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Happy days are here again
The Web site for the award-winning alternative weekly, the Philadelphia City Paper.
Happy days are here again
Hey, so you know that recession? Over: 5.7 percent GDP growth in the last quarter of 2009, bitches. Stock market up 83 points today, according to my iPhone. And hey, this just in from City Controller Alan Butkovitz: Philadelphia's unemployment rate dropped, just a little bit, from 11.1 percent to 10.6 percent. Hot damn.
OK, so the unemployment rate is still way too high. This city still faces a massive deficit, thanks in large part to ridiculous structural problems amassed over several decades. And that GDP growth is partially the result of businesses having cut back their inventories so deeply last year that they had to restock, eventually, and this is it. But as Reuters points out:
The robust performance closed out a year in which the economy contracted 2.4 percent, the biggest decline since 1946.
So, you know, not all good news. But it's a start.
Stocks closed with the Dow dropping over 20 points. Over 6300 showed up at a job fair yesterday that was held by Fox 29. But at least there was some good news. :D
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