Speculation is growing over what the long-term economic impacts will be to the bankruptcy of Montreal, Maine and Atlantic Railway. Experts interviewed by the Bangor Daily News, however, say businesses served by the railroad shouldn’t experience any immediate impacts as a result of the company’s bankruptcy. The railway filed for Chapter 11 bankruptcy on Wednesday, […]
economy
Posted inBusiness, sj-web
New jobs disproportionately low-pay or part-time
WASHINGTON (AP) — The 162,000 jobs the economy added in July were a disappointment. The quality of the jobs was even worse. A disproportionate number of the added jobs were part-time or low-paying — or both. Part-time work accounted for more than 65 percent of the positions employers added in July. Low-paying retailers, restaurants and […]
advertisement
Posted inNation / World, sj-web
Exclusive: Signs of declining economic security
WASHINGTON (AP) — Four out of five U.S. adults struggle with joblessness, near poverty or reliance on welfare for at least parts of their lives, a sign of deteriorating economic security and an elusive American dream. Survey data exclusive to The Associated Press points to an increasingly globalized U.S. economy, the widening gap between rich […]
Posted inMaine, sj-web
What’s the plan for Maine’s economy?
As Maine struggled to recover from a major recession in the early 1990s, Gov. John McKernan and lawmakers formed the 19-member Maine Economic Growth Council and charged it with developing a long-term economic development strategy for the state. Council members toured the state and held focus groups to craft a statewide plan. But soon after, […]
Posted inBusiness, sj-web
Maine attempts economic development without a plan
As Maine struggled to recover from a major recession in the early 1990s, Gov. John McKernan and lawmakers formed the 19-member Maine Economic Growth Council and charged it with developing a long-term economic development strategy for the state. Council members toured the state and held focus groups to craft a statewide plan. But soon after, […]
Posted inOp-Eds
Maine may be open, but where’s the business?
Our avowedly pro-business governor, Paul LePage, has attracted plenty of attention while battling with Democrats who control the Legislature, and sometimes with fellow Republicans, too. But governors standing for re-election are judged at least as much for their handling of the economy as for any specific legislation. And on this account, LePage supporters might want […]
Posted inLewiston-Auburn
Auburn budgets, government topic of informational meeting
AUBURN — City Manager Clinton Deschene discussed the rationale behind the city’s budget and philosophies for managing municipal government at a public meeting Monday in Auburn Hall. “What Auburn really has to do is figure out what we want, commit to it and stick to it,” Deschene said at the first of two public meetings […]
Posted inBusiness, Maine, sj-web
Maine job creation continues to lag
AUGUSTA — Gov. Paul LePage has long said that virtually everything he does as the chief executive is connected to improving Maine’s business climate and creating jobs. Within two months of taking office, LePage posted an “Open for Business” sign on Interstate 95 in Kittery — a point many people pass entering Maine. Between when […]
Posted inBusiness, sj-web
U. S. employers add 195,000 jobs to economy
WASHINGTON — U.S. employers added a robust 195,000 jobs in June and many more in April and May than previously thought. The job growth suggests a stronger economy and makes it more likely the Federal Reserve will slow its bond purchases as early as September. The unemployment rate remained 7.6 percent because more people started […]
Posted inBusiness, sj-web
Bangor Savings Bank reports record earnings in a ‘fragile financial ecosystem’
BANGOR — Despite tough economic conditions over the past few years, Bangor Savings Bank on Monday reported record earnings and solid growth in its customer deposits and loan portfolio during its last fiscal year. The bank, founded in 1852, earned a record net income of $18.9 million in its 2013 fiscal year, which ended March […]