Economy

The U.S. Department of Labor's weaker-than-expected jobs report Friday fed fears the economy was slowing. The gain of just 88,000 jobs for March, down by more than half from January and February, sent stock prices lower, with the Standard & Poor's 500 big-company stock index ending down 0.43 percent for the day. But the weak jobs report shouldn't have surprised investors, because the economy had already been facing higher labor costs, weak durable-goods...

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.

NEW YORK - The U.S. stock market marched past another milepost Thursday on its long, turbulent journey back. The Standard & Poor's 500 closed at a new high, three weeks after the Dow Jones industrial average surpassed its own closing record. The S&P rose 6.34 points to close at 1,569.19, a gain of 0.4 percent, beating by four points its previous record of 1,565.15, set on Oct. 9, 2007. The index is still shy of its all-time trading high of 1,576. Reaction on Wall Street was more of a dull buzz than a victory cry, with analysts warning clients not to get excited.

Edmond Dougherty had high-flying hopes for the aerial-camera system he helped develop to capture action at school sports events. But those ambitions have landed with a thud. Chalk it up as another recession casualty. Wavecam, brought to life at a workshop in Villanova, took flight in 2008, just as the economy was free-falling and budgets constricted. "When people were canceling Christmas parties because it wouldn't look right, we were going around saying, 'Hey! Want to buy a flying camera?

Stocks reversed early gains on Wall Street Monday as traders returned to worrying about the European economy. Optimism about a deal to prevent financial collapse in Cyprus had briefly pushed the Standard and Poor's 500 index to within a quarter-point of its record closing high, but stocks soon turned negative. The S&P 500 closed down 5.2 points, or 0.3 percent, at 1,551.69. The loss was offset in part by jumps for Apollo Group and McGraw-Hill. The Dow Jones industrial average fell 64.28 points, or 0.4 percent, to close at 14,447.75.

A notable piece of small-business news on Capitol Hill concerns a tax proposal that could lift some of the uncertainty entrepreneurs complain about. Under a proposal announced this month by House Ways and Means Committee Chairman Dave Camp (R., Mich.), a popular tax deduction for equipment purchases would become permanent and be set at $250,000, aside from annual inflation adjustments. Known as the Section 179 deduction, it is scheduled to drop to $25,000 in 2014. It was set at $500,000 from 2010 through 2013.

WASHINGTON - The Federal Reserve said Wednesday that the U.S. economy has strengthened but still needs extraordinary support to help lower high unemployment. In a statement after a two-day meeting, the Fed stood by its plan to keep short-term interest rates at record lows at least until unemployment falls to 6.5 percent, as long as the inflation outlook remains mild. And it said it would continue buying $85 billion a month in bonds indefinitely to keep long-term borrowing costs down.

The Economy League of Greater Philadelphia is trying to keep everyone's eyes on the future of the region. For the last four years, the nonprofit civic organization has engaged in what amounts to a never-ending quiz: "What does Philadelphia want to be when it grows up?" The Economy League says it is striving to build a "world-class Philadelphia," and its leaders are quick to add that the point is not to produce a glossy report with recommendations that just gets relegated to the bottom drawer of a desk.

Three months ago, Gov. Christie's budget was in deep trouble. His revenue forecasts for the 2012 and 2013 fiscal years had come up a total of $750 million short. Standard & Poor's had downgraded New Jersey's revenue picture from "stable" to "negative," and nobody knew what the real budget impact of Hurricane Sandy would be. Today, however, thanks to a surge in income tax payments by wealthy taxpayers cashing out before federal tax hikes and cashing in on a bull market, it's clear Christie has dodged what could have been a major fiscal nightmare heading into his November reelection campaign.

WASHINGTON - Strong auto sales, better hiring, and a continued housing recovery helped the economy grow in January and February throughout the country, according to a survey released Wednesday by the Federal Reserve. The Fed said 10 of its 12 banking districts reported moderate or, as in Philadelphia, modest growth, while Boston and Chicago reported slow growth. Consumer spending increased in most regions, although spending growth slowed in many districts and much of the gain was driven by auto sales.