After a dramatic swing last year, Maine’s economy started 2018 on a sluggish note, posting one of the slowest state growth rates in the country. The federal Bureau of Economic Analysis reported this week that the state’s economy grew at an annual rate of just 0.6 percent in the first three months of this year, […]
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Posted inLocal & State, sj-web
Geiger executives worry Trump is triggering fears that will hurt their business
LEWISTON — Officials at Geiger are worried the largest privately held promotional products distributor in the world could suffer if the global reputation of the United States does not improve. Jo-an Lantz, Geiger’s chief operating officer, said Tuesday that world opinion has “really shifted” against the country over the past 18 months because of the perceived […]
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Posted inLocal & State, sj-web
LePage eyes bringing more Chinese students, trade to Maine
Touting the safety and natural bounty of Maine, Gov. Paul LePage is pushing for Chinese students and companies to come to the Pine Tree State. LePage recently told China Daily, an English-language newspaper published in the People’s Republic of China, that attracting more Chinese students could be one solution to Maine’s aging population. “If we can get […]
Posted inLocal & State, sj-web
Maine may feel the pinch of retaliatory European tariffs
New research finds that Maine would be one of the hardest-hit states if the European Union takes retaliatory measures in response to President Donald Trump’s new tariffs on steel and aluminum imports. A report by the Brookings Institution shows that 9.5 percent of Maine’s exports to Europe would likely be slapped with retaliatory tariffs if the Trump administration […]
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Larry Kudlow to be top White House economic adviser
WASHINGTON — Larry Kudlow on Wednesday accepted an offer from President Donald Trump to head the White House’s National Economic Council, according to three people familiar with the decision. Kudlow had been seen as the front-runner, but Trump formally offered Kudlow the job Wednesday to replace former Goldman Sachs executive Gary Cohn, who resigned last […]
Posted inBusiness, sj-web
Economy sees biggest wage increase in eight years as U.S. adds a robust 200K jobs
WASHINGTON (AP) — U.S. employers added a robust 200,000 jobs in January, and wages rose at the fastest pace in more than eight years, encouraging trends that suggest that the economy may accelerate this year. The unemployment rate remained 4.1 percent, the lowest level since 2000, the Labor Department said in its monthly jobs report […]
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Susan Collins defends controversial tax bill
For U.S. Sen. Susan Collins, the $1.5 trillion tax overhaul is a mixed bag. The Maine Republican, who voted for the Senate version last week, said late Monday the bill “is by no means perfect and it’s not the bill I would have drafted.” But, she said, it offers hope for tax relief that’s worth […]
Posted inBusiness
US employers add modest 138K jobs; rate dips to 4.3 percent
WASHINGTON (AP) — U.S. employers pulled back on hiring in May by adding only 138,000 jobs. Hiring was still enough to help keep pushing unemployment lower. The Labor Department said Friday that the unemployment rate fell to 4.3 percent from 4.4 percent. Hiring in the months of April and March were revised downward by a […]
Posted inBusiness
U.S. economic growth weakened to 0.7 percent in first quarter
WASHINGTON — The U.S. economy turned in the weakest performance in three years in the January-March quarter as consumers sharply slowed their spending. The result underscores the challenge facing President Donald Trump in achieving his ambitious economic growth targets. The gross domestic product, the total output of goods and services, grew by just 0.7 percent […]
Posted inBusiness
Maine’s unemployment rate shrinks again to lowest in 17 years
Maine’s unemployment rate has hit its lowest point since Christmas of 2000. The February rate was down to 3.2 percent, according to the Maine Department of Labor. There are only seven states with a better employment rate than Maine, including both Vermont and New Hampshire. If the labor market continues to provide jobs for the […]