Resolution 010602

..Title Authorizing City Council's Committee on Labor and Civil Service to hold public hearings on the potential effects of layoffs and a potential national recession on the Region's economy. ..Body WHEREAS, The national economy has experienced a significant decrease in the growth in the economy; and WHEREAS, As a result of softening demand in many sectors, many industries have cut quarterly profit expectations and have laid off workers; and WHEREAS, The recent tragic events have resulted in a significant downturn in the tourism industry; and WHEREAS, Many national and multinational corporations have lost substantial portions of their market capitalization in the private equity markets; and WHEREAS, Philadelphia's regional economy is significantly effected by the health of the tourism industry and is a regional hub for many national and multinational corporations; and WHEREAS, Recently several major regional employers have announced significant layoffs; now therefore RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, That the Committee on Labor and Civil Service is authorized to hold public hearings on the potential effects of layoffs and a potential national recession on the region's economy. ..End