In an October 7 speech given at the Asia-Pacific Economic Cooperation (APEC) summit, Chinese President Xi Jinping stated that a full and healthy global economic recovery from this century’s great recession would be a “long and tortuous process.” According to Xi, the global economy is experiencing a profound readjustment as the major economies struggle with […]
economy
Posted inMaine, sj-web
Grass-roots effort underway to create statewide economic development strategy
In 2009, when FairPoint Communications wanted to entice the Maine Public Utilities Commission to approve its acquisition of Verizon’s landline business in Maine, it sweetened the deal with a promise to invest in Maine’s economic development. The telecommunications company won its approval and invested in excess of $500,000 over several years to commission ViTAL Economy, […]
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Posted inNation / World, sj-web
Lawmakers still get a check, even in shutdown mode
WASHINGTON (AP) — There’s at least one constant in a government shutdown: The 532 members of Congress continue to be paid — at a cost of $10,583.85 per hour to taxpayers. Lawmakers get their pay even as hundreds of congressional staffers are sent home, packs of tourists are turned away at the Capitol, and constituent […]
Posted inBusiness, sj-web
What the statistics tell us about Maine’s economy
If you listen to Gov. Paul LePage and his Republican allies, they’ll tell you Maine’s economy has turned a corner. Businesses are creating jobs, more people are working and fewer people are living below the poverty threshold. Fewer Mainers are dependent on government programs to get by. Sounds like Maine’s economy has recovered, right? But listen to […]
Posted inBusiness, sj-web
Economist says Maine needs to import young, productive workers
AUGUSTA — Any efforts to improve the economy in Maine will be thwarted by the state’s aging population unless the state can attract more young people, and the widely held goal of preventing young Mainers from moving out of state won’t come close to solving the problem. That was the keynote message from University of […]
Posted inAdvertiser Democrat, Connections
Coupon book to support Casco Public Library
CASCO — Casco Public Library has been hard at work on their annual Coupon Book, producing a high-quality collection of savings to favorite local shops. From now through June 2014, the library is selling the coupon book for $10 each. The book will support the library and help stimulate the local economy. Shopping locally keeps […]
Posted inMaine, sj-web
Maine Military Authority to cut 140 jobs
LIMESTONE, Maine (AP) — A business that got its start overhauling military Humvees and trucks is preparing to slash its workforce by more than half because of reduced demand. Maine Military Authority said Friday that it intends to cut 140 jobs beginning in October because of the drawdown of troops and equipment in Iraq and […]
Posted inMaine, sj-web
In the wake of bankruptcy, keeping Maine’s rail network intact ‘strategically critical’
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, […]
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 […]
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 […]