Fed Says Outlook For Low-Income Philadelphia Residents Is Declining

PHILADELPHIA (CBS) - The Federal Reserve Bank of Philadelphia says low and moderate income households in the region continue to lose ground financially.

The results of the second quarter Community Outlook Survey are not exactly a surprise-- in fact, they were immortalized in song 90 years ago -- "the poor get poorer." Or, in the survey's terms, their financial well-being continues to decline.

Fed research analyst Brian Tyson says many factors go in to financial well-being, "The specific things we ask about are the availability of jobs, the availability of affordable housing and access to credit and many more service providers indicate that they're decreasing rather than increasing."

Tyson adds the availability of services to help low income families is also decreasing, at the same time that their needs are growing.

Reported by Pat Loeb, KYW Newsradio 1060