Many years ago, there was a breakfast cereal commercial in which people were asked if they could remember what they ate for breakfast that morning. Of all the non-answers given to that question, one stuck in my head and remains there to this day:
"Well, it was sort of ...beige."
That, I'd say, pretty aptly describes the economic outlook for the next few months for the Philadelphia region, based on the latest Federal Reserve "Beige Book" report for the Philadelphia district, which encompasses eastern Pennsylvania, southern New Jersey and Delaware.
According to the Philadelphia Fed, the region's businesses and industries are sending mixed economic signals right now. Manufacturing and retail are up, demand for credit and service sector activity is flat, and the real estate market is heading south. What's more, no one is forecasting anything more than modest growth in the near future.
In other words, it looks like the next three months are not much different from the three that just ended. Retailers will likely be adding to their workforces to handle better-than-expected sales, while Realtors will likely be beating the drums for sellers and buyers more than taking new agents on board. Car dealers had better-than-expected sales this fall too, but they don't expect that good fortune to continue into the new year. Manufacturers may have good reason to add to their workforces, but as long as they aren't lining up to take out loans to expand capacity, those additions will likely be small in number.
In short, the region's economy - and thus its job market - appear neither very bright nor terribly dark right now or in the months ahead, and there's nothing to get excited about. In other words, "sort of...beige."
Find more colorful employment in your field at PhillyJobs.com.
"Well, it was sort of ...beige."
That, I'd say, pretty aptly describes the economic outlook for the next few months for the Philadelphia region, based on the latest Federal Reserve "Beige Book" report for the Philadelphia district, which encompasses eastern Pennsylvania, southern New Jersey and Delaware.
According to the Philadelphia Fed, the region's businesses and industries are sending mixed economic signals right now. Manufacturing and retail are up, demand for credit and service sector activity is flat, and the real estate market is heading south. What's more, no one is forecasting anything more than modest growth in the near future.
In other words, it looks like the next three months are not much different from the three that just ended. Retailers will likely be adding to their workforces to handle better-than-expected sales, while Realtors will likely be beating the drums for sellers and buyers more than taking new agents on board. Car dealers had better-than-expected sales this fall too, but they don't expect that good fortune to continue into the new year. Manufacturers may have good reason to add to their workforces, but as long as they aren't lining up to take out loans to expand capacity, those additions will likely be small in number.
In short, the region's economy - and thus its job market - appear neither very bright nor terribly dark right now or in the months ahead, and there's nothing to get excited about. In other words, "sort of...beige."
Find more colorful employment in your field at PhillyJobs.com.
By Sandy Smith
Sandy Smith is an award-winning writer and editor who has spent most of his career in public relations and corporate communications. His work has appeared in The Philadelphia Inquirer, the Philadelphia CityPaper, PGN, and a number of Web sites. Philly-area residents may also recognize him as "MarketStEl" of discussion-board fame. He has been a part of the great reserve army of freelance writers since January 2009 and is actively seeking opportunities wherever they may lie.
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