In early December 2008, the National Bureau of Economic Research announced its determination that the US economy had been in recession since December 2007, notwithstanding the positive growth in real gross domestic product registered during the first two quarters of 2008. Still, the economy grew by a quarterly average of nearly 1.9% during the first two quarters of 2008, fueled in part by a significant improvement in net exports as well as fiscal stimulus-supported personal consumption. Labor market conditions have weakened noticeably since late 2007 -- since the recession began in December 2007, a total of 3.6 million jobs have been lost. Rising food prices and the energy price surge through the middle of last year boosted headline inflation, which peaked at 5.6% in the 12 months throu...
Maine's economy is shuffling into 2008 as if it's suffering from a hangover, and the state could still be feeling under the weather at the end of the year. The housing market has gone cold, retail sales ended up below the modest expectations that had been set for the holiday season, and the manufacturing industry in Maine shows no signs of turning around from its long slide.
The La Crosse area's economy will continue to grow in 2008, local leaders predict. But some of them foresee slower growth than in 2007 and cite concerns about the national economy. Some 2008 highlights will include the start of work on a new transit center and a new downtown hotel, and completion of the second Riverside Center office building that Logistics Health Inc. Chairman Don Weber is building on South Front Street for additional Logistics Health offices and the La Crosse offices of Business Objects.
The national economy closed out 2008 with an avalanche of negative stories but the top West Virginia business story for 2008 is good news: The state finished the year with a budget surplus. Unofficially, as of the close of business Tuesday, the state had a budget surplus of about $79 million, Mike McKown, director of the state budget office, said Wednesday.
As everyone knows, the foreclosure crisis and the implosion of the housing market hit Ohio and the Dayton area hard, depressing property values that homeowners in some communities had come to expect would always grow briskly. The biggest of the area's problems are in Dayton itself, where foreclosures and other housing problems long predated the national economy's 2008 decline. So many homes in the city have been foreclosed on that the nature of some neighborhoods has changed, causing some rethinking about their basic identities.
Dan Centner said he considers himself "one of the lucky ones. Centner, a Colorado native, landed a job in New York after graduating from Tulane University Law School in 2008 as the national economy was tanking. He loved the firm but didn't take to life in New York, where he says "they work a little bit too late."
The overwhelming influence on the Tennessee Valley's economy for 2008 will be the national economy, and the national economy quickly deteriorated as 2007 came to an end. This relatively rosy scenario came to an end over the summer of 2007 as the problems with subprime mortgages spilled over into financial markets, with uncertainty as to size of losses and affected assets and with accompanying credit restrictions imposing restraints on economic growth. The Tennessee Valley's economy will generally follow that of the nation. Thus, growth of about 2 percent for the region's GDP is expected. In the middle of the year, manufacturing improved, helped by strong export orders. Metals, chemicals, and aerospace all did relatively well. With business investment holding up, capital equipment machin...
ARLINGTON, Va., May 21 /PRNewswire-USNewswire/ -- Leaders of the American Trucking Associations (ATA) joined President Obama at the White House today for his signing of a presidential memorandum that directs the U.S. Department of Transportation and the Environmental Protection Agency to develop national standards for fuel economy and greenhouse gas emissions for heavy- and medium-duty trucks. The President's announcement effectively endorses the ATA Sustainability Task Force recommendation in 2008 that called for national fuel economy standards for trucks to reduce greenhouse gas emissions. (Logo: http://photos.prnewswire.com/prnh/20100129/ATALOGO)
A national recession probably is underway. A prolonged housing contraction, a severe credit crunch and soaring energy prices appear to be overwhelming the efforts to prop up the US economy with monetary and fiscal stimulus. No state will be unaffected by the national weakness. But Texas will be more resilient than most. For some time now, growth in Texas has been slowing, in reaction to national trends. And that deceleration almost certainly will continue over the first half of 2008 as the national economy contracts. But in 2008, real GDP in Texas probably will advance at least 1 1/2 percentage points faster than it does nationally.
ELLENSBURG, Wash. -- The Economic Outlook Conference returns to Central Washington University on Tuesday after a year hiatus. More than 140 people are expected to attend the conference, which will feature experts providing perspectives on the regional, state and national economy. That would be a big increase from 2008, the last year the conference was held, which attracted about 50 attendees.
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