economy

Economics
3:44 pm
Tue October 22, 2013

Job Growth Was Disappointing, But Some See Reasons For Hope

Hans Kahl (left) speaks with prospective employees at a job fair for veterans, in Miami on Tuesday. With job growth still slow, the Federal Reserve may keep trying to stimulate the economy.
Joe Raedle Getty Images

Originally published on Tue October 22, 2013 3:49 pm

When it finally came out Tuesday, the September jobs report — delayed for 18 days by the government shutdown — showed a labor market moving forward. But the pace was slow enough to prompt many economists to view it as a letdown.

Job growth "is disappointing, given that employment is still down by about 1.8 million from its peak prior to the recession," Gus Faucher, senior economist with PNC Financial Services Group, said in his analysis.

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Economics
11:00 am
Tue October 22, 2013

Broward, Palm Beach Beat Other U.S. Metro Areas In Jobless Drop

Broward County and Palm Beach’s unemployment rates are dropping faster than it is in any other major metropolitan area, according to a new federal report.

For August, the most recent month with updated federal data, the Fort Lauderdale metropolitan area saw unemployment plunge to 5.8 percent from 7.7 percent a year before. according to data released Monday. Palm Beach also saw a drop of nearly two percentage points (from 9.7 percent to 8.4 percent), ending Seattle’s six-month run atop the list produced each month by the Bureau of Labor Statistics.

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Trade
11:49 am
Mon October 21, 2013

How Spanish Investment, Trade Ties With Florida Offer Business Gold

Angel Santibañez is the owner of Brisas de España, 8726 NW 26 St., Doral, which carries a variety of goods from Spain including paella pans hanging from wall, hams, ceramics and food products.
Credit C.W. Griffin / Miami Herald Staff

Arriving in South Florida, visitors from Spain might feel as if they’ve never left the Iberian Peninsula.

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Economics
7:24 am
Fri October 18, 2013

Economists Fear 'Flying Blind' Without Government Data

The Federal Reserve headquarters in Washington, D.C., where the federal government shutdown left policymakers without key economic data.
J. David Ake AP

Originally published on Thu October 17, 2013 4:51 pm

Talk to economists about the government shutdown's impact on their forecasts and you'll hear this phrase again and again:

Flying blind.

For economists and investors, "at this moment, we are flying blind," said Alan Greenspan, former chairman of the Federal Reserve and now president of Greenspan Associates LLC, a consulting firm.

Greenspan is not alone in feeling a little lost without the compass of government reports.

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Infrastructure
9:36 am
Thu October 17, 2013

Port Everglades On Florida's Short List For $35M In Investment Upgrades

Credit Ed Webster/Flickr

Port Canaveral, Port Everglades and the Port of Tampa are in line to receive $35 million next year to expand their facilities through a state program for strategic port investments.

As part of an effort to position the state's 15 seaports as a single global shipping hub, Gov. Rick Scott announced Wednesday he will recommend that the Legislature allocate the money to the projects. The announcement came during an appearance at the American Association of PortAuthorities convention in Orlando.

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Politics
7:24 am
Thu October 17, 2013

Congress Approves Bill To End Government Shutdown, Avert Default

Speaker of the House John Boehner pumps his fist after leaving a meeting of House Republicans at the U.S. Capitol on Wednesday.
Win McNamee Getty Images

Originally published on Thu October 17, 2013 12:32 am

Bringing to an end an episode that once again exposed Washington gridlock at its worst, the House approved a Senate deal that will end a 16-day federal government shutdown and avert the first government default in U.S. history.

The 285-144 vote came at the eleventh hour, after weeks of partisan bickering and a very public airing of deep divisions within the Republican party. President Obama signed the bill into law after midnight Thursday.

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The Sunshine Economy
6:30 am
Thu October 17, 2013

Public Debt On TSE: Counting Up The Dollars And Sense

Credit U.S. Federal Reserve / Truth In Accounting

The debate in Congress over raising the debt ceiling was focused on the $16.7 trillion borrowing limit. That's a huge number that has been increasing rapidly since the Great Recession. The chart above from the U.S. Federal Reserve shows the federally reported public debt jumping from $6 trillion after the 2001 recession to almost $17 trillion this fall.  

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Energy
5:20 pm
Wed October 16, 2013

The 1973 Arab Oil Embargo: The Old Rules No Longer Apply

On Dec. 23, 1973, cars formed a double line at a gas station in New York City. The Arab oil embargo caused gas shortages nationwide and shaped U.S. foreign policy to this day.
Marty Lederhandler AP

Originally published on Sun October 20, 2013 8:31 am

Forty years ago this week, the U.S. was hit by an oil shock that reverberates until this day.

Arab oil producers cut off exports to the U.S. to protest American military support for Israel in its 1973 war with Egypt and Syria. This brought soaring gas prices and long lines at filling stations, and it contributed to a major economic downturn in the U.S.

The embargo made the U.S. feel heavily dependent on Middle Eastern oil, which in turn led the U.S. to focus on instability in that region, which has since included multiple wars and other U.S. military interventions.

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Economics
2:34 pm
Wed October 16, 2013

Why U.S. Taxpayers Pay $7 Billion A Year To Help Fast-Food Workers

New York City Council speaker and then-mayoral candidate Christine Quinn speaks at a fast-food workers' protest outside a McDonald's in New York in August. A nationwide movement is calling for raising the minimum hourly wage for fast-food workers to $15.
Richard Drew AP

Originally published on Wed October 16, 2013 4:48 pm

If you hit the drive-through, chances are that the cashier who rings you up or the cook who prepared your food relies on public assistance to make ends meet.

A new analysis finds that 52 percent of fast-food workers are enrolled in, or have their families enrolled in, one or more public assistance programs such as SNAP (food stamps) Medicaid or the Children's Health Insurance Program (CHIP).

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The Sunshine Economy
7:00 am
Wed October 16, 2013

Public Debt On TSE: Lining Up Lenders for Landing

Credit Tom Hudson

The federal government may be partially shut down and flirting with an unprecedented debt default but the Broward County Aviation Department had no trouble borrowing $450 million this month.

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Business
11:52 am
Mon October 14, 2013

Miami To NY Hedge Funds: We’re Ready For You Now

Miami Downtown Development is trying to lure hedge funds to Miami with assistance from developer Nitin Motwani (left) and Miami City Commissioner Marc Sarnoff (right).
Credit CARL JUSTE / MIAMI HERALD STAFF

Miami hopes to lure hedge funds out of New York with an updated twist on a familiar message: Come south for warm winters, zero state or city income tax and -- finally -- a downtown worthy of Wall Street’s elite.

“It’s really showing the maturity of our city,’’ said Nitin Motwani, a Miami developer and board member of the Downtown Development Authority. “The more people get familiar with what is happening in Miami — the real Miami — the more people are going to say, ‘I’m going to give Miami a shot.”

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The Sunshine Economy
7:00 am
Fri October 11, 2013

Broward County Isn't Bleeding Jobs Anymore But Hiring Has Stalled

Animals and transportation. Those are two areas Broward County Administrator Bertha Henry says residents would like to expand county services. And while the county has seen its finances improve as the housing market has recovered somewhat, the county is not looking to expand its workforce.

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The Sunshine Economy
7:00 am
Thu October 10, 2013

Why The U.S. Should Pay People To Dig Holes And Fill Them Up To Create Jobs

Prof. Paul Krugman
Credit Tom Hudson

Paul Krugman is a lightning rod for economic criticism. He's used to it. For several years Krugman has argued in his New York Times columns for more government stimulus spending, not less.

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Banking
4:24 pm
Wed October 9, 2013

Obama Nominates Janet Yellen To Head Federal Reserve

President Obama claps during a press conference to nominate Janet Yellen to head the Federal Reserve in the State Dining Room at the White House on Wednesday.
Win McNamee Getty Images

Originally published on Wed October 9, 2013 4:49 pm

Saying "American workers and families will have a champion in Janet Yellen," President Obama officially nominated her to chair the Federal Reserve, once Ben Bernanke completes his term in January.

Yellen "is the kind of person who makes everybody around her better," Obama said, adding that Yellen is "extremely well qualified" and "renowned for her good judgement."

Obama made the announcement at the White House on Wednesday, flanked by Yellen and outgoing Fed chief Ben Bernanke. If confirmed, Yellen will be the first woman to head the American central bank.

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The Sunshine Economy
11:33 am
Wed October 9, 2013

Miami-Dade Mayor: Some County Workers Are Overpaid, Underworked

The view looking south from Mayor Gimenez's office at Government Center in Miami. He has a view of the booming Brickell neighborhood, one of the hottest real estate areas in South Florida.
Credit Tom Hudson

Mayor Carlos Gimenez started his career as a government employee in 1975. He's still one today, but with a very different perspective. From a firefighter to mayor of Miami-Dade County, he now leads over 25,000 full-time public sector employees.

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