April 9, 2014 |
A failure of the over-burdened and antiquated Northeast Corridor rail network could cost the nation's economy $100 million a day, according to a regional report issued Monday. The report was mandated by Congress to analyze the current role of the Northeast Corridor in supporting economic activity and future prospects for growth. The report was issued by the NEC Commission, composed of representatives of the eight states and Washington, D.C., that make up the corridor; Amtrak; freight and commuter railroads, and the U.S. Department of Transportation.
April 6, 2014 |
The economy has generated enough private-sector jobs to replace all those lost during the recession, according to data released Friday by the U.S. Labor Department. That was the headline news in an otherwise solid, but unremarkable, report. The unemployment rate remained unchanged at 6.7 percent, and payroll jobs were up by 192,000 in March. In March, private-sector, nongovernmental jobs edged just above 116 million. Such jobs numbered just below 116 million when the recession began in December 2007.
March 9, 2014 |
Economists liked the U.S. Labor Department's Friday report on the nation's job situation, cheered by news that payrolls expanded by 175,000 in February and unfazed by a slight rise in the unemployment rate to 6.7 percent from 6.6 percent. In a Center City classroom, Deborah Weston of West Philadelphia was also optimistic. Laid off in July after 27 years at the same insurance company, Weston signed up for Step IT Up America, which promises jobs and paid training to African American women who want to get into information technology.
March 8, 2014 |
It has been a mantra of American business for years - lower the tax rate on multinational corporations to boost their competitive edge and spur the economy in the United States. But a University of Pennsylvania law professor argues in a new study that cutting taxes for multinationals might not achieve the desired result. Professor Chris William Sanchirico says the reason has relatively little to do with whether wealthy Americans and U.S. companies spend additional profit reaped from U.S. tax cuts.
March 7, 2014 |
The economy slipped amid the Philadelphia region's icy weather for most of January and February, the Federal Reserve said Wednesday as part of its national snapshot of business activity, which otherwise showed improvement for much of the country. In this region, many retailers realized losses through heavy discounting of winter inventory. On the bright side, Philadelphia auto dealers anticipate a release of pent-up demand when spring arrives, the Fed said. The bank's latest so-called Beige Book report follows a generally more positive report for December.
February 10, 2014 |
Say you're a 62-year-old man who's ready, willing, and eager to take Social Security's offer of early retirement. There's just one pesky detail. Although you're well-fixed financially, you can't afford hundreds of thousands of dollars in uninsured medical bills. And your wife, a 55-year-old cancer survivor worried about a relapse, can't get insurance. At least that was so last year, when you were still "job-locked" - stuck by your family's need for insurance in a position you'd be happy to give up, perhaps to a recent college grad struggling to find work.
February 8, 2014 |
Vice President Biden used a trip to 30th Street Station on Thursday to tout Amtrak's newest locomotive as an engine of the economy and a savior of middle-class jobs. The first of 70 new electric locomotives will begin revenue service Friday in Boston, pulling Amtrak coaches on the Northeast Corridor. Amtrak is spending $466 million on the new 125-m.p.h. locomotives, being built by the rail systems division of Siemens Industry Inc. in Sacramento, Calif. The new "Cities Sprinter" locomotives will replace models that are 25 to 35 years old. They eventually will power all Northeast Regional trains between Boston and Washington, and also will operate on the Keystone Corridor between Harrisburg, Philadelphia and New York.
January 30, 2014 |
WASHINGTON - President Obama's call to raise the minimum wage brought cheers Tuesday from local Democrats in Congress, but a mixed reaction from Philadelphia-area Republicans in what was likely a preview of the debate that will play out in heated campaigns this fall. Obama used part of his State of the Union speech to urge Congress to raise the federal minimum wage from $7.25 to $10.10 an hour as part of a sweeping mission to level the economic playing field, though the idea seems unlikely to gain traction.
January 17, 2014
Reports from the 12 regional banks of the Federal Reserve indicate that the economy was expanding across the nation from late November through December, the central bank said. Philadelphia was one of two regions that reported just "modest" growth (the other was Boston), while nine regions said growth was "moderate" and one, Kansas City, said only that the economy had "held steady" during late 2013. In the Philadelphia region there was underlying confidence in the economy and transportation services were described as "booming" during the period.
January 16, 2014 |
When Charles Plosser speaks, people listen, even more so now that the president of the Federal Reserve Bank of Philadelphia has a vote on national monetary policy. So, if you missed it, here is what he had to say Tuesday about 2014: He expects the economy to grow 3 percent, the unemployment rate to decline to 6.2 percent, inflation to drift toward 2 percent, and the Federal Reserve to end its purchase of bonds to spur the economy's recovery. Plosser made his observations in a speech at a luncheon at the Union League sponsored by the La Salle University School of Business.