December 7, 2015 |
The Great Recession ended more than six years ago, but the fallout has been profound, with incomes down in 75 percent of city neighborhoods and towns across the region since 2009, according to an Inquirer analysis of U.S. Census data. The findings reinforce the grim reality that many people have endured well after economists declared the nation in recovery from its most brutal recession since World War II: Whether in historically affluent or impoverished communities, for most this recovery has seen no rise in wages.
January 9, 2015 |
ATLANTIC CITY - The City Council voted, 6-0, Wednesday in favor of Mayor Don Guardian's proposed recovery plan for his city amid hemorrhaging casino revenues and plummeting property values. Of the nine council members, two were present but did not vote, and one, former President William H. Marsh, was absent due to a personal matter. The mayor's plan, unveiled Dec. 12, includes reducing the municipal payroll - including personnel cuts to the Police and Fire Departments - stabilizing the tax rate for casinos, and finding alternative revenue sources for the Atlantic City School District.
June 9, 2014 |
Friday's jobless figure - 6.3 percent - for May (same as April) means the economy is improving, but slowly, the experts say. Is this what an economic recovery is supposed to feel like? This month marks five years since the end of the Great Recession. Starting with a chart about the job numbers, CNN Money presents 17 visuals to illustrate the recovery. Unemployment has fallen from 10 percent in late 2009, gross domestic product has wobbled, stocks have soared, mortgage foreclosures have plummeted.
April 21, 2013 |
WASHINGTON - For the third year in a row, the nation's economic recovery has hit a springtime soft spot. Reflecting that weakness, only one in four Americans now expects his or her own financial situation to improve over the next year, a new Associated Press-GfK poll shows. The sour mood is undermining support for President Obama's economic stewardship and government in general. The poll shows that just 46 percent of Americans approve of Obama's handling of the economy while 52 percent disapprove.
February 1, 2013 |
NEW YORK - The Dow had its best start to the year in almost two decades. The Dow Jones industrial average ended the month up 5.8 percent, its strongest January since 1994, according to S&P Capital IQ data. The Standard & Poor's 500 finished the month 5 percent higher, its best start to the year since 1997. Stocks have benefited as investors put money into equities in January. By one measure, the monthly flow into stock funds was the largest in nine years. Strategic Insight said Thursday that about $51 billion in net deposits was moved into stock funds and so-called hybrid funds, which invest in a mix of stocks and bonds - the most since $56 billion in January 2004.
December 26, 2012
IN HIS STORY ON unemployment in Pennsylvania ( Daily News , Dec. 21), Will Bunch reveals a fundamental lack of understanding when it comes to free-market economies. Recovering from a recession is best accomplished by growing private-sector employment - something the Corbett administration has done to the tune of 109,000 new jobs. These are the jobs that spur economic recovery, support other sectors through spending and investment and provide revenue for government services. Government jobs, on the other hand, consume public dollars, and the taxes public employees pay return only a fraction of money to the same treasury from which their salaries came.
December 17, 2012 |
BEIJING - China's new Communist Party leaders promised Sunday to be ready to spend more if needed to shore up a shaky economic recovery and pledged more market-opening reforms. In the first statement of their economic goals, the leadership wrapped up a two-day planning meeting by pledging continuity with earlier party plans aimed at making China's economy more productive and spreading prosperity to its poor. They gave no indication of plans for major changes. The world's second-largest economy is gradually pulling out of its deepest slump since the 2008 global crisis, but weaker-than-expected November trade data prompted suggestions the rebound might be faltering.
November 6, 2012 |
A YEAR AGO, if I'd said I was worried about "sequestration," most folks would have figured I needed a doctor and wondered if it was something they could catch. But by now, just about everyone knows it means a trillion dollars in automatic budget cuts that start in January 2013. It's part of the so-called "fiscal cliff" that was put in motion when the congressional "supercommittee" collapsed last fall - a devastating package of tax hikes and spending cuts that experts say will blow up our fragile economic recovery and drag us back into recession next year.
November 3, 2012 |
It's only been a day, but November on Wall Street is already looking a lot better than October. Strong economic data and corporate news converged Thursday to give U.S. stocks their best day since mid-September. Positive signs about the job market and soaring sales figures pushed stock futures up before the market opened. A half-hour into trading, reports on manufacturing and consumer confidence added another log to the fire. The Dow Jones industrial average had already risen 100 points when the mid-morning reports came out. The data - including news that manufacturing grew for the second straight month - pushed it up as much as 177 points.
October 28, 2012
To state the obvious, the economic recovery has been disappointing. The United States is growing and creating jobs, but growth has been slow and joblessness remains painfully high. Given the approaching election, it isn't surprising that each political party blames the other for the economy's problems, but in reality they largely reflect fallout from the Great Recession. The housing crash is most clearly to blame. Housing normally leads the economy out of recession. It is the part of the economy most sensitive to interest rates: Home sales, construction, and prices generally perk up quickly after the Federal Reserve begins to ease monetary policy and mortgage rates fall.