Economy

Boxers are known for absorbing blows, but the sluggish economy is forcing them to take the punches to their pocketbooks - an area that may be even more vulnerable than their chins or bellies. The hard times have become apparent with the Carl "The Truth" Williams- Tim Witherspoon card on Friday night at the Trump Taj Mahal in Atlantic City. Williams, who will defend his United States Boxing Association heavyweight title, will make $175,000, while former world champ Witherspoon will earn $165,000 - purses that would have been bigger, according to promoter Bob Arum, if the economy were healthier.

WASHINGTON - The U.S. economy grew at a slightly faster 2 percent annual rate from July through September, buoyed by more spending by consumers and the federal government. Even with the increase from a 1.3 percent growth rate in the April-June quarter, the economy remains too weak to rapidly boost job creation. The report Friday from the Commerce Department is the last broad snapshot of the economy before Americans choose a president in 11 days. Republican nominee Mitt Romney has attacked President Obama's handling of the economy and has noted that growth has slowed from last year.

Six years ago, David A. Stockman, the brash Reagan administration budget director, left Washington, vilified by the city's establishment for warning that the President and Congress would drive the country to financial ruin by failing to cut the federal budget deficit. Today, the former supply-side Wunderkind, who has barely been heard from since arriving on Wall Street in 1986, sounds more like Pollyanna than Cassandra. He thinks the budget and the U.S. economy are back on a healthy track.

Metro Philadelphia's mix of corporate employers makes for a mellow regional economy, slow-growing but also recession-resistant. An Inquirer survey of more than 200 major employers shows the region's biggest job engines are the hospital system affiliated with Thomas Jefferson University, and the combination of the University of Pennsylvania and its hospital network. Other big employers include drugmakers and medical-device manufacturers such as Merck & Co. Inc. , GlaxoSmithKline P.L.C.

WASHINGTON - Superstorm Sandy will end up costing about $20 billion in property damages and $10 billion to $30 billion in lost business, according to IHS Global Insight, a forecasting firm. In the long run, the devastation the storm inflicted on New York City and other parts of the Northeast will barely nick the U.S. economy. That's the view of economists who say a slightly slower economy in coming weeks will likely be matched by reconstruction and repairs that will contribute to growth over time.

Editor's note: As the economy struggles to find new footing, this occasional series will focus on areas of emerging demand for workers and the forces behind it. By the time developer Michael Pestronk closed on the deal to buy the old Goldtex textiles factory near 12th and Callowhill Streets, vandals had stripped out all the copper pipes and plenty of Philadelphia's graffiti "artists" had signed their names on the walls. With buckled floors, pigeon poop, and missing windows, it was a mess.

WASHINGTON - A streak of robust job growth came to a halt in March, signaling that U.S. employers may have grown cautious in a fragile economy. The gain of 88,000 jobs was the smallest in nine months. Even a decline in unemployment to a four-year low of 7.6 percent was nothing to cheer: The rate fell only because more people stopped looking for work and were no longer counted as unemployed. The weak jobs report Friday from the Labor Department caught analysts by surprise and served as a reminder that the economy is still recovering slowly nearly four years after the Great Recession ended.

The editorial of July 10, "Time for action to boost growth of U.S. economy," correctly lists the economy's troubles, but does not say why it is in trouble. In 1945, the United States was the most outstanding industrial nation in the world. Japan, on the other hand, was prostrate, with Gen. Douglas MacArthur reordering Japanese life after that country's military defeat. In the post-war period, Japan de-emphasized militarism, but the United States concentrated on that activity.

Upper-income Americans may face a tax increase. Auto fuel-economy standards might be raised. Stocks of construction and engineering companies could benefit. America's decision to reelect President Obama may affect all that and other elements of the U.S. economy and financial system - from the health-care law to the overhaul of financial rules. At the same time, a gridlocked Congress will limit Obama's influence. Tuesday's election kept Republicans in control of the House. Democrats still control the Senate, but without a commanding majority.

TO LETTER-WRITER Sean McKinney: Sean, I'm sure Michelle Bachmann and I are the reason America's energy policy is the way it is. It's our fault gas is almost at $4 a gallon. At least you stopped blaming George Bush. It's a start! Perhaps you didn't read the news story that I was responding to. If you did, you'd know what I was talking about and that I was using sarcasm to get my point across. The article said Republicans are worried about lightbulbs while the Dems are working hard to turn around the economy.