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Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia’s Research Department conducted a survey of Greater Philadelphia Chamber of Commerce members to get their views and outlook on the local economy, and the Bank’s Research and Policy Support Manager, Jason Novak, presented the results today at the Greater Philadelphia Chamber of Commerce’s Economic Outlook 2011, held at the Hyatt Bellevue in Philadelphia. The event was sponsored by Firstrust Bank.
The survey was designed to give a perspective on the region’s economic competitiveness and the issues that will affect the business community in the coming year. During the survey’s period from December 1 to December 15, 2010, more than 200 chamber members participated by answering questions about business activity in the region; they also communicated their specific business challenges.
The survey’s participants were optimistic about business activity in the year ahead. Almost 50 percent of the survey participants said they expect business conditions for their company to improve in 2011, and 13 percent of the respondents said they expect significant improvements in overall business conditions.
“We are pleased with the survey’s results. But it is important for people to recognize that we still face several challenges, as evidenced by the fact that 16 percent of the respondents said the cost of benefits for employees remains a significant problem, and the fact that 28 percent reported they are still experiencing poor sales. We are making progress, but there is still ground to be gained,” said Novak.
The Greater Philadelphia Chamber of Commerce is dedicated to promoting regional economic growth, advancing business-friendly public policies, and servicing its members through outstanding programs, benefits, and services. As an advocate for regional development, the Greater Philadelphia Chamber of Commerce is dedicated to supporting and encouraging the continued growth of each of its approximately 5,000 member companies together with the regional business community.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Federal Reserve Bank of Philadelphia serves eastern Pennsylvania, southern New Jersey, and Delaware.