WASHINGTON — Larry Kudlow on Wednesday accepted an offer from President Donald Trump to head the White House’s National Economic Council, according to three people familiar with the decision. Kudlow had been seen as the front-runner, but Trump formally offered Kudlow the job Wednesday to replace former Goldman Sachs executive Gary Cohn, who resigned last […]
economy
Posted inBusiness, sj-web
Economy sees biggest wage increase in eight years as U.S. adds a robust 200K jobs
WASHINGTON (AP) — U.S. employers added a robust 200,000 jobs in January, and wages rose at the fastest pace in more than eight years, encouraging trends that suggest that the economy may accelerate this year. The unemployment rate remained 4.1 percent, the lowest level since 2000, the Labor Department said in its monthly jobs report […]
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Posted inMaine, sj-web
Susan Collins defends controversial tax bill
For U.S. Sen. Susan Collins, the $1.5 trillion tax overhaul is a mixed bag. The Maine Republican, who voted for the Senate version last week, said late Monday the bill “is by no means perfect and it’s not the bill I would have drafted.” But, she said, it offers hope for tax relief that’s worth […]
Posted inBusiness
US employers add modest 138K jobs; rate dips to 4.3 percent
WASHINGTON (AP) — U.S. employers pulled back on hiring in May by adding only 138,000 jobs. Hiring was still enough to help keep pushing unemployment lower. The Labor Department said Friday that the unemployment rate fell to 4.3 percent from 4.4 percent. Hiring in the months of April and March were revised downward by a […]
Posted inBusiness
U.S. economic growth weakened to 0.7 percent in first quarter
WASHINGTON — The U.S. economy turned in the weakest performance in three years in the January-March quarter as consumers sharply slowed their spending. The result underscores the challenge facing President Donald Trump in achieving his ambitious economic growth targets. The gross domestic product, the total output of goods and services, grew by just 0.7 percent […]
Posted inBusiness
Maine’s unemployment rate shrinks again to lowest in 17 years
Maine’s unemployment rate has hit its lowest point since Christmas of 2000. The February rate was down to 3.2 percent, according to the Maine Department of Labor. There are only seven states with a better employment rate than Maine, including both Vermont and New Hampshire. If the labor market continues to provide jobs for the […]
Posted inNation / World
Donald Trump tells CEOs he’ll only back shovel-ready infrastructure
President Donald Trump speaks during a town hall with business leaders in the South Court Auditorium on the White House complex in Washington, Tuesday, April 4, 2017. (AP Photo/Evan Vucci) WASHINGTON (AP) — With legislation overhauling taxes and health care on an uncertain path, President Donald Trump returned to the familiar. Trump brought 52 business […]
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U.S. adds 235,000 jobs; unemployment dips to 4.7%
WASHINGTON — U.S. employers added a robust 235,000 jobs in February and raised pay at a healthy pace, evidence that the economy remains on solid footing nearly eight years after the Great Recession ended. The unemployment rate dipped to a low 4.7 percent from 4.8 percent, the Labor Department reported Friday. More people began looking […]
Posted inBusiness, sj-web
U.S. economy grew at 3.5 percent last quarter; fastest rate in 2 years
WASHINGTON — The U.S. economy grew at a 3.5 percent annual rate in the July-September quarter, the fastest pace in two years and more than the government had previously estimated. But the growth spurt isn’t expected to last. The gain in the gross domestic product, the economy’s total output of goods and services, came from […]
Posted inBusiness, Lewiston-Auburn
Despite LePage’s warning on ballot measures, state economy still on track
In the days before voters headed to the polls, Gov. Paul LePage warned that if voters approved a hike in the minimum wage and a new tax surcharge for wealthy Mainers, the state’s economy could get clobbered. With new federal overtime rules also kicking in, he insisted, “We’re going to get absolutely destroyed. It’s a […]