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Economics

BUSINESS
December 25, 2013 | By Joseph N. DiStefano, Inquirer Staff Writer
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.
BUSINESS
November 18, 2013 | By Chris Mondics, Inquirer Staff Writer
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.
NEWS
October 28, 2013 | By Maddie Hanna, Inquirer Trenton Bureau
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.
NEWS
October 25, 2013 | By Bonnie L. Cook, Inquirer Staff Writer
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.
NEWS
October 23, 2013 | By Bonnie L. Cook and Bob Fernandez, Inquirer Staff Writers
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.
NEWS
October 21, 2013 | By Suzette Parmley, Inquirer Staff Writer
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.
BUSINESS
September 6, 2013 | By Reid Kanaley, Inquirer Staff Writer
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.
NEWS
July 26, 2013
IT'S BEEN a little funny, but mostly sad, to watch Republicans try to be reasonable about immigration reform. Justifiably concerned that their party has become essentially a vessel for the identity politics of disaffected older white people, in a country where it's becoming increasingly clear that this is a losing formula, some Republican leaders have shunned their Obama-era instinct to resist and attempted to actually help someone. But every time it looks like progress is being made, the party's vicious id flares up again, as it did this week when Iowa Rep. Steve King made these insightful comments about young illegal immigrants to the conservative website Newsmax: "For every one that is a valedictorian, there are another 100 out there who weigh 130 pounds and have calves the size of cantaloupes because they've been hauling 75 pounds of marijuana across the desert.
BUSINESS
July 25, 2013 | By Philip Elliott, Associated Press
Grants and scholarships are taking the lead in paying college bills, surpassing the role parents have long played, according to a report from Wilmington-based loan giant Sallie Mae. College costs are driving decisions about which schools to attend, which subjects to study, and even where to live. The recession has passed, but the survey found that economic worries have not, and that many families are making college choices driven by fears of tuition increases and job losses. "Parents are willing to stretch themselves," said Sarah Ducich, Sallie Mae's senior vice president for public policy.
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