January 17, 2014
Reports from the 12 regional banks of the Federal Reserve indicate that the economy was expanding across the nation from late November through December, the central bank said. Philadelphia was one of two regions that reported just "modest" growth (the other was Boston), while nine regions said growth was "moderate" and one, Kansas City, said only that the economy had "held steady" during late 2013. In the Philadelphia region there was underlying confidence in the economy and transportation services were described as "booming" during the period.
January 12, 2014 |
Lovers of real estate metrics, you're going to need a bigger hard drive. Yet another index is now available, this one gauging the so-called real estate health of 30 major American cities. Zillow's newly released Market Health Index (see it at http://goo.gl/t9RdKd ) also allows the prospective home buyer to peek at the market condition of a particular neighborhood, by zip code. Zillow looks at an area's health through the prism of 10 economic factors, including the number of foreclosures, the number of days houses spend on the market, sale prices, the extent of delinquency, and so on. Then, after combining those factors, Zillow ranks the cities against one another on a scale of 1 to 10. It does the same for the neighborhoods.
December 25, 2013 |
The Federal Reserve and the U.S. Treasury saved the banks, corporations are pocketing record profits, rich investors are getting richer. But most Americans aren't sharing that wealth. Average hourly earnings, adjusted for inflation, are stuck at 1970s levels, the U.S. Labor Department reported. Retail and home sales are still slow. How will we grow our way out of this slump? More states are pushing for an alternative method to boost wages: brute force. Which is to say, higher minimum wages.
November 18, 2013 |
Leaders of law firms have long argued that the legal industry has a huge - and often underappreciated - economic impact on Philadelphia. Now they have the data to back up that claim. A report commissioned by the Philadelphia Bar Association concludes the legal-services industry, from law firms to e-discovery consultants, to court reporters and everything in between, contributes $5 billion annually to the city's economy. The report by the Center City economic and policy consulting firm Econsult Solutions Inc. says the industry is responsible for more than 31,400 jobs.
October 28, 2013 |
SOUTH JERSEY Democratic incumbents and Republican challengers agree strengthening the economy is the priority in the First Legislative District, which spans parts of Cape May County and two other counties that have the highest unemployment rates in the state - Cumberland and Atlantic. But who is better equipped to do it? The Democrats, Sen. Jeff Van Drew and Assemblymen Nelson Albano and Bob Andrzejczak, say they have a record of fighting for a region at risk of being overlooked by the state - "deep, deep South Jersey," Van Drew says - touting efforts to save jobs and win the district its share of benefits.
October 25, 2013 |
Helen Manning Hunter, 92, a college professor and the granddaughter of a president of the United States, died Thursday, Oct. 17, of respiratory failure at the Quadrangle in Haverford. Dr. Hunter was both professor emeritus of economics and the Mary Hale Chase professor emeritus of the social sciences at Bryn Mawr College. She retired in May 1990. Born in New Haven, Conn., and raised in Bryn Mawr, Dr. Hunter lived at various times in Haverford and Villanova before moving to the Quadrangle in the mid-1990s.
October 23, 2013 |
Lawrence R. Klein, 93, of Gladwyne, a University of Pennsylvania economics professor who won a Nobel Prize and was considered the father of modern economic forecasting, died Sunday, Oct. 20, of a heart ailment at his home. Dr. Klein, who observed both the Depression and the post-World War II boom, influenced many of the current generation of economic forecasters by developing models in the 1950s and 1960s. Many of the economic forecasts taken as commonplace today - such as the effect of interest rates on economic growth - exist because of Dr. Klein's innovations, say economists.
October 21, 2013 |
Government officials hailed the New Jersey Economic Opportunity Act of 2013 as "a game-changer" at a regional economic summit Friday. "This is the most influential piece of legislation ever to impact South Jersey," Camden County Freeholder Director Louis Cappelli Jr. told about 300 business leaders, bankers, academics, entrepreneurs, and others at the Westin Hotel & Conference Center in Mount Laurel. "You should all get to know it. " Cappelli spoke at the eighth annual Tri-County Economic Development Summit, which gives an update on the region's economic health.
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.