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Economy

BUSINESS
June 18, 2013 | By Christina Rexrode, Associated Press
NEW YORK - Investors are playing a guessing game with the Federal Reserve. On Monday, they guessed that the central bank will continue trying to prop up the economy, and stocks went higher. The major indexes all rose about 1 percent in early trading and stayed there for most of the day before dipping slightly in the afternoon. The Standard & Poor's 500 index rose 12.31 points, or 0.8 percent, to 1,639.04. The Dow rose 109.67 points, or 0.7 percent, to 15,179.85. The Nasdaq composite rose 28.58, or 0.8 percent, to 3,452.13.
NEWS
June 18, 2013 | By Scott Wilson, Washington Post
SLIGO, Ireland - President Obama this week will visit a European continent deeply worried about its economy, the worsening conflict in Syria, and the uncertain direction of American leadership abroad in the fifth year of his administration. As he arrives Monday in Northern Ireland for his first trip to Europe in two years, Obama will be confronting the diplomatic fallout from his actions and inaction on some of the most urgent concerns of his European counterparts. His long delay in more aggressively supporting Syria's beleaguered opposition forces - a move his administration announced in the form of expanded military aid on the eve of his visit here - has frustrated the leaders of France and Germany.
BUSINESS
June 15, 2013 | By Matthew Craft, Associated Press
NEW YORK - Disappointing reports about the U.S. economy helped push the stock market lower Friday. Concerns that the Federal Reserve could announce plans to cut back its stimulus program next week also weighed on the mood. Americans' confidence in the economy weakened in June and was lower than economists had estimated, according to the Thomson Reuters/University of Michigan survey out Friday. Another report said factories were not as busy as expected. The Standard & Poor's 500 index sank 9.63 points, or 0.6 percent, to 1,626.73.
NEWS
June 12, 2013
By Rémy Raisner Five years after the beginning of the global financial crisis, the French and U.S. economies present drastically different pictures. While America seems on the path to full recovery, France still faces challenges, and its economy is in recession for the second time in four years. The national mood is one of the most pessimistic in Europe, and Francois Hollande, one year after his election as president, is seeing record-low popularity. Why? Part of the explanation lies in a combination of weak growth, competitiveness issues, high joblessness, and high public spending, totaling 57 percent of gross domestic product - vs. about 40 percent for the United States.
BUSINESS
June 8, 2013 | By Harold Brubaker, Inquirer Staff Writer
The U.S. economy gained a better-than-expected 175,000 jobs in May, adding to a string of solid, if unspectacular, employment reports that promise continued slow growth. Economists found little to cheer about in Friday's report from the Bureau of Labor Statistics, which also said the unemployment rate rose to 7.6 percent in May from 7.5 percent in April as 420,000 more people looked for work. "They're decent but not great," John D. Worrall, an economics professor at Rutgers-Camden, said of the job numbers.
NEWS
June 3, 2013 | By Suzette Parmley, Inquirer Staff Writer
The economic impact on the Philadelphia region of this month's U.S. Open Golf Championship could approach $100 million, sports and hospitality-industry observers predict. Businesses within easy reach of Merion Golf Club - from limousine and catering services, to restaurants, to bed and breakfasts - are reporting significant spikes in bookings for tournament week June 10-16, as are some Center City hotels. "In terms of sheer volume and global reach, this is probably the biggest sporting event in the area in years," said Larry Needle, executive director of the Sports Congress, a division of the Philadelphia Convention and Visitors Bureau.
BUSINESS
May 31, 2013 | By Martin Crutsinger, Associated Press
WASHINGTON - The U.S. economy grew at a modest 2.4 percent annual rate from January through March, slightly slower than initially estimated. Consumer spending was stronger than first thought, but businesses restocked more slowly, and state and local government spending cuts were deeper. The Commerce Department said Thursday that economic growth in the first quarter was only marginally below the 2.5 percent annual rate the government estimated last month. That's still much faster than the 0.4 percent growth during the October-December quarter.
NEWS
May 30, 2013 | By Christopher S. Rugaber and Martin Crutsinger, Associated Press
WASHINGTON - Home prices are surging, job growth is strengthening, and stocks are setting record highs. All of which explains why Americans are more hopeful about the economy than at any point in five years. Investors on Tuesday celebrated the latest buoyant reports on consumer confidence and housing prices, which together suggest that growth could accelerate in the second half of 2013. Greater confidence could spur people to spend more and help offset tax increases and federal spending cuts.
NEWS
May 26, 2013
Rob Wonderling is president and CEO of the Greater Philadelphia Chamber of Commerce Steven Bradley is chairman of the African American Chamber of Commerce Philadelphia has the second-highest poverty rate in the nation, next to Detroit. One of the key reasons: decades of jobs lost to our suburbs and other states. Today, 42 percent of city residents leave the city to go to their jobs - outside Philadelphia. We're moving in the wrong direction. Why have jobs been leaving the city?
SPORTS
May 25, 2013 | For The Inquirer
Owner Howard Taylor hopes Economy Terror can return to be a feared force among female pacers this season. The 4-year-old Economy Terror is among eight horses in Sunday's $250,000 Betsy Ross Mares Invitational at Harrah's Philadelphia. The field includes Anndrovette, who was voted harness racing's best older female pacer in 2012 and 2011, as well as defending champion Royal Cee Cee N. Sunday's 14-race card, which begins at 12:40 p.m., also includes the $250,000 Maxie Lee Memorial Invitational for older trotters.
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