With decrease to stock market, will Philadelphia be affected?

Shara Dae Howard
June 20, 2018 - 8:46 pm

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PHILADELPHIA (KYW Newsradio) — As the Trump administration imposes tariffs across foreign countries, the stock market plummets. But is a possible trade war on the horizon?

"If Chicken Little had read the headlines, his prediction would have been, 'The sky is falling,' " alluded Howard Trauger, financial adviser with Carnegie Investment Counsel.

But this fear posed from Chicken Little syndrome is not warranted on the local front — yet.

"Overall, Philadelphia is a service, medical, finance and educational city," he said. "We're not producing steels, but I don't consider this having a considerable impact."

Overall, leading economic indicators are positive, but local farmers may be affected.

"Of the 10 leading economic indicators, seven out of 10 are strengthening," he said.

In the long term, Trauger said there's nothing to fear.