October 2016 Economic Report

Tax revenues (City & PICA) for October totaled $232.6 million, which is a nine percent increase over last October. A breakdown of the total revenues included $194.2 million into the General Fund and $38.4 million as the PICA portion. 

Monthly Wage/Earnings/NPT (City & PICA) totaled almost $165 million, a five percent decrease from last October. Yearly revenues through the first four months of the fiscal year totaled $624 million, a nine percent increase over last year.

Monthly Sales Tax revenues totaled $11.8 million, an eight percent increase over last year. Yearly revenues totaled almost $76 million, a 17 percent increase over last year.

Along with reviewing monthly economic indicators, the Controller’s report includes the Sixth Annual Cost of Thanksgiving Dinner for Philadelphians. This year the average cost for a traditional dinner for 10 is $46.69, resulting in a slight increase of $0.09, or less than one percent, over last year’s average cost.

Contributing to the overall higher cost this year includes an increase of $1.20 for the price a 16-pound Turkey. In 2015, the average cost was $20.64, compared to $21.84 this year. In addition, there were increases for some of the items required to make the traditional pumpkin pie, including  a $0.41 increase for pie shells and a five-cent increase for the pumpkin pie mix. The price for rolls and sweet potatoes also jumped by $0.20 and $0.17, respectively.

While Philadelphians can expect to pay a little more this year, it won’t be as much as the rest of the country. In fact, Philadelphians can expect to pay about $3.18 less than the national average. 

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