WASHINGTON (AP) — The U.S. economy grew at a 3.2 percent annual rate in the October-December quarter on the strength of the strongest consumer spending in three years, an encouraging sign for 2014. The fourth-quarter increase followed a 4.1 percent growth rate in the July-September quarter, when the economy benefited from a buildup in business […]
economy
Posted inLewiston-Auburn
Obama’s call for higher wages gets mixed reaction in Maine
AUBURN — President Barack Obama’s call in Tuesday’s State of the Union address for employers to pay workers a minimum of $10.10 per hour got a mixed reaction in Maine on Wednesday. Obama did not say he would propose legislation to boost the federal minimum wage. He did that last year and it was not […]
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Posted inNation / World, sj-web
House passes $1.1 trillion bill to fund government
WASHINGTON (AP) — A $1.1 trillion spending bill for operating the government until just before next fall’s election steamed through the battle-weary House on Wednesday over tepid protests from tea party conservatives, driven by a bipartisan desire to restore painful cuts in domestic and defense programs and show disaffected voters that Congress can do its […]
Posted inLetters
R. Wilner: Future looks bleak for poor people
Last year, my homeowner’s insurance cost doubled. I have lived here 30 years and never had a claim. Every time I go to the grocery store, it costs more, so the quality of what I can buy goes down. I used to buy a cord of wood for $100; now it is $200. Why is […]
Posted inBusiness, sj-web
Economist sees steady growth this year for Maine’s economy
PORTLAND — Maine’s economy is expected to see steady growth this year, providing an opportunity for the state to begin tackling the challenges it will face in the future as its population continues to age, a former state economist said Tuesday. Last year was a turning point for Maine toward post-recession recovery and that will […]
Posted inNation / World, sj-web
Bipartisan budget agreement clears Congress
WASHINGTON (AP) — Congress sent President Barack Obama legislation Wednesday scaling back across-the-board cuts on programs ranging from the Pentagon to the national park system, adding a late dusting of bipartisanship to a year more likely to be remembered for a partial government shutdown and near-perpetual gridlock. Obama’s signature was assured on the measure, which […]
Posted inBusiness, sj-web
Economist says Maine needs more people to fuel a full recovery
BANGOR — If Maine’s going to continue to dig itself out of the recession and thrive in the future it needs more people, according to an economics and public policy professor with 12 years of experience in the State Planning Office under three governors. Charles Colgan, a public policy and management professor at the Muskie […]
Posted inBusiness, sj-web
In Maine, 4,000 face loss of extended unemployment benefits
AUGUSTA — Barring action from Congress, about 4,000 Mainers who receive extended unemployment benefits will lose those benefits after Dec. 28, 2013. The Maine Department of Labor, which administers the state’s unemployment benefits system, is urging those people to plan ahead. Maine’s seasonally-adjusted unemployment rate in October was 6.7 percent, the lowest figure since November […]
Posted inBusiness, Maine, New England, sj-web
Slow New England job growth seen lagging behind U.S. gains
HARTFORD, Conn. (AP) — Federal spending cuts and reduced consumer demand are slowing economic growth in New England, according to a set of projections released Wednesday. The report by the New England Economic Partnership, a nonprofit that provides analyses and forecasts, said economic growth of 3 percent through 2017 is less than what’s considered even […]
Posted inNation / World, sj-web
Dow closes at another record
NEW YORK — There weren’t any major economic developments or blockbuster earnings. But that didn’t stop investors from pushing the Dow Jones industrial average to another record Wednesday. Instead, investors focused on the big economic news yet to come this week — third-quarter U.S. economic growth on Thursday and the October jobs report Friday. Both […]