee of the National Bureau of Economic Research (NBER) is the authority relied upon to date the US economy s business cycles. The NBER defines a recession
More informationThe Commonwealth s Official Source for Population and Economic Statistics. December 3, 2015
Research Brief The Commonwealth s Official Source for Population and Economic Statistics December 3, 2015 2014 ACS 5 Year Estimates Released for Pennsylvania: Dataset Marks First Non-Overlapping ACS 5-Year
More information41% $3.4 billion in benefits in $34.4 million 4,680 11, SERS Budget Highlights. SERS paid nearly
2019 SERS Budget Highlights The Pennsylvania State Employees Retirement System currently serves approximately 240,000 active, inactive, vested and retired members. Last year, the system paid nearly $3.4
More informationA Fair Share Tax for Pennsylvania
A Fair Share Tax for Pennsylvania About the Pennsylvania Budget and Policy Center (PBPC) We are a Harrisburg-based nonpartisan, statewide policy research project that provides independent, credible analysis
More informationDRIVES THE ECONOMY 2019 ECONOMIC IMPACT REPORT
DRIVES THE ECONOMY 2019 ECONOMIC IMPACT REPORT Photo By: Bill Monaghan 41/32/5 Southeastern PA is the Commonwealth s key economic engine. THE FIVE COUNTIES GENERATE 41% OF STATE S ECONOMIC ACTIVITY WITH
More informationWeatherization grants-
This report is in response to a requirement of Act 1 of Special Session 1 (2007-2008), known as the Alternative Energy Investment Act. It describes the status of the Homeowner Energy Efficiency Loan Program
More informationINDUSTRY MIX, WAGES, AND THE DIVERGENCE OF COUNTY INCOME IN PENNSYLVANIA
RURDS Vol. 13, No. 2, July 2001 INDUSTRY MIX, WAGES, AND THE DIVERGENCE OF COUNTY INCOME IN PENNSYLVANIA David A. Latzko Business and Economics Division, Pennsylvania State University, USA Per capita incomes
More informationNational and Regional Economic Update
National and Regional Economic Update Greater Northeast Philadelphia Chamber of Commerce July 12, 2016 Gary A. Wagner, Ph.D.* FEDERAL RESERVE BANK OF PHILADELPHIA * The views expressed today are my own
More informationBanking Trends & Supervisory Update
Gladwyne Banking Trends & Supervisory Update William Spaniel Senior Vice President and Lending Officer Overview Banking Trends Regulatory Updates Regulatory Relief Resources Banking Trends Third District
More informationNational and Regional Economic Update
National and Regional Economic Update Philadelphia Chapter of the Financial Planning Association May 11, 2016 Gary A. Wagner, Ph.D.* FEDERAL RESERVE BANK OF PHILADELPHIA * The views expressed today are
More information71 st Annual Field Meeting
71 st Annual Field Meeting Williamsport FEDERAL RESERVE BANK OF PHILADELPHIA Banking Trends and Supervisory Update William Spaniel Senior Vice President and Lending Officer Overview Third District Banking
More informationEMPLOYER REGISTRATION Local Earned Income Tax Withholding
CLGS-32-4 (8-11) EMPLOYER REGISTRATION Local Earned Income Tax Withholding You are entitled to receive a written explanation of your rights with regard to the audit, appeal, enforcement, refund and collection
More informationMarcellus Shale and Local Economic Activity: What the 2013 Pennsylvania State Tax Data Say
CENTER FOR ECONOMIC AND COMMUNITY DEVELOPMENT Marcellus Shale and Local Economic Activity: What the 2013 Pennsylvania State Tax Data Say Emily O Coonahern, Kirsten Hardy, and Timothy W. Kelsey October
More informationPennsylvania. Housing Availability & Affordability Report
Pennsylvania Housing Availability & Affordability Report Produced by the Pennsylvania Housing Finance Agency September 212 Table of Contents Acknowledgement... 4 Preface... 5 Executive Summary... 6 Data
More informationHomeowners Energy Efficiency Loan Program Report
Homeowners Energy Efficiency Loan Program Report This report is in response to a requirement of Act 1 of Special Session 1 (2007-2008), known as the Alternative Energy Investment Act. It describes the
More informationThe Distribution of Poverty in the Third District * Jake Carr May 2010
The Distribution of in the Third District * Jake Carr May 2010 It would be beneficial to examine how households in the Third District have been affected by the recent economic downturn. Thinking locally,
More informationWheat Crop Insurance Program Yield Protection (YP) & Revenue Protection (RP) Plans of Insurance - Small Grain Crop Provisions
Wheat Crop Insurance Program Yield Protection (YP) & Revenue Protection (RP) Plans of Insurance - Small Grain Crop Provisions 17-0011 - IMPORTANT DATES Sales Closing Date September 30 th Acreage Report
More information71 st Annual Field Meeting
71 st Annual Field Meeting Hershey FEDERAL RESERVE BANK OF PHILADELPHIA Banking Trends and Supervisory Update William Spaniel Senior Vice President and Lending Officer Overview Third District Banking Conditions
More informationCOMMONWEALTH OF PENNSYLVANIA May 1, 2014
COMMONWEALTH OF PENNSYLVANIA May 1, 2014 PUBLIC EMPLOYEE RETIREMENT COMMISSION ACTUARIAL NOTE TRANSMITTAL Bill ID: Senate Bill Number 1078, Printer s Number 1707 System: Subject: Act 96 County Pension
More informationODP Communication Number: Announcement
ODP Announcement Agency With Choice (AWC) Financial Management s (FMS) Wage Ranges and and Corresponding Department established fees for Specific Participant Directed s (PDS) Effective July 1, 2016 ODP
More informationEarned Income Tax (EIT) Collections, Receipts, Distributions and Disbursements for TCD
Earned Income Tax (EIT) Collections, Receipts, Distributions and Disbursements for TCD Collections and Receipts: Collections: Monthly Total Year-to-Date Total Resident EIT From Employers/Taxpayers within
More informationEarned Income Tax (EIT) Collections, Receipts, Distributions and Disbursements for TCD
Earned Income Tax (EIT) Collections, Receipts, Distributions and Disbursements for TCD Collections and Receipts: Collections: Monthly Total Year-to-Date Total Resident EIT From Employers/Taxpayers within
More information71 st Annual Field Meeting
71 st Annual Field Meeting Delaware FEDERAL RESERVE BANK OF PHILADELPHIA Welcome Speakers: Keith Morales Cybersecurity John Munera Banking Trends and Supervisory Update Elif Sen Economic Outlook Lunch
More informationMarcellus Shale and Local Economic Activity: What the 2012 Pennsylvania State Tax Data Say
CENTER FOR ECONOMIC AND COMMUNITY DEVELOPMENT Marcellus Shale and Local Economic Activity: What the 2012 Pennsylvania State Tax Data Say KIRSTEN HARDY AND TIMOTHY W. KELSEY NOVEMBER 13, 2013 CECD RESEARCH
More informationHEALTH INSURANCE MARKETPLACE TOOLKIT
HEALTH INSURANCE MARKETPLACE TOOLKIT The Health Insurance Marketplace Is Here A consortium of the Pennsylvania Mental Health Consumers Association (PMHCA), the Mental Health Association in Pennsylvania
More informationHouse Finance Select Subcommittee Hearing November 15, 2017 Richard P. Vilello, Jr., Deputy Secretary for Community Affairs and Development, DCED
House Finance Select Subcommittee Hearing November 15, 2017 Richard P. Vilello, Jr., Deputy Secretary for Community Affairs and Development, DCED Good morning, Representative Evankovich and members of
More informationVENDOR COPY. LOW-INCOME HOME ENERGY ASSISTANCE PROGRAM VENDOR AGREEMENT Vendor Name and Address
LOW-INCOME HOME ENERGY ASSISTANCE PROGRAM VENDOR AGREEMENT Vendor Name and Address Vendor Number VENDOR COPY Federal I.D. Number Telephone Number E-mail Address This Agreement is entered into for the purpose
More informationPennsylvania Coalition Against Rape. Financial Statements and Supplementary Information June 30, 2016 and 2015
Financial Statements and Supplementary Information June 30, 2016 and 2015 Table of Contents June 30, 2016 and 2015 Page INDEPENDENT AUDITOR S REPORT 1 and 2 FINANCIAL STATEMENTS Statement of Financial
More informationPennsylvania Coalition Against Rape. Financial Statements and Supplementary Information June 30, 2017 and 2016
Financial Statements and Supplementary Information June 30, 2017 and 2016 Table of Contents June 30, 2017 and 2016 Page INDEPENDENT AUDITOR S REPORT 1 and 2 FINANCIAL STATEMENTS Statement of Financial
More informationCareer Opportunities with the Bureau of Audits
Career Opportunities with the Bureau of Audits An Equal Opportunity Employer DIRECTOR S INVITATION Dear Prospective Employee, Please accept this invitation to learn more about employment opportunities
More informationDEPARTMENT OF ENVIRONMENTAL PROTECTION BUREAU OF WASTE MANAGEMENT DIVISION OF MUNICIPAL and RESIDUAL WASTE GENERAL PERMIT WMGR156
DEPARTMENT OF ENVIRONMENTAL PROTECTION BUREAU OF WASTE MANAGEMENT DIVISION OF MUNICIPAL and RESIDUAL WASTE GENERAL PERMIT WMGR156 BENEFICIAL USE OF BAUXITE RESIDUE IN NATURAL ENGINEERED Issued: March 21,
More informationPennsylvania Coalition Against Rape. Financial Statements and Supplementary Information June 30, 2018 and 2017
Financial Statements and Supplementary Information June 30, 2018 and 2017 Table of Contents (continued) June 30, 2018 and 2017 Page INDEPENDENT AUDITOR S REPORT 1 and 2 FINANCIAL STATEMENTS Statement of
More informationBUCKS COUNTY TAX COLLECTION COMMITTEE TAX OFFICER, KEYSTONE COLLECTIONS GROUP FINANCIAL REPORT DECEMBER 31, 2014
BUCKS COUNTY TAX COLLECTION COMMITTEE TAX OFFICER, KEYSTONE COLLECTIONS GROUP FINANCIAL REPORT DECEMBER 31, 2014 CONTENTS INDEPENDENT AUDITOR S REPORT 1-2 FINANCIAL STATEMENT Statement of Cash Receipts,
More informationSUBPRIME LENDING OVER TIME: THE ROLE OF RACE
Discussion Papers COMMUNITY AFFAIRS DEPARTMENT SUBPRIME LENDING OVER TIME: THE ROLE OF RACE Marvin M. Smith Federal Reserve Bank of Philadelphia and Christy Chung Hevener Formerly, Federal Reserve Bank
More informationBUCKS COUNTY TAX COLLECTION COMMITTEE TAX OFFICER, KEYSTONE COLLECTIONS GROUP FINANCIAL REPORT DECEMBER 31, 2012
BUCKS COUNTY TAX COLLECTION COMMITTEE TAX OFFICER, KEYSTONE COLLECTIONS GROUP FINANCIAL REPORT DECEMBER 31, 2012 CONTENTS INDEPENDENT AUDITOR S REPORT 1-2 FINANCIAL STATEMENT Statement of Cash Receipts,
More informationTestimony of Jennifer Hatcher Senior Vice President, Government and Public Affairs Food Marketing Institute
Testimony of Jennifer Hatcher Senior Vice President, Government and Public Affairs Food Marketing Institute Before the House Oversight and Government Reform Committee Food Stamp Fraud as a Business Model:
More information2016 PEBTF Open Enrollment October 24, 2016 to November 11, 2016 For Medicare Eligible Retirees and COBRA Members
IMPORTANT REHP MEDICARE CHANGES FOR 2017 2016 2016 PEBTF Open Enrollment October 24, 2016 to November 11, 2016 For Medicare Eligible Retirees and COBRA Members The Retired Employees Health Program (REHP)
More informationA proposal: Real Tax Relief. for. Cumberland County Homeowners
A proposal: Real Tax Relief for Cumberland County Homeowners. 2 012. A proposal: Penny on a Dollar Sales Tax for Cumberland County Homeowner Property Tax Relief by Jim Hertzler Cumberland County Commissioner
More informationDEVELOPMENTAL PROGRAMS BULLETIN COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF PUBLIC WELFARE
DEVELOPMENTAL PROGRAMS BULLETIN COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF PUBLIC WELFARE DATE OF ISSUE April 10, 2008 EFFECTIVE DATE April 10, 2008 NUMBER 00-08-05 SUBJECT: Due Process and Fair Hearing
More informationTICKET TO WORK PROGRAM: A BENEFICIARY S GUIDE
(800) 692-7443 (Voice) (877) 375-7139 (TDD) www.disabilityrightspa.org TICKET TO WORK PROGRAM: A BENEFICIARY S GUIDE What Is the Ticket To Work and Work Incentives Improvement Act of 1999? The Ticket to
More informationPEBTF OPEN ENROLLMENT
PEBTF OPEN ENROLLMENT 2015 PEBTF Open Enrollment October 19 to November 6, 2015 For Non-Medicare Eligible Retiree and COBRA Members It s Open Enrollment time your annual opportunity to review your medical
More informationOverview for Contract Prior to utilizing a contract, the user should read the contract in it's entirety.
Overview for Contract Prior to utilizing a contract, the user should read the contract in it's entirety. CONTRACT DESCRIPTION This Contract provides all using Commonwealth agencies extermination services
More informationWORKFORCE INFORMATION NEWS RELEASE
651 Boas Street Room 220 Harrisburg, PA 17121 www.paworkstats.state.pa.us WORKFORCE INFORMATION NEWS RELEASE A-B-E UNEMPLOYMENT RATE ROSE TO 8.4% IN MAY EMBARGOED 12:01 A.M. TUESDAY, JUNE 28, 2011 CONTACT:
More informationLending and Foreclosure in NJ
Lending and Foreclosure in NJ Kathe Newman, Associate Professor and Director with Ben Teresa, Mirabel Chen, Michael D Orazio Research Associates Ralph W. Voorhees Center for Civic Engagement Urban Planning
More informationEconomic Outlook June Economic Policy Division
Economic Outlook June 215 Economic Policy Division U.S. GDP Actual and Potential Quarterly, Q1 198 to Q4 215 Real GDP Trillion 29 Dollars Log Scale $18. Forecast $15. $12.5 Actual Potential $9. $6.5 198
More informationProperty Tax Alert. Don t Miss Your Chance To Appeal Your Company s Real Property Tax Assessment. Introduction
July 2007 Authors: Jacqueline E. Bedard +1.717.231.5877 jacqueline.bedard@klgates.com Evan A. Bloch +1.412.355.6234 evan.bloch@klgates.com David R. Cohen +1.412.355.8682 david.cohen@klgates.com Raymond
More informationAssociated Pennsylvania Constructors 800 North Third Street, Harrisburg PA 17102
PLEASE FAX YOUR ORDER FORM TO 717-238-5060 Associated Pennsylvania Constructors 800 North Third Street, Harrisburg PA 17102 Phone: 717-238-2513 - Fax 717-238-5060 Letting Date 10/19/17 Company Name: Date:
More informationRecent Recent Developments 0
Recent Developments 0 Global activity has slowed noticeably World Trade (annualized percent change of three month moving average over previous three month moving average) Purchasing Managers Index (PMI)
More informationEconomic Outlook June Economic Policy Division
Economic Outlook June 215 Economic Policy Division U.S. GDP Actual and Potential Quarterly, Q1 198 to Q4 215 Real GDP Trillion 29 Dollars Log Scale $18. Forecast $15. $12.5 Actual Potential $9. $6.5 198
More information5.7% 5,895,200 13,778
PA MONTHLY WORKSTATS LABOR FORCE JOBS UNEMPLOYMENT COMPENSATION PA Monthly WorkStats presents the most up-to-date labor market highlights and happenings in the commonwealth. Information herein is produced
More informationThe President s Report to the Board of Directors
The President s Report to the Board of Directors April 4, 214 Current Economic Developments - April 4, 214 Data released since your last Directors' meeting show the economy was a bit stronger in the fourth
More informationThe Federal Reserve has set the target range for the federal
NationalEconomicTrends October Monetary Policy Stance: The View from Consumption Spending The Federal Reserve has set the target range for the federal funds at to 5 percent and intends to keep this near
More informationF.N.B. Corporation. Macquarie Capital (USA) Inc. Small- & Mid- Cap Conference 2010 New York, NY June 16, Stephen Gurgovits President & CEO
F.N.B. Corporation Macquarie Capital (USA) Inc. Small- & Mid- Cap Conference 2010 New York, NY June 16, 2010 Stephen Gurgovits President & CEO Brian Lilly Chief Operating Officer Forward-Looking Statements
More informationU.S. Chamber of Commerce Economic Outlook
U.S. Chamber of Commerce Economic Outlook December 211 Economic Policy Division Real GDP Outlook Percent Change, Annual Rate 2 1 1 - -1 197 197 198 198 199 199 2 2 21 U.S. GDP Actual and Potential Quarterly,
More information4.7% 5,994,700 99,110
PA MONTHLY WORKSTATS LABOR FORCE JOBS UNEMPLOYMENT COMPENSATION PA Monthly WorkStats presents the most up-to-date labor market highlights and happenings in the commonwealth. Information herein is produced
More informationEconomic Outlook. Presented to IPMA Executive Seminar. Steve Lerch Chief Economist & Executive Director. September 25, 2012 Chelan, Washington
Presented to IPMA Executive Seminar Steve Lerch Chief Economist & Executive Director Chelan, Washington WASHINGTON STATE ECONOMIC AND REVENUE FORECAST COUNCIL Summary The updated economic forecast is very
More informationRace and Housing in Pennsylvania
w w w. t r f u n d. c o m About this Paper TRF created a data warehouse and mapping tool for the Pennsylvania Housing Finance Agency (PHFA). In follow-up to this work, PHFA commissioned TRF to analyze
More informationEconomic Conditions and Outlook
Economic Conditions and Outlook Directors College Monroeville October 4, 18 Alexander Gilchrist Regional Economist Division of insurance and Research Disclaimer The views expressed in this presentation
More informationCOMMUNITY REINVESTMENT ACT PERFORMANCE EVALUATION
PUBLIC DISCLOSURE Date of Evaluation: FEBRUARY 2, 2009 COMMUNITY REINVESTMENT ACT PERFORMANCE EVALUATION Name of Depository Institution: SUSQUEHANNA BANK Institution s Identification Number: 682611 Address:
More informationWORKFORCE INFORMATION NEWS RELEASE
651 Boas Street Room 220 Harrisburg, PA 17121 www.paworkstats.state.pa.us WORKFORCE INFORMATION NEWS RELEASE EMBARGOED 12:01 A.M. WEDNESDAY, DECEMBER 29, 2010 CONTACT: WILLIAM SHOLLY INDUSTRY & BUSINESS
More information4.8% 6,005,900 60,000
PA MONTHLY WORKSTATS LABOR FORCE JOBS UNEMPLOYMENT COMPENSATION PA Monthly WorkStats presents the most up-to-date labor market highlights and happenings in the commonwealth. Information herein is produced
More informationThere has been considerable discussion of the possibility
NationalEconomicTrends February Housing and the R Word There has been considerable discussion of the possibility that ongoing troubles in the housing market could push the economy into recession 1 But
More informationRESEARCH BRIEF. The State of Industry: County Business Patterns Show Changing Economic Landscape
RESEARCH BRIEF The : County Business Patterns Show Changing Economic Landscape HARRISBURG The release of the 2015 County Business Patterns from the U.S. Census allows for an opportunity to assess both
More informationEconomic and Housing Outlook
Economic and Housing Outlook Volusia Building Industry Association July 18, 218 Robert Dietz, Ph.D. NAHB Chief Economist Housing Market Growing; Single-Family Lags Tax reform changes Macroeconomics post-tax
More informationECONOMIC AND FINANCIAL HIGHLIGHTS
ECONOMIC AND FINANCIAL HIGHLIGHTS FEDERAL RESERVE BALANCE SHEET Assets and Liabilities 2-3 REAL ESTATE Construction Spending 4 CoreLogic Home Price Index 5 Mortgage Rates and Applications 6-7 CONSUMER
More informationECONOMIC & REVENUE UPDATE
January 11, 2018 Summary summary The U.S. labor market gained 148,000 net new jobs in December. U.S. housing starts in November 2017 were 12.9% above their year-ago level. Consumer confidence declined
More informationTHE SOUTH JERSEY ECONOMIC REVIEW
THE SOUTH JERSEY ECONOMIC REVIEW About the SJER The SJER is part of a broader and on-going Stockton College initiative whose aim is to provide the region s stakeholders and policy-makers timely, highquality
More informationQ Economic Outlook
Q1 Economic Outlook Presented by: Craig Dismuke Chief Economic Strategist cdismuke@viningsparks.com 1/24/ Page 1 Q1 ECONOMIC OUTLOOK A. European Drama, Weak U.S. Growth, and Central Bank Intervention B.
More informationPennsylvania Public School Employees Retirement System (PSERS) Health Options Program. If You Are Eligible for. Medicare
Pennsylvania Public School Employees Retirement System (PSERS) Health Options Program If You Are Eligible for Medicare 2014 PSERS sponsors the Health Options Program for the sole benefit of PSERS retirees
More informationThe U.S. Economic Outlook, Fiscal Issues and European Crisis
The U.S. Economic Outlook, Fiscal Issues and European Crisis October 1 Troy Davig Director of Research Outlook themes The US remains in a moderate growth environment The unemployment rate is 8.1%, close
More informationSharp declines in home prices, followed by a financial
NationalEconomicTrends April Household Retrenchment Sharp declines in home prices, followed by a financial crisis and a steep recession, rattled US households in Economic misfortunes have caused many to
More informationECONOMIC AND FINANCIAL HIGHLIGHTS
ECONOMIC AND FINANCIAL HIGHLIGHTS LABOR MARKET Contributions to Change in Nonfarm Payrolls 2 Unemployment and Labor Force Participation Rate 3 MANUFACTURING ISM Manufacturing Index 4 CONSUMERS Light Vehicle
More information- US LEI & CEI - Yardeni Research, Inc.
- US LEI & CEI - 11 1 Figure. LEADING & COINCIDENT ECONOMIC INDICATORS (=, ratio scale) 11 1 Leading Economic Indicators recovering rapidly. Coincident Economic Indicators recovering slowly. 9 9 9 9 7
More informationCOMMUNITY REINVESTMENT ACT PERFORMANCE EVALUATION
PUBLIC DISCLOSURE August 26, 2013 COMMUNITY REINVESTMENT ACT PERFORMANCE EVALUATION BNY Mellon, National Association Charter Number 6301 One Mellon Center, 500 Grant Street Pittsburgh, PA 15258 Office
More informationThe U.S. Economic Outlook
The U.S. Economic Outlook Gering/Scottsbluff Economic Forum August 23, 216 George A. Kahn Vice President and Economist The views expressed are those of the author and do not necessarily reflect the opinions
More informationTURNING THE CORNER. Glenn Hutchins July Glenn Hutchins All rights reserved.
Glenn Hutchins July 15 Glenn Hutchins 15. All rights reserved. The Worst Economic Recovery in History Recoveries from Worst Recessions Note: Annual GDP Growth for the years subsequent to each recession
More informationFor full details of services and costs for each plan, please consult the Evidence of Coverage at GeisingerGold.com or call us for more information.
This Summary of Benefits contains 2019 plan information for: Geisinger Gold Classic Advantage Geisinger Gold Classic Advantage Rx Geisinger Gold Classic Complete Rx Geisinger Gold Classic Essential Rx
More informationCOMPREHENSIVE EMPLOYMENT REPORT PENNSYLVANIA OFFICE OF DEVELOPMENTAL PROGRAMS (ODP) August 2018
COMPREHENSIVE EMPLOYMENT REPORT PENNSYLVANIA OFFICE OF DEVELOPMENTAL PROGRAMS (ODP) August 2018 Pennsylvania Office of Developmental Programs (ODP) Comprehensive Employment Report July 2018 I want to work
More informationU.S. Economic Update and Outlook. Laurel Graefe, REIN Director Federal Reserve Bank of Atlanta October 2, 2013
1 U.S. Economic Update and Outlook Laurel Graefe, REIN Director Federal Reserve Bank of Atlanta October 2, 213 Following the deepest recession since the 193s, the economic recovery is well under way, though
More informationThe U.S. Economic Outlook
The U.S. Economic Outlook November, Economic Club of Sheboygan George A. Kahn Vice President and Economist Federal Reserve Bank of Kansas City Outlook themes Growth has rebounded following a soft first
More informationWith the tax filing season in full swing, these summary
NationalEconomicTrends March Income Taxes: Who Pays and How Much? With the tax filing season in full swing, these summary figures may provide some perspective on the issue of who is paying federal individual
More informationBANK NAME YEAR CENSUS TRACT LOAN TYPE PROGRAM NO. OF LOANS VALUE OF LOANS BNY Mellon N.A HM NONE BNY Mellon N.A
BANK NAME YEAR CENSUS TRACT LOAN TYPE PROGRAM NO. OF LOANS VALUE OF LOANS BNY Mellon N.A. 2015 2612.00 HM NONE 1 700 BNY Mellon N.A. 2015 2162.00 HM NONE 1 500 BNY Mellon N.A. 2015 2641.02 HM NONE 1 784
More informationHouse prices in the United States were 14.1 percent
NationalEconomicTrends August How Much Have US House Prices Fallen? House prices in the United States were 11 percent lower in the first quarter of than they were a year earlier, according to a widely
More informationRECESSION AND RECOVERY IN NEBRASKA AND THE U.S.
RECESSION AND RECOVERY IN NEBRASKA AND THE U.S. Alison Felix Senior Economist Federal Reserve Bank of Kansas City The views expressed are those of the presenter and do not necessarily reflect the positions
More informationOld Dominion University 2013 National Economic Outlook
Old Dominion University 2013 National Economic Outlook January 30, 2013 Professor Vinod Agarwal Professor Mohammad Najand Professor Gary A. Wagner www.odu.edu/forecasting 1 Presentation Outline 2012 Scorecard
More informationDecline in Economic Activity Larger Than Advance GDP Estimate February 27, 2009
Northern Trust Global Economic Research 5 South LaSalle Chicago, Illinois 663 northerntrust.com Asha G. Bangalore agb3@ntrs.com Decline in Economic Activity Larger Than Advance GDP Estimate February 27,
More informationForeclosure Mitigation Counseling Initiative
Foreclosure Mitigation Counseling Initiative Legal Aid Counseling Referral Form Available to anyone using FMCI Legal Agency Check Here to Expedite Services If Foreclosure/Sheriff Sale Date is within two
More informationThe relatively slow growth of employment has
NationalEconomicTrends August Please go to researchstlouisfedorg/publications/net for important information about your subscription Labor s Share The relatively slow growth of employment has been a prominent
More informationHOME CONSTRUCTION 5 Steps to Planning & Financing Your Project
HOME CONSTRUCTION 5 Steps to Planning & Financing Your Project Build Your Country Living Dreams Living in the country provides endless opportunities. You can purchase livestock, plant crops or just sit
More informationPennsylvania 2013 Standard State All-Hazard Mitigation Plan
4.3.16.9. State Facility Loss Estimation Winter storm hazards can cause a range of damage to state critical facilities that will depend on the magnitude and duration of storm events. Losses may be as small
More informationIn 2010, the first of the Baby Boom generation will
NationalEconomicTrends September 7 Can Social Security Survive the Baby Boomers? In 1, the first of the Baby Boom generation will reach age Many will choose to begin what they hope will be a long and financially
More informationUnited States. Gross Domestic Product Percent change over year-ago level. Industrial Production Index, 2010=100. Unemployment Rate Percent
United States Summary Indicators Gross Domestic Product Percent change over year-ago level Industrial Production Index, 2010=100 1.0 1.5 2.0 2.5 3.0 3.5 4.0 2.5 108 110 112 114 114.9 4.0 4.5 5.0 5.5 6.0
More informationEconomic Outlook. William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago
Economic Outlook CRF Credit & A/R Forum & EXPO Salt Lake City, UT October 23, 218 William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago What I said In August The outlook
More informationPennsylvania 2013 Standard State All-Hazard Mitigation Plan
Table 4.3.4-7 Estimated jurisdictional losses in Extreme Cold Temperature areas COUNTY 2010 POPULATION NUMBER OF IMPACTED BUILDINGS DOLLAR VALUE OF EXPOSURE, BUILDING AND CONTENTS (THOUSANDS $) Juniata
More informationEconomic Outlook. Cathy E. Minehan President and CEO Federal Reserve Bank of Boston. Presented to Regional and Community Bankers June 7, 2005
Economic Outlook Cathy E. Minehan President and CEO Federal Reserve Bank of Boston Presented to Regional and Community Bankers June 7, 5 Overview of the US Economy Over the near-term, the expansion appears
More informationCredit, Housing, Commodities and the Economy Chartered Financial Analysts Institute Annual Conference
Credit, Housing, Commodities and the Economy Chartered Financial Analysts Institute Annual Conference May 13, 2008 Janet L. Yellen President and CEO Federal Reserve Bank of San Francisco Overview Financial
More information