WASHINGTON (AP) — The Federal Reserve wasn’t just trying to drive interest rates lower when it announced a third round of bond purchases Thursday. It also wants to make Americans feel wealthier — and more willing to spend. The idea is for the Fed’s $40 billion-a-month in bond purchases to drive down interest rates and […]
economy
Posted inOxford Hills, sj-web
Slight decrease in Oxford Hills unemployment rate
OXFORD HILLS — The state-wide unemployment rate has remained relatively flat over the past year, even as Oxford Hills has witnessed a slight decrease in unemployment. The U.S. Department of Labor’s Bureau of Labor Statistics reports that statewide, the seasonally-adjusted unemployment rate in July was 7.6 percent – exactly the same as July 2011. The […]
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Posted inBusiness, Maine, sj-web
No bumper crop for Maine potato growers
PORTLAND — Maine potato farmers who dealt with too much rain last summer are dealing with too little this year, leading to predictions of a smaller-than-normal harvest. Meteorologist Rich Norton of the National Weather Service’s Caribou office says June was wetter than normal and rainfall for the year is actually running ahead of average. But […]
Posted inBusiness, New England, sj-web
Lawmakers to seek $100M fishermen relief package
BOSTON (AP) — New England lawmakers are preparing to ask Congress for $100 million in disaster relief funds for fishermen, including money to help them exit the industry if they wish and subsidies for those who stay in. The proposal is outlined in a draft letter to congressional leaders from Sen. John Kerry that’s being […]
Posted inNation / World, sj-web
Bernanke: With unemployment high, Fed can do more
He also argued that the Fed’s moves so far to keep interest rates at record lows and encourage borrowing and spending have helped bolster the economy. Bernanke stopped short of committing the Fed to any specific move, such as another round of bond purchases to lower long-term rates. But in a speech at an annual […]
Posted inNews, sj-web
Maine’s unemployment figures better than national rate for July
AUGUSTA, Maine — Maine’s unemployment rate in July was 7.6 percent, slightly higher than June, but unchanged from the same month last year, according to preliminary estimates released today by the Maine Department of Labor. Maine continues to have lower unemployment rates, higher rates of labor force participation and a higher share of population that […]
Posted inBusiness, Maine, sj-web
Gallup poll says Maine next to last in list of ‘thriving’ states
AUGUSTA, Maine — In Gallup poll results released Tuesday, Maine ranks next to last for the percentage of respondents who describe themselves as “thriving” in the first half of 2012. Only West Virginia fared worse. The results come a week after a separate Gallup poll revealed that a lower percentage of Mainers than residents of any other state […]
Posted inMaine, sj-web
Maine ranks 13th in kid’s health, education
Maine ranks 13 among 50 states in overall child well-being, according to the 2012 Kids Count report recently released by the Annie E. Casey Foundation, a private charitable organization dedicated to helping disadvantaged children. The ranking is determined by indicators including economic well-being, education, health and family and community life. “Maine’s higher rankings in the […]
Posted inMaine, sj-web
Maine gas prices soar nearly 8 cents per gallon
AUGUSTA (AP) — The average retail cost of a gallon of gas in Maine soared almost eight cents in the past week, but still didn’t rise as fast as the national average. Price-monitoring website MaineGasPrices.com reported Monday that the average cost in Maine jumped to $3.69 per gallon. Even though the national average jumped more […]
Posted inBusiness, Maine, sj-web
New Brunswick fishermen blockade Maine lobster deliveries
ELLSWORTH, Maine — As Maine lobstermen contend with historically low prices for their catch, the economic discomfort resulting from the state’s oversupply of soft-shell lobsters appears to be spreading across the border into Canada. On Thursday, New Brunswick fishermen publicly expressed their displeasure that some lobster processors in the province are getting their supply from […]