April 16, 2015 |
MANCHESTER, N.H. - Gov. Christie proposed an overhaul of federal entitlements Tuesday that would cut $1 trillion in spending on Social Security, Medicare, and Medicaid over a decade, a bold stroke aimed at reviving his presidential aspirations. Christie, trailing potential rivals for the 2016 Republican nomination in polls, said the changes were needed both to preserve the safety-net programs and to stabilize federal finances. "Every other national priority will be sacrificed, our economic growth will grind to a halt, and our national security will be put at even graver risk" without cost cutting, Christie said during a speech at St. Anselm College.
August 9, 2014 |
When it comes to income and wealth, Pennsylvania is a step behind - once again. A new report analyzing consumer spending in the 50 states and the District of Columbia finds Pennsylvania comfortably ensconced in the second tier. It is behind New Jersey and such high fliers as the nation's capital, New York state, with its Wall Street revenue, and even North Dakota, where a boom in energy development has boosted personal spending. But it is ahead of its Midwestern neighbor, Ohio, and such states as Illinois and Rhode Island, the sick man of New England.
September 6, 2013 |
Driven by spending on cars and housing-related goods, economic activity continued to expand at a modest to moderate pace across the country during the summer, the Federal Reserve said Wednesday. Reports from the Fed's 12 regional banks, including Philadelphia, show that the period from early July through late August saw at least steady hiring as inflation remained "subdued. " The Dow Jones industrial average fell a bit after the 2 p.m. release of the closely watched Fed report, called the Beige Book.
July 28, 2013 |
BEIJING - China's government has ordered companies to close factories in 19 industries where overproduction has led to price-cutting wars, affirming its determination to push ahead with a painful economic restructuring despite slowing growth. The industry ministry issued orders late Thursday to more than 1,400 companies to cut excess capacity that has led to financial trouble for manufacturers. The affected industries include steel, cement, copper, and glass. It requires some companies to close outright.
July 17, 2013 |
WASHINGTON - The U.S. economy appears to be weaker than many economists had thought after a report Monday showed consumers spent cautiously in June at retail businesses. Americans bought more cars and trucks, furniture, and clothes. But they cut back on almost everywhere else. They spent less at restaurants and bars, reduced purchases at home improvement stores, and bought fewer computers and electronics. Overall retail spending rose 0.4 percent in June from May, the Commerce Department said.
July 7, 2013 |
U.S. employers added 195,000 jobs in June, with bars and restaurants accounting for more than a quarter of the job gains, the Bureau of Labor Statistics reported Friday. Economists took the report, which revised April and May job-creation numbers up by a combined 70,000, as a sign of sustained, though not spectacular, economic growth. "These buoyant numbers suggest that companies remained keen to hire in June," said Chris Williamson, chief economist at Markit, a global financial-information company.
June 7, 2013 |
Economic activity in much of the nation increased to a moderate pace from April through mid-May, as reflected in the Federal Reserve's latest anecdotal survey of businesses, banks, and other parts of the private sector, released Wednesday. The exception was the region followed by the Federal Reserve Bank of Dallas, where economic growth was described as strong, led by manufacturing and retail sales. In the Philadelphia area, the growth rate picked up from the modest pace recorded over many months and noted in previous Beige Book reports.
May 25, 2013 |
WASHINGTON - U.S. orders for long-lasting manufactured goods rebounded in April, buoyed by more demand for aircraft and an increase in products that signal business investment. Orders for durable goods, items expected to last at least three years, rose 3.3 percent last month from March, the Commerce Department said Friday. That followed a 5.9 decline in March. Excluding the volatile transportation category, orders rose 1.3 percent in April. That followed a 1.7 percent decline in March.
May 13, 2013 |
Is it just me, or does it feel a little, I don't know, gross that, while we're awash in headlines about a "Doomsday Budget" for our public schools, a cadre of well-coiffed businessmen are sharing grandiose plans for yet another Philadelphia casino? How'd we get here? Seems as if, over the last decade, gaming has become a type of crack cocaine for a whole generation of politicians: With their budgets squeezed by economic downturn and an electorate all too willing to vote out of office anyone who considers a tax hike, our so-called leaders - rather than make the hard choices and right-size their governments - have opted for the quick-fix high of casinos, long-term consequences be damned.
April 27, 2013 |
WASHINGTON - Americans shrugged off higher taxes to lift the economy at the start of the year. Government spending fell, though, and the impact of the tax increases along with federal budget cuts could slow growth later this year. Economic growth sped to a 2.5 percent annual rate in the January-March quarter, the Commerce Department said Friday. That was up from a pokey 0.4 percent annual growth rate in the October-December quarter. Consumer spending surged at an annual rate of 3.2 percent - its biggest jump since the end of 2010.