For immediate release
Contact: Daneil Mazone, Media Relations, 215-574-7163
Philadelphia, PA — A Federal Reserve Bank of Philadelphia survey of Greater Philadelphia Chamber of Commerce members shows that business conditions improved in 2015 compared with 2014. Survey respondents expressed optimism that conditions will continue to improve in 2016.
The annual survey, now in its sixth year, offers a perspective on the region's economic competitiveness and the issues that will affect the business community in the coming year. The survey, which was conducted in December 2015, polled 129 chamber members. Elif Sen, a senior economic analyst with the Philadelphia Fed, presented the results today at the chamber's Economic Outlook event at the Hyatt at The Bellevue in Philadelphia.
“About 59 percent of the respondents are optimistic that business activity in the region will increase in 2016,” said Sen. “More than 44 percent reported that they expect to hire more full-time permanent employees in 2016.”
Overall, respondents identified domestic competition, labor quality, and poor sales as their most critical business issues.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan 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 Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.