Coronavirus doesn't change this Fed president's upbeat outlook for the US economy
Federal Reserve Bank of Cleveland president Loretta Mester said the coronavirus poses a risk to the global economy, but that hasn’t changed her forecast for continued growth of about 2% in the U.S. this year.“I’m thinking about it as a risk,” Mester said at a Forum of Executive Women event in Philadelphia on Wednesday. The SARS epidemic “in 2003 is what economists are looking at” as a map for impact, but China today boasts a much bigger economy than during the last epidemic.“The Chinese economy in the first quarter will see a drop,” Mester said. “It will have some dampening effect on the globa...
The Philadelphia Inquirer
Commentary: How 'second chance' hires can boost the labor force, keep youth on track
America’s businesses are facing an unprecedented labor shortage, a drag on economic growth that risks derailing the expansion. Yet we also have a pool of millions of willing workers who are unemployed or substantially underemployed — those with a criminal record. Bringing these prospective employers and employees together in a profitable and sustainable way is an economic imperative.Our work focuses on the models developed by pioneering business owners who opened their doors to workers in need of a second chance: those with a history of incarceration, addiction or other mistakes of the past. T...
Jay Ambrose: Trump economy a worry for Democrats
You almost felt sorry for them, the six Democratic presidential candidates having their last debate before the Iowa caucuses. The subject of President Donald Trump’s razzle-dazzle, historically stunning economy came up. What were they to do? Concede its accomplishments? Demonstrate ignorance? Mouth falsehoods? Or respectably indulge in fine-tuned analysis granting the obvious while pointing to shortcomings and possible improvements?Joe Biden quickly skipped the analysis option. Less like a thoughtful statesman than like King Kong thumping his chest, he roared that working and middle class peop...
Tribune News Service
Electric cars will challenge state power grids
SEATTLE — When Seattle City Light unveiled five new electric vehicle charging stations last month in an industrial neighborhood south of downtown, the electric utility wasn’t just offering a new spot for drivers to fuel up. It also was creating a way for the utility to figure out how much more power it might need as electric vehicles catch on.Seattle aims to have nearly a third of its residents driving electric vehicles by 2030. Washington state is No. 3 in the nation in per-capita adoption of plug-in cars, behind California and Hawaii. But as Washington and other states urge their residents t...
Vanguard's market forecasts for 2020 and beyond? Higher, but not as juicy as the 2010 decade.
Between 2010 and 2020, stocks and bonds have been on an amazing run.But annual returns won’t be as high over the next decade, so cool your expectations, professional investors warned.The 2010-2020 period may be the only decade without a recession in U.S. history and the highest S&P earnings growth in U.S. history, said Matt Topley with Fortis Wealth in King of Prussia.While the decade was the longest economic expansion ever recorded, it has also been the weakest of the post-WWII era, according to Wells Fargo’s annual economic outlook.The decade also didn’t beat out the best for stock returns.“...
The Philadelphia Inquirer
Susan Tompor: Will the U.S. economy steer clear of a recession in 2020?
Could the U.S. economy really avoid a recession in 2020?Well, the answer, as of late December anyway, is yes.The longest economic expansion in U.S. history, which kicked off in June 2009, apparently has more gas in the tank. It’s quite a change from last summer’s cloudy rumblings when some experts saw the the odds going up for the possibility of a recession by mid-2020.Remember back in August when the Dow Jones industrial average tanked 800 points in just one day after a key signal in the bond market fueled fears of a recession ahead? The Dow closed at 25,479.42 on Aug. 14.Now, never mind.“I e...
Detroit Free Press
Precinct closures harming voter turnout in Georgia, analysis finds
ATLANTA — Until her old concrete-block precinct shut down, Maggie Coleman lived about a mile from a place to cast her ballot in rural Georgia.Now, she has to drive nearly 10 miles, past cotton fields and fallow farms, to reach the only voting location left in Clay County — a small room inside a government benefits building. She said she would have voted in last year’s primary election if it wasn’t so inconvenient.Coleman, a 71-year-old with knee and back pain, is one of many Georgia voters who miss elections because their polling place is farther away than it once was.Amid widespread voter dis...
The Atlanta Journal-Constitution
How badly does Topeka need workers? It'll pay you up to $15,000 just to move there
Topeka leaders are using cold hard cash to lure more workers to live in Kansas’ capital city.The new Choose Topeka program, approved this week, will pay up to $10,000 to people who rent and $15,000 for those who purchase a primary home—after a year of residency in the city. A news release says beneficiaries can use those funds “for all types of moving related expenses.”The Joint Economic Development Organization (JEDO), a combined effort of Topeka and Shawnee County, approved the measure Wednesday evening. It’s set to launch in 2020.The program is part of Go Topeka, an arm of the Greater Topek...
The Kansas City Star
Trump country sees biggest income dips — and jumps
In recent years, an oil boom has pumped up the incomes of many rural residents in Texas, even as flooding and the trade war have dragged down incomes in Nebraska farm country. Both cases are emblematic of a broader trend: The counties with the most dramatic income gains and losses since 2016 are mostly rural and Republican.A Stateline analysis of Bureau of Economic Analysis data shows that while residents of booming big cities were most likely to have growing incomes in the three years between 2016 and 2018, rural residents had a very mixed outcome.The numbers are yet another illustration of t...