PICA Report Shows Recession Still Squeezing City

The Pennsylvania Intergovernmental Cooperation Authority just issued a report on the city's tax revenue for July.  It doesn't read like good news, starting with this sentence:  "City General Fund tax collections in July 2009 suggested that the recession continues to exert downward pressure on three economic variables that drive City tax revenues: earned income, retail sales, and the aggregate value of real estate transactions."

PICA includes a couple of caveats, saying due to the timing of tax collections, it can be difficult to draw conclusions about trends based on just one month.  The numbers in the report are unadjusted and likely to change.