Philadelphia among leaders of economic recovery

PHILADELPHIA (WPVI) -- The numbers out Friday indicate a much stronger economy than many people had thought and, of all places, Philadelphia is among the leaders of the pack.

More people working and more people investing.

"It's for real, and there's real opportunity to make it healthier," said Al Greenberger, the Deputy Mayor for Economic Development.

The city has seen a huge drop in the unemployment rate. It is now down to 6.6 percent - almost half of what it was two years ago, and 3.3 points lower than a year

It is a healthy trend.

Greenberger says it reflects significant job growth that outweighs people dropping out of the job market.

"That's a tremendous drop in the unemployment rate and a strong indicator that there's more jobs in the city of Philadelphia, there are more Philadelphians working than there have been in 10 years," he said.

Greenberger says all sectors are investing in the city like never before. That's reflected in the $8.5 billion worth of new construction that's either been completed or started this year.

Here, and across the nation, people are opening their wallets more.

Commerce Department figures released Friday show consumer spending up .9% in November and spending is up more than 5% over the past year.

Shoppers in Center City on Friday say they feel pretty confident.

"I still haven't been shopping yet, but I'm still spending more," said Nicole McGill of Sharon Hill, Pa.

"My employer wasn't able to give us raises for maybe three years, so this is the first year I've had a little more money," said Wayne Morris of West Philadelphia.

Consumers are also benefiting from the lowest gas prices we've seen in years.

But, not everyone is rushing out to spend it right away.

"It's there to spend in case I need it and it's nice to see the gas coming down," said Christine Hallam of Maple Shade, N.J.

While most folks are feeling a bit more flush this holiday season, many are still reeling from the worst recession in history.

But, at least, things are looking brighter than even just a year ago.