December 14, 2007
Unfair to unions The Inquirer's editorial writers seem to be under the impression that the building trades unions have unlimited power over contractors and city government ("Diversity in the Unions: No fairness, no jobs," Dec. 13). The unions really have very little input about who gets hired by a particular company. Contractors hire whom they want and keep whom they want. The unions' only role is to send out temporary help when the company needs it. When the company calls, should the union send out only minority craftsworkers or should it be allowed to consider how long a person has been out of work or if he or she may be running out of health-care benefits?
December 28, 2006 |
As 2006 comes to a close, jobs in New Jersey are at a record level, approaching 4.1 million. The state's powerful core economy - pharmaceuticals, financial activities, telecommunications, and professional and business services - continues to generate high incomes, bolstering New Jersey's position as one of the nation's premier consumer markets. However, the current decade has brought only minimal growth in the core economy. Jobs growth also has been lagging far behind the rest of the country.
December 22, 2006 |
Economic growth across the nation slowed in the third quarter as the housing industry's decline took a toll, a government report yesterday showed. Economists warned that more sluggish results could be expected in the coming months. "The housing market is profoundly weak," said Ken Mayland, president of ClearView Economics L.L.C. "The economic slowdown really took hold in the third quarter, and, I think, it is going to basically continue through the first half of next year.
November 3, 2006
The Bush administration needs to stop clinging to its myopic view that efforts to mitigate global warming would hurt the U.S. economy and cost jobs. A new British government report concludes that failing to act could be as economically devastating as the Great Depression or the two world wars. In a 16-month study commissioned by Prime Minister Tony Blair, economic adviser Sir Nicholas Stern determined that the benefits of strong, early action considerably outweighed the costs. Without immediate, substantial international cooperation to combat human-induced global temperature rise, Stern predicts cataclysmic effects, including droughts, flooding, famine, tropical disease and animal extinction - within a generation.
September 21, 2006 |
The Federal Reserve yesterday kept its benchmark interest rate at 5.25 percent for a second month as slowing growth and a slide in oil prices suggested lower inflation in coming quarters. In a 10-1 vote, Fed Chairman Ben S. Bernanke and his colleagues decided to leave rates unchanged, part of a strategy to put the economy on an even keel. With economic growth moderating and once-surging energy prices now receding, all but one of the Fed's voting members felt comfortable not raising rates again.
July 26, 2006 |
Robert P. Andres is chief investment officer of fixed income at the Haverford Trust Co. in Radnor The term stagflation was coined by Iain MacLeod, a Tory member of the British Parliament in 1965: "We now have the worst of both worlds - not just inflation on the one side or stagnation on the other, we have a sort of 'stagflation situation.' " Stagflation is usually defined by high inflation, low economic growth, high unemployment, and unstable exchange rates. It is the Catch-22 of economic conditions.
July 13, 2006 |
A record jump in the price of imported oil pushed the nation's trade deficit to $63.8 billion in May, offsetting robust overseas sales gains by American companies. It was the sixth-largest monthly trade deficit ever. The price of foreign oil jumped in May by the largest amount since the buildup in 1990 to the first U.S.-Iraq war. That helped push the trade imbalance up 0.8 percent from a revised April deficit of $63.3 billion, the Commerce Department said yesterday. "Oil is sucking us dry, and even stronger world growth cannot keep the trade deficit from widening," said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pa. The trade deficit is running at an annual rate of $763 billion, 6.5 percent higher than last year's record $716.
June 8, 2006 |
Inflation is a greater threat now than it was six months ago, and economic growth will slow through 2006, according to a survey of 44 economists by the Federal Reserve Bank of Philadelphia. The economists' new inflation forecast for 2006 is 3.3 percent, a 0.4-percentage-point increase from the survey results in December. Inflation is expected to retreat to 2.6 percent in 2007. Economic growth, as measured by gross domestic product, is projected at 3 percent in 2007, compared with 3.5 percent this year.
May 31, 2006 |
Rising energy prices, higher interest rates, and doubts about the job market drove consumer confidence down steeply this month, pointing to slowing economic growth in the second half of the year. The drop announced yesterday in the consumer confidence index, a widely watched barometer, was the steepest since hurricanes pummeled the Gulf Coast last year, increasing worries about the health of consumer spending. The report is "still consistent with positive economic growth, but it suggests slower consumption," said Ian Morris, chief U.S. economist at HSBC Securities USA Inc. in New York.
May 14, 2006 |
The U.S. economy is strong these days when measured by macro-statistics, but sluggish wage growth, rising gasoline prices and interest rates, and the gloomy background music from the Iraq war are overshadowing the good economic news in the minds of most Americans. To be sure, corporations are raking in strong profits, which are driving the stock market near its all-time high. Unemployment remains near historic lows. Even a slump in home sales has not significantly slowed consumer spending.