May 2, 2013 |
NEW YORK - Signs of a slowing economy dragged down the stock market Wednesday. Even the prospect of continued stimulus from the Federal Reserve didn't help. Major market indexes fell by 0.9 percent, their worst decline in two weeks. Small-company stocks fell even more, 2.5 percent, as investors shunned risk. The yield on the benchmark U.S. government bond fell to its lowest of the year as investors sought safety. Stocks opened lower and kept sagging throughout the day, hurt by reports of a slowdown in hiring and manufacturing last month.
March 22, 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.
March 14, 2013 |
Can $14,000 per person help laid-off drug company workers find new jobs? That's the amount New Jersey's Department of Labor and Workforce Development said Monday that it would contribute to state employers in any field willing to hire former pharmaceutical workers, provided they add them before Sept. 30. The $14,000 per person is part of a $3.6 million federal emergency grant, which includes $1 million in on-the-job-training dollars that have to be spent by the September deadline.
March 11, 2013 |
Wall Street liked what it heard from Washington, as the stock market responded positively to an upbeat jobs report Friday from the U.S. Labor Department. February's unemployment rate edged down to 7.7 percent from 7.9 percent, while payroll jobs grew by 236,000, with broad hiring in nearly every sector. The report sent the Dow Jones industrial average up 67 points, and the S&P gained nearly seven points. "The number was up more than expected," said PNC Financial Services chief economist Kurt Rankin.
March 9, 2013 |
The nation's payrolls added 236,000 jobs in February, and the unemployment rate dropped to 7.7 percent, down from 7.9 percent, the U.S. Labor Department reported Friday morning. Stocks rose as the news was released. Except for 10,000 government jobs lost, there was hiring in nearly every broad industry sector, including manufacturing, construction, retail, business and professional services and health. Education, typically a job generator, saw a decline, both in the private and public sectors.
March 7, 2013 |
NEW YORK - After barreling through a record the day before, the Dow Jones industrial average meandered higher Wednesday, edging up 42.47 points, or 0.3 percent, to close at 14,296.24. An encouraging job-market report helped nudge the market and pushed bond prices lower. On Tuesday, the Dow blew past the previous all-time high, which it hit more than five years ago. The index of 30 big corporations has more than doubled since plunging during the financial crisis in March 2009. In the past, stock indexes have often drifted lower in the months after breaking through previous records.
March 4, 2013
The Philadelphia region's housing market may be turning more slowly than other areas of the nation, but turning it is. For the economy to pick up steam, residential real estate must play a major role. Not only does construction create jobs in many different industries, but when home prices rise, household wealth jumps and generates more confidence and spending. That trend is under way nationally, and even the Philadelphia region is starting to see conditions improve. One look at the recent national numbers and you see how far the housing market has come.
February 8, 2013 |
The recession is over and the job market is improving, albeit barely, but the psychological aftermath of the worst financial downturn since the Great Depression persists, according to a sweeping national survey by Rutgers University. The majority of those surveyed say they believe that there has been a permanent and painful change in the nation's economy. Gone forever, they say, are the ability of the young to afford college, of employees to feel secure, and of workers to land good jobs at good pay. "What this reflects is how wide and deep the whole shock was," said Carl Van Horn, director of the John J. Heldrich Center for Workforce Development at Rutgers, one of the study's coauthors.
February 7, 2013
No sale on school funding plan Pennsylvania students shouldn't have to wait in line behind corporations for a cut of $250,000 in additional yearly school funds. But that's Gov. Corbett's plan for public education. He wants Pennsylvania to swap 5,000 State Store jobs and hundreds of millions of dollars in regular-as-clockwork revenue for a paltry education block grant divided among 500 districts. Corbett prefers to plunder public resources instead of finding permanent ways to fund vital services.