October 30, 2014 |
The collapse of New Jersey's hospitality industry, driven by the closure this year of four casinos in Atlantic City, is one reason the state's economy is not faring as well as the nation's, an economist said Tuesday at a business forum. "It's really a tale of two economies - the national economy vs. the state economy," said Joel Naroff of Naroff Economic Advisors Inc. in Bucks County. "If I had to give the state economy a grade, maybe I'd give it a 60 out of 100. It's not doing too well.
October 26, 2014 |
TRENTON - New Jersey's candidates for a U.S. Senate seat held their only debate Friday, sparring over issues ranging from the Ebola outbreak to the prospect of a casino in North Jersey. U.S. Sen. Cory A. Booker, a Democrat seeking a full six-year term in the Nov. 4 election, sought to portray Republican Jeff Bell as a tea-party extremist who would block progress in Washington. Bell, a former campaign aide to President Ronald Reagan who was the GOP nominee for Senate in 1978, said Booker would work to advance what he described as President Obama's failed economic policies.
October 24, 2014 |
While education funding worries in Philadelphia and across the state have gotten more headlines, Pennsylvania's overall economic performance may have more impact on the coming election. Most Pennsylvanians understand that the long-term future of the state hinges on its ability to produce a well-educated workforce and attract and retain companies that require growing numbers of highly skilled employees. But even as parents protest education funding policies that shortchange their children, leaving them poorly prepared for tomorrow's jobs, they can't help but also worry about today's stagnant wages and wish they had better employment alternatives.
October 19, 2014 |
In 2008, the Atlantic City Marathon celebrated its 50th anniversary. It had been the third-longest continually run marathon in the United States and a fixture on the Jersey Shore race scene. But in 2009, that continuity was threatened when organizers announced they would no longer put on the race. While runners scrambled to find alternative events so that their training wouldn't be wasted, the Milton and Betty Katz JCC in Margate met with the volunteer group that had been putting on the race and asked if there was any way the JCC could help.
September 22, 2014 |
ATLANTIC CITY - In retail, it's a numbers game, so whenever Rachel Lewis heard or read that another casino was closing here, she'd get knots in her stomach. The thought racing through her mind: Fewer casinos means fewer hotels, which equates to fewer tourists at her stores. "Every Shore town under and above Atlantic City relies on tourism," said Lewis, 24, district manager at Making Waves, an upscale women's apparel chain only at the Shore, with four shops within a two-hour drive of Atlantic City - in Stone Harbor, Ocean City, Long Beach Island, and one in Cape May that is open year-round.
August 29, 2014 |
New Jersey's largest utility says the $8.1 billion it is spending over 10 years on transmission projects is powering more than the electrical grid - it's putting a lot of juice into the state's economy. Public Service Electric & Gas Co. released Wednesday a Rutgers University economic report it commissioned that estimates the utility's power-transmission projects are creating an average of 6,000 jobs a year over a decade. The 12-page report by the Edward J. Bloustein School of Planning and Public Policy at Rutgers was released at a rally at an electrical workers' union hall in North Brunswick that seemed aimed at building political and public support for more energy infrastructure projects.
August 27, 2014 |
JOSE DAVID ORTEGA of Camden liked to work with his hands. In July, Ortega and two other men, all three of them day laborers, were razing a defunct Blockbuster in Cherry Hill. A wall collapsed on Ortega, killing him, said his mom, Odily Castro. When she buried her son a week later, she said, the expense was shouldered entirely by the family. That's because Ortega, 40, a father of two, was an undocumented immigrant brought to the U.S. in the '80s by his mother, who was granted political asylum after fleeing the Contras in Nicaragua.
August 2, 2014
The recent fourth anniversary of the landmark Dodd-Frank Wall Street reform law provides an occasion to remember why such aggressive legislation was needed. Fueled by years of lobbying and campaign donations from the finance sector, Washington politicians from both parties dismantled regulations intended to prevent a financial meltdown. The result, of course, was the worst such meltdown since the Great Depression. Millions lost their homes, and those who didn't saw property values decline as neighborhoods were abandoned.
July 5, 2014 |
The economy created a whopping 288,000 jobs in June, and in celebration, the Dow Jones industrial average surpassed 17,000 for the first time. Friday's report from the U.S. Labor Department "puts a smile on the face of all economists who . . . are forecasting strong economic growth in the second half of the year," said Doug Handler, chief U.S. economist for IHS Global Insight. The unemployment rate dropped to 6.1 percent in June, from 6.3 percent in May and 7.5 percent a year ago. As good as the news is - with broad-based hiring in all sectors - it hasn't entirely translated locally.
June 14, 2014 |
Americans are grappling with dueling realities: Their portfolios have mostly recovered from the painful financial crisis, and might even show some tasty profits. But the U.S. economy seems fragile, and the labor participation rate is lousy. Most assume that when the stock market does well, the economy is booming. But that is not the case these days. "When companies are doing well, stock prices do well, so the economy must steam full ahead," says Esme Faerber, professor of business at Rosemont College.