Philly Fed President Speaks to Economy at Main Line Chamber Breakfast in Gladwyne

The Main Line Chamber of Commerce and Main Line Chamber Foundation held an economic forecast breakfast and annual meetings at the in Gladwyne on Wednesday morning.

Philadelphia Federal Reserve Bank President and CEO Charles Plosser was on hand to offer up his economic outlook for the year ahead as well as to discuss monetary policy and related communications.

Plosser expects moderate federal growth—about 3 percent—in 2012 and 2013, he said, with improvements in business spending and stabilization in the housing market.

However, certain factors, most notably the European debt crisis, pose a risk to the U.S. economy, he added.

He also criticized the Federal Open Market Committee for its recent announcement of anticipated very low rates through late 2014.

“Such statements are, in my mind, particularly problematic from a communications perspective,” Plosser said. “Monetary policy should be contingent on the economic environment and not on the calendar.”

In answering audience questions, Plosser said the regional economy is brighter still than the national economy, despite the latter's improvement in recent months.

“The regional economy is looking up,” Plosser said in response from a question posed by an audience member. “We have reason for optimism in our region as well as in the nation.”

Unemployment in the state is about 7.6 percent, almost a full percentage point lower than the national average, Plosser said.

Area automobile dealers seem to be doing well, Plosser told reporters after his presentation. However, local housing prices have continued to fall, though more slowly.

Following Plosser’s speech, Main Line Chamber of Commerce President and CEO Bernard Dagenais said the local economy is strong and that job growth continued throughout the recession.

“The quality of life is better in this region,” Dagenais said. “Ultimately, it isn’t only the economy that decides whether we succeed.” 

He cited the ingenuity and adaptability of employers, as well as their ability to hire and inspire good employees.

Main Line Chamber

The Economic Forecast Breakfast also served as the annual meetings for the Main Line Chamber of Commerce and the Main Line Chamber Foundation.

Chamber Foundation Chairman Matthew Donahoe spoke of the success of the Volunteer Firefighter/EMT Scholarship program, which began in 2006. Also awarded last year were two $2,500 Thomas J. Hayes Memorial Scholarships, in memory of a firefighter from Ardmore who died at age 25. A number of Lower Merion firefighters last year. 

New officers of the Main Line Chamber of Commerce were also announced:

• Kevin J. Nolan, president of Nolan Painting, Inc., replaced Stephen J. DiOrio as chairman
• Steven A. Scolari, partner in Stradley Ronon Stevens & Young, LLP, replaced Nolan as vice-chairman
• Steven McWilliams, senior vice president/senior commercial lender of Republic Bank, replaced Barbara Fallon-Walsh as treasurer
• Ergetu Merete, senior vice president/regional vice president of Wells Fargo, replaced Scolari as secretary
• DiOrio, agent/registered representative of State Farm, replaced Kevin P. Nicholson as immediate past chairman.