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 […]
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Posted inBusiness, Local & State, 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 […]
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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 […]
Posted inBusiness, sj-web
U.S. employers add 175,000 jobs
WASHINGTON — The U.S. economy is adding jobs at a steady pace — enough to show strength in the face of tax increases and government spending cuts if not enough to reduce still-high unemployment. Employers added 175,000 jobs in May, and the unemployment rate rose to 7.6 percent from 7.5 percent in April, the Labor […]
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Economist says Maine to recover in 2016
2013 is off to a promising start — but don’t get used to it. In a preview of his Maine forecast for the New England Economic Partnership conference in Boston on Thursday, Charlie Colgan said that he revised his estimate for the end of recession in Maine to late 2016. One year ago, he’d forecast […]
Posted inLocal & State, sj-web
Maine lags behind while New England economy improves
HARTFORD, Conn. (AP) — A group of economists says New England is recovering from the worst recession in decades, with the strongest gains in Massachusetts and Vermont, while Rhode Island and Maine lag. The New England Economic Partnership said Wednesday that external factors such as Europe’s recession and federal spending cuts made in Washington are […]
Posted inLocal & State
Workforce development bill sails through Maine Senate
AUGUSTA — A bill that’s being heralded as “first-of-its-kind” legislation aimed at closing the state’s so-called “skills gap” easily cleared the Maine Senate on Wednesday. The bill, LD 90 — the work of a special committee of the Legislature — was rolled out last week and broadly praised as a bipartisan solution to a problem […]
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After near-stall in late 2012, economy picking up momentum
WASHINGTON — After nearly stalling in late 2012, the American economy quickened its pace early this year despite deep government cutbacks. The strongest consumer spending in two years fueled a 2.5 percent annual growth rate in the January-March quarter. The question is: Can it last? Federal spending cuts, higher Social Security taxes and cautious businesses […]
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Maine’s economic doldrums may be behind LePage turnabout
Consistency, we are learning, is not something one can expect from Gov. Paul LePage. The Republican governor came into office as the scourge of debt. He argued against borrowing in all its forms, whether bonds issued by state agencies or approved by the voters. He backed up his point by vetoing bond issues and refusing […]