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O C TO B ER 1957 buiiincj5S re vipw federamieserv^ ^H H ■/ -vl BAN K OF PHILA DELPHIA W FACES IN FOREIGN FINANCE ^ B o w in g the changing pattern o f fo reig n tra d e , delp hia banks are doing more business a b ro a d , -their fo re ig n departm ents have new p erso p n el, more overseas corresp on d en ts, new dom estic customers. IS0 tI$ E$ AND CARS: W H A T HAPPENED TO DEMAND? The cash buyer saw it clearly some time a g o . N ow the cred it buyer fe e ls it. House and car p rice s ha ve risen fa ster than a ve ra g e. A LOOK AT BUSINESS ON A HIGH PLATEAU Third District business seem s to be sta bilizin g at a high level. But this ye a r's fa ll upswing may be less p ron oun ced than usual. NEW FACES IN FOREIGN FINANCING A local banker picked up the phone. “ Guten Mor commotion. This bank, mythical but typical of gen. Was ist heute mit dem Geldmarkt los?” banks in regional money markets, is relatively new said a voice at the other end of the line. The listen in the field of foreign financing. For a long time ing banker wasn’t a bit surprised. He worked in it did little or no direct business abroad. the foreign department and calls from correspond ents all over the world were commonplace. New York banks handled almost all of the coun try’s overseas banking before World War II. While Not too long ago it would have been a different a few other banks, including several in Philadel story. A transatlantic call would have caused a phia, did some foreign business, most shied away business re v ie w from it. The tendency was to think of foreign While countries as remote and mysterious, of for mercial business abroad, they have not been able eign financing as complicated and dangerous. to increase significantly their business with foreign Conversely, many foreign bankers considered governments or central banks. This type of activ New York the only place to do business in Amer ity still is centered in New York. Foreign govern these banks have gained new com ica. They had vague notions about the rest of the ments whose gold reserves and securities are held country; hazy conceptions of vast areas populated by the Federal Reserve Bank of New York con with cowboys, gangsters, and uneducated million tinue to do most of their United States banking in aires. As a result, most financial transactions with that city. countries abroad funneled through New York. These mutual misconceptions have all but dis P h ila d e lp h ia ’s fo re ig n b a n k in g appeared in recent years. Foreigners have discov About half of the member banks in Philadelphia ered the rest of the United States and vice versa, — usually the larger ones— now have foreign de with profitable consequences for both. Many larger partments. They are full-fledged banking depart banks throughout the country have started or ments and are treated as such, not as subjugated greatly expanded their foreign operations. While service units. Foreign departments have been New York banks still dominate the field and have called “ a bank within a bank” for they function in also stepped up their activities abroad, they have, the foreign field much as any commercial bank relatively speaking, been losing ground in the last does at home. They handle deposits, make loans to decade. Banks in other major cities now account for a larger share of the nation’s overseas business. business, collect notes and drafts, and even assist the consumer when he travels abroad. The increased volume and changing pattern of foreign trade have led this dispersion of banking Foreign departments of local banks are con cerned principally with the overseas business of activity. Rebuilding war-damaged economies, vari industry in Philadelphia, New Jersey, Delaware, ous aid programs, greater inflation abroad, and and Maryland. the lingering cold-cool war all have spurred the to foreigners (generally to foreign banks), the demand for American exports. bulk of their loans is made to nearby importers Imports have increased too. Our higher stand Although they extend credit and exporters. These loans usually are secured by ards of living and growing production have en title to the goods themselves and involve a rather abled us to buy more foreign goods. Wine, wool complicated procession of documents which we ens, sport cars, raw materials, and many other won’t go into here. In essence, however, the opera items pour into the country almost daily. United tion is simple. The bank pays the seller ( or his States firms are doing more business abroad and bank) when the goods are shipped or delivered many American companies are tasting foreign and collects from the buyer (or his bank) at a trade for the first time. later date. A number of banks in regional centers saw the In addition to financing, Philadelphia foreign new opportunity. They recognized the demand for departments perform a variety of other services. foreign services that existed on their doorsteps They are excellent sources of up-to-date informa and set up foreign departments or augmented existing nuclei. tion and advice on conditions in foreign countries for their clients. You name the country and they 3 b usiness re v ie w can tell you about its market potentials, political tage of an on-the-spot agent in completing trans environment, exchange restrictions, legal quirks, actions and collecting data. and so on. They also can get credit ratings on pos Direct correspondent dealings abroad are pretty sible foreign buyers should an exporter wish to sell much confined to those Philadelphia banks that have foreign departments. The others, of course, on open account. The departments can exchange your dollars for will accept foreign business for a customer but francs, lira, or whatever unit you want— or they’ll they generally process it through a New York change foreign currency to dollars. They have facilities to send money abroad in payment of bills bank. The New York bank completes the trans action, using its own foreign representatives, and or as gifts to friends and relatives. Transportation arrangements may be made through some banks, splits any fees involved with the originating bank. Philadelphia has a long tradition in foreign and letters of credit or travelers checks are avail financing, dating back to prerevolutionary days. able to smooth and safeguard the tourist’s money Even in more modern times, foreign banking ac tivity started earlier here than in most other matters in distant countries. Since Philadelphia banks have no overseas reserve cities. Our first foreign department was operate established shortly after the turn of the century through correspondents abroad. They maintain and another was operating before 1920. But this working balances in a network of foreign banks early business was on a relatively limited scale and with which they directly exchange business and dwindled down to a minimum in the 1930’s. branches, their foreign departments information. In this way each bank has the advan- Foreign banking in Philadelphia has become much more important since World War II. Several new foreign departments have been set up or ac PHILADELPHIA BANKS HAVE EXPANDED THEIR CORRESPONDENT TIES ABROAD AT A FASTER RATE quired and at least one other is in the planning Member bank deposits of and in foreign banks— percentage increase 1946 to 1956 the number of their foreign correspondents and PER CENT 100 stage. As the departments have grown in personnel and scope of service, they have almost doubled now do business in virtually all the important countries on the sunny side of the Iron Curtain. Foreign banking here has been influenced by the general growth and scattering of foreign trade that we have mentioned. In addition, it has re ceived impetus from factors more or less particu lar to this area. Nature has given Philadelphia a fine port and man has made it better. The channel from the sea has been dredged, docking facilities improved, and all the strong points have been well publicized. A large industrial hinterland has capitalized on what nature and man have provided and Philadelphia U. S. DEPOSITS OF FOREIGN BANKS 4 U. S. DEPOSITS IN FOREIGN BANKS now ranks second among all United States ports b usiness re v ie w a high level of business to justify their existence. INCREASED PORT ACTIVITY HAS BEEN A FACTOR IN THE DEVELOPMENT OF FOREIGN BANKING HERE Mergers may supply either a ready-made foreign department or the potential to warrant the crea tion of one. More business comes to the combined The value of water-borne foreign trade through the port of Philadelphia bank through the aggregation of both banks’ cli entele and through higher loan limits to attract MILLIONS $ larger firms. Philadelphia bankers report that pride and pres tige also are elements in their decisions to enter the foreign business. A bank is proud to be able to offer a full spectrum of services and the ability to do so adds to its prestige in the financial com munity and in the eyes of its customers. Perhaps another “ P,” for profit, should be added. Well-run foreign departments usually are profitable in their own right and they yield further dividends that don’t show up on accounting statements. Foreign banking service has proved a useful lever in get I 1946 I I 1948 I I 1950 I I 1952 I I 1954 I I 1956 in total tonnage, fifth in dollar value of trade. ting or retaining domestic business. Once a com pany has received efficient foreign service from a bank it tends to do more of its regular banking there. Port activity doesn’t automatically mean busi ness for Philadelphia banks because many cargoes don’t require bank financing. Raw materials, such as iron and ore or crude oil, often are financed internally by the importing companies. Still, a general relationship exists between port activity and bank activity. Enough shipments need bank ing services to enable our banks to count the port as a major asset. The merger movement, especially strong in Philadelphia, has been another factor in the devel PHILADELPHIA’S SHARE OF FOREIGN TRADE AND FINANCING Last year Delaware River ports handled 9.1 per cent of the dollar value of the nation's imports, 3.2 per cent of its exports. Philadelphia banks report a 4.0 per cent share of all member bank deposits in foreign banks and opment of local banks’ foreign operations. It has 1.5 per cent portion of foreign bank demand de helped solve the problems of both setting up and posits held by member banks. supporting a foreign department. Foreign financ The Third District, with activity centered in ing is a tricky business, requiring specialists. Qual Philadelphia, now accounts for 4.5 per cent of all ified personnel with training, experience, ability, bankers' dollar acceptances based on imports and and the command of several languages are hard to .4 per cent of those based on exports. find. Once found, they and their departments need 5 b usiness re v ie w HOUSES AND CARS: WHAT HAPPENED TO DEMAND? Americans love houses and cars. Not necessarily E v a p o ra tio n , s a tia tio n , and s a tu ra tio n in that order. In large metropolitan areas, thousands go tram Housing analysts most frequently point to tight money as a cause for the drop-off in housing starts pling around every weekend looking over the since 1955. Many deny any decline in demand. “ sample.” Some look because they really are in the Their point is that more houses would have been market for a house. Others don’t think they are in built and sold if FHA and VA mortgage money the market, but if tempted could fall prey to the had been available for financing. Without ready home’s charm and the salesman’s wiles. Many look FHA and VA commitments, starts have declined out of sheer fascination and end up in a state of and demand has seemed to evaporate. weary frustration. But some others go beyond tight money and Automobiles beguile consumers. To a very few blame consumer satiation. In the 10 years from they provide transportation, nothing more. But to 1947 through 1956 we built 11 million housing most of us they are a means to a fuller life, the units. This was enough to match current require biggest and best toy, a source of pride, a symbol ments, plus filling the voids created by World War of status; something to work for, pore over and II and the Great Depression. We’ve reached the worry about. point, they say, where consumer needs are satis Such is our love for these items that we buy more houses than overcoats, and dad long ago learned that his topcoat was expected to outlast fied. Demand now depends strictly on the rate of new family formation. Then too there is talk of site saturation. Build the family car. It is not too unusual to find a man ers, it is said, have used up all the “ good ground.” with only a modest wardrobe of clothes having a Most of the improved land and accessible sites home in the suburbs, a small cottage at the shore have been developed. A new strong wave of home or mountains, a car for business, one for his wife, building waits on new highway latticework and and a “ jalopy” (5 years old) for his teenage son. expanded water and sewage facilities. It is with some wonderment, therefore, that we read reports that houses and cars aren’t selling. O v e rs e llin g , “ u n d e rp ro d d in g ,” Some of us might be reminded of the old saw about and d ise n c h a n tm e n t the line between love and hate being as thin as a Automobile people use different words to explain razor’s edge, until we look more closely at the their situation. Most frequently they talk about sales figure. “ Not selling” is a little strong to de overselling in 1955— the point being that the in scribe the consumption of roughly one million dustry sold so hard and fast in that year that it houses and six million cars. Be that as it may, sales “ borrowed” sales from future years. since the boom in 1955 have been disappointing. Why? 6 In private conversations there is as much talk about “ underprodding” as overselling— “ under- business re v ie w prodding” being a reference to the partial loss of the carmakers’ “ whip” over their dealers. Dealers squawked loudly in 1955 that carmakers were HIGH PRICES MAY HAVE AFFECTED CASH SALES OF CARS SOME TIME AGO PER CENT pressuring them to sell next year’s market this year. They argued that with franchise arrange ments distinctly favoring the manufacturers, deal ers were “ forced” to sell cars pretty much on buyers’ terms. Since that time manufacturers and dealers have had a meeting of minds. The result: more amicable relations, but it’s likely that not as many cars are being sold as would be under the former arrange ment. Finally, some are beginning to wonder if the consumer is feeling just a little disenchantment with automobiles— at least big ones. For so long now cars have meant so much to Americans that it is difficult to accept the idea of waning enthusi 1947 1949 1951 1953 1955 housing costs are about 42 per cent higher than in asm. Yet it could be. More “ thought pieces” are 1947. Automobiles cost the consumer roughly 42 being written about the foolishness of the new cars. “ How long and low can they get? Already per cent more. Both have risen nearly twice as fast as the average of all other consumer prices. they’ve outgrown garages and scraped driveways.” Basically these sharp advances in price reflect “ More horsepower so we can go faster bumper to bumper.” the tremendous demand that homes and cars There is evidence in addition to the written would affect the amount demanded also? It seems so. word. The biggest cars— once the symbol of wealth enjoy. Isn’t it logical to expect that these increases — are slowly being replaced with small sports cars. Of course, for quite some time now, advances in This is confusing to many consumers. Why move prices of houses and cars have consistently out up to bigger cars when many “ tastemakers” are paced the average of other consumer prices. Yet buying smaller ones? Maybe it’s better to wait and demand for both seemed unaffected— at least until see what’s going to happen. recently. This perhaps explains the reluctance to blame disappointing demand on consumer resist P ric e — O h n o , n o t th a t! ance to high prices. It’s sort of strange, when you think over the usual But advances in house and car prices may not explanations offered, that so little is said about have had their full impact on consumers until the prices. Doesn’t our entire economic system depend period since 1955. on the price mechanism? Prices affect everyone, reflect everything. To explain this statement it is necessary first to remind ourselves how dependent both industries Certainly prices of homes and cars have moved are on “ time buyers” — users of mortgage and in in a similar way over the past decade. Residential stalment debt. More than 80 per cent of houses 7 b usiness re v ie w sold involve mortgage arrangements and 60 to 70 is to look for dissimilar causes for the decline in per cent of all cars are bought on the instalment the demand for houses and cars. But it is possible plan. that the much faster-than-average price rises for The terms extended these time buyers can dis these products is one common explanation. tort or cushion the impact of price changes. This is If this is the case, resurgent demand for homes because many car buyers measure changes in price and cars may wait upon developments that will en by changes in the amount of their monthly pay able consumers to increase the purchasing power ments. In other words, they are most interested in how much it costs per month— not so interested in of their house and car dollar. the actual price, or the duration of the monthly payments. Generally, from 1947 through 1955, mortgage and instalment debt contracts were being length WHAT HAPPENED TO DEMAND? meant that prices of houses and cars, as measured TH EN From 1947 to 1955 the selling price of cars rose by about 30 per cent. So that a car that sold for $2,000 in 1947 cost about $2,600 in 1955. by the size of the monthly payment, rose more The cash buyer saw the 30 per cent rise clearly. ened— the maturities of the loans extended. This slowly than the actual price. The box opposite illustrates this point. Since 1955 mortgage loan maturities have shortened as relatively fewer FHA and VA loans are extended. Interest rates on the loans written have tended to rise. So that monthly payments have more than reflected price changes of the past two years. Instalment loan maturities have pretty much stabilized. The full impact of price increases since 1955 has hit the time buyer. It is reasonable to suppose that these developments contributed to disappointing sales. C onclusions It is difficult to think of two industries structurally more different than housing and automobiles. Homebuilders are numerous, much of their work is on a custom basis, they build for a local market, they change the style of their product very slowly. Carmakers are very few in number, mass produc tion is an industry trademark, their market is nationwide, style changes come rapidly. For this reason and many others, the tendency 8 In 1947, however, the time buyer pretty much was limited to 24 monthly instalment payments. If he made a down payment of $700, he had to pay off the $1,300 balance at the rate of about $57 per month plus insurance and financing charges. In 1955 the time buyer was able to get 36 month terms. Assuming the same $700 down payment, he paid off the $1,900 balance at the rate of about $55 per month plus insurance and financing charges. The time buyer, eyes glued on monthly pay ments, didn't feel the rise at all. NOW S ince 1955 car prices have risen by about 8 per cent. The car that cost $2,600 in 1955 sells for more than $2,800 today. The cash buyer sees this 8 per cent rise clearly. In 1955, time buyers were able to secure 36 month terms. Assuming $700 down payment, the monthly payments came to about $55. Today the time buyer still may get 36 month terms. W ith the same $700 down payment, the balance has to be paid off at the rate of about $61 per month plus insurance financing charges. The time buyer, eyes still glued on monthly pay ments, sees the rise clearly. b usiness re v ie w A LOOK AT BUSINESS ON A HIGH PLATEAU Looking over the economy of the Philadelphia employment. This came in mid-July because of Federal Reserve District, we can find no signifi cutbacks in the railway car shops, and the prospect cant areas of resurgent strength nor is there con of little offsetting improvement in other local in vincing evidence of additional weakness. Over-all dustries. In a majority of our labor markets, em activity seems to have leveled off on a high ployers’ hiring schedules for the fall months indi plateau. And in many sectors it is becoming ap cated a rise in area job totals, although in many parent that this year’s fall upswing will be less cases estimates were somewhat less optimistic than pronounced than usual. Factory employment and the production of basic those made a year ago. materials have been largely maintained. The con whole has risen a little above the midsummer low. struction industry’s main area of weakness still is homebuilding. Sales volume in the department textiles, apparel, and food processing, along with stores continued high over a great part of the year, a resumption of normal activity in the cement in but their September business was not up to expec tations. Automobile sales, so disappointing of electrical machinery, little real improvement through the spring months, have not improved as is apparent. Trends in working time in most in expected, but neither has demand deteriorated dustries have been much the same as in employ to any noticeable extent. Freight volume on the ment. Fa c to ry e m p lo y m e n t in the District as a But this reflects chiefly seasonal gains in lines like dustry. In metalworking lines, with the exception area’s railroads continues a little smaller than in In places like Harrisburg, Lancaster, and Wil 1956 and still shows no decisive trend. Farm in mington, employment at factories has been rising come, running at last year’s levels to midsummer, slowly for several months. Although seasonal must soon reflect the losses incurred in a record- factors seem to have played an important role, it breaking drought. Consumer prices here, as else is significant that stability is being achieved in where, continue to rise almost without interrup several lines that had shown persistent weakness tion. earlier in the year. These included primary and La b o r-fo rc e changes over the summer re fabricated metals and transportation equipment. flected largely seasonal influences and the reper The usual late summer upswing has not been cussions of a month-long strike in the District’s so apparent in the Philadelphia industrial area. important cement industry. However, one major Renewed strength has appeared in textiles and labor market area— Altoona— was reclassified to apparel. Some employment increase also is re a category denoting a significant increase in un ported in electrical machinery, but a more or less 9 business re v ie w static situation persists in other heavy industries usual winter and spring months. The overseas de in this area. Factory employment in Reading mand, however, has been increasing. Lately, and Trenton, continues well below the levels of sharply lower ocean freight rates have greatly im a year ago. In the Lehigh Valley, activity has proved the competitive position of anthracite in returned to about the status prevailing before all of the more important European markets. the cement plants closed, while in York a sharp B u ild in g a c tiv ity , as measured by the value downtrend in employment has been reversed of contracts awarded in the larger city areas of since midsummer. The important textile and ap parel industries in Scranton have resumed full- this District, has continued to run a little above 1956 levels. This favorable comparison reflects a scale operations, but that area’s employment pic larger dollar volume of contracts let for public ture is clouded by impending cutbacks in ord works and utilities and nonresidential buildings. nance plants. In the field of homebuilding, however, sharp de Basic s te e l p ro d u c tio n in this District de clines from 1956 have persisted since the very clined, as it usually does over the summer, from beginning of the current year. On the basis of F. above-capacity levels that prevailed through al W. Dodge figures, housing awards have been off most the entire first half of 1957. By late Septem sharply in cities like Philadelphia, Allentown- ber there was increasing evidence that operations Bethlehem, Harrisburg, Lancaster, and Reading. might stabilize around an 85 to 90 per cent level These areas account for about two-thirds of the compared with a rate 100 per cent or better main District’s residential contract total. Wilmington tained in the closing months of 1956. Here, as else and Trenton were two city areas also having where in the country, a fall pickup in the demand a significant dollar volume of residental awards from fabricators has been somewhat short of ex pectations. Delivery stretchouts seem to be the order of the day, partly because procurement for many steel products has eased considerably in re cent months. Little capacity for making crude steel has been added since spring, but new fabricating facilities still are being built and some existing equipment will be modernized in the interests of greater efficiency and improved competitive posi tion. O u tp u t o f coal has been fairly well main tained so far this year. Pennsylvania’s bituminous where activity has been considerably higher this year than last. D e p a rtm e n t s to re sa le s over much of the year to date have been the most encouraging of all local business indicators. Dollar volume in the District as a whole and in virtually all our larger city areas continued above 1956 through August. And in two of the first eight months, sales on a seasonally adjusted basis were the highest on rec ord. But September business was disappointing, with weekly sales figures trailing those of a year tonnage through mid-September suggested a gen earlier by substantial margins. It is difficult to pin erally stable, although somewhat less active, in point the reason for this reversal of trend. It seems dustrial demand than prevailed over much of last likely, however, that unseasonably warm weather year. Anthracite production has continued at over much of last month was discouraging to shop somewhat lower levels than in 1956. Domestic pers’ interest in the new lines of fall merchandise. markets generally were less active because of a And an early Labor Day could have prompted reduced heating demand through the milder-than- some back-to-school buying in August. 10 business re v ie w N ew p a sse n g e r-c a r re g is tra tio n s in Third Fa rm cash income in Pennsylvania, New Jer District counties of Pennsylvania compared un sey, and Delaware, showed virtually no change favorably with 1956 in almost every month from a year ago in the seven months ended July. through August. Although the trend was toward In that period, larger receipts from crops offset a higher levels in the late spring and early summer, small decline in the livestock component, attribut the extent of seasonal improvement was consider able chiefly to low prices received for poultry and ably short of expectations. Registrations in the eggs throughout the spring months. But heavy first eight months were 11 per cent smaller than in crop losses sustained in last summer’s record the same period of 1956. On a quarterly basis, the drought suggest an unfavorable income compari sharpest decline came in the initial three months, son in the months ahead. Although some increases when the cumulative figure was off 22 per cent are expected in receipts from livestock products, from a year earlier. Used-car markets in our area it is unlikely they will be sufficient to offset losses provided a somewhat brighter spot in the automo stemming from greatly reduced marketings of mid season crops. bile sales picture, with demand generally well maintained at stable prices. L iv in g costs in our area, as elsewhere in the F re ig h t- c a r lo a d in g s in the Allegheny re country, still give little indication that the rising gion, which includes this Federal Reserve District, trend of the past twenty months may soon level off. have been running slightly below their year-ago In Philadelphia, the Bureau of Labor Statistics level. Much of the decrease from 1956 reflects index measuring consumer prices has continued to smaller shipments of coal and merchandise and miscellaneous freight. The latter category is made advance in all but one of the past eight months, and in mid-August was approximately 3 per cent above up in considerable part of manufactured products. its year-ago level. Locally, steadily rising prices Preliminary data covering most of September sug for foods have been the chief contributing factor. gest that car loadings may not show their usual The cost of both medical and personal care also seasonal increase in that month. A recent forecast has been increasing. But the housing and clothing of fourth-quarter loadings by this region’s Ship components are little higher than at the turn of pers Advisory Board calls for a decrease of about the year, despite considerable fluctuations between 2 per cent from the comparable 1956 period. winter and midsummer. 11 FO R TH E R E C O R D . . . T h ird Fed era l Reserve D istric t Check Payments Pe r cent change P e r cent change SU M M A RY 8 year ago mos. 1957 from year ago mo. ago year ago mos. 1957 from year ago -4 +3 - + 7 +32 +2 +2 0 0 + 2 -1 +1 2 +4 +1 +2 mo. ago O U TP U T M a n u fa c tu rin g prod uction. . . + 2 C o a l M in in g .................................. + 3 1 EM PLO Y M EN T A N D IN C O M E Factory employment ( T o t a l) . . . + i u l iu y w uy + TR A D E” Departm ent store s a le s ............. + + B A N K IN G ( A ll member banks) D e p o sits............................................ L o a n s ................................................. Investm ents...................................... U .S . G o vt, s e c u ritie s ............... O t h e r .............................................. Check paym ents........................... - 8 A u g u st 1 9 5 7 from 1 2 -1 + 1 6 2 + 5 + 5 A u g u st 2 1 0 + 3 + 3 1 9 5 7 from LO C A L CH AN G ES 1 0 0 0 1 5t +3 + 5 +2 +2 0 +3 0 + 1 1 0 0 - 0 1 + 41 + - 0 1 5 + + 3 5 +3 +6 -2 -3 +2 +4 +3 +7 -3 -4 0 +7 +3 +3 +4 Employ ment Pa yrolls Sales Stocks Pe r cent change A u g u st 1 9 5 7 from Pe r cent change A u g u st 1 9 5 7 from Pe r cent change A u g u st 1 9 5 7 from Pe r cent change A u g u st 1 9 5 7 from P e r cent change A u g u st 1 9 5 7 from mo. ago mo. ago mo. ago year ago 4-5 -1 + 12 + +2 +3 + 3 +11 La n c a ste r. . . . + 2 -1 + 1 + 0 mo. ago year ago mo. ago P h ila d e lp h ia .. + Department Sto re Factory* U n ite d States 0 year ago year ago 4 1 +16 + 2 + 0 + 3 +15 + 4 +12 4 + + - 6 + - 1 +13 0 7 - 4 + 3 8 5 8 +19 0 R e a d in g ............ 0 + 1 - + 4 - Sc ra n to n .......... +2 -2 + 2 0 +31 + 2 + 6 - 4 - 1 + T re n to n ............ +1 +1 + 2 + 7 +10 + 7 +12 + 6 W ilk e s - B a rre . + 2 0 + 3 + 8 +21 + 4 + +3 - 3 +10 +3 -6 + 4 - +28 +10 + + 5 2 -4 W ilm in g to n . . . + 2 6 +12 3 + year ago -1 0 + 4 1 + 3 4 + 1 - 8 + 4 -2 3 + 1 - 2 P R IC ES C o n su m e r......................................... ‘ •A d justed fo r seasonal v a ria tio n . 12 0}] +3t + t 2 0 C itie s 3t 0 0 +4 tP h ila d e lp h ia Y o rk ................... 4 +18 - 1 + 2 -1 2 - 7 ‘ N o t restricted to corporate lim its o f cities but covers areas o f one o r more counties.
@FedFRASER