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More Economic News...
Posted by Bruce W. Woolpert on Wed, March 18th, 2015, 8:16 am
Economists were pleased with the report that the Gross Domestic Product (GDP) rose 2.5% in the Third Quarter. The report allayed at least for now concerns that the economy is sliding toward recession. The economy grew a paltry 0.4% in the First Quarter and 1.3% in the Second Quarter.Among the components of GDP, consumer spending grew at an annualized 2.4% after increasing only 0.7% in the second quarter. Business investment was strong. Spending on equipment and ... Read More
Evidence That America’s Focus On Reducing Heart Disease Is Working
Posted by Bruce W. Woolpert on Wed, March 18th, 2015, 8:16 am
Weight control, exercise, and cholesterol levels are frequent topics in doctors‟ offices across the nation and now there is evidence that this attention is paying off. Hospital admissions for elderly patients with heart failure fell by nearly 30% in the past ten years. The report published last Wednesday by the American Medical Association is the first to document a decline in hospital admissions for cardiovascular disease. Heart disease is the most common cause of death for ... Read More
More Economic News
Posted by Bruce W. Woolpert on Wed, March 18th, 2015, 8:16 am
Mortgage rates have fallen to their lowest levels since modern records started in 1971. Average 30-year mortgage rate fell to 3.94% last week in response to Federal Reserve Bank plans to purchase long-term securities pushing down long-term rates tied to mortgages. Fifteen year fixed mortgages are down to 3.26%. It is hoped that lower mortgage interest rates will help Americans keep their homes and encourage new homeowners to enter the market.If Congress passes the China Currency ... Read More
President Obama’s American Jobs Act
Posted by Bruce W. Woolpert on Wed, March 18th, 2015, 8:16 am
PRESIDENT OBAMA’S AMERICAN JOBS ACTFor those of us who watched President Obama‟s speech on Thursday night, there were few details but the President has promised to provide Congress with the proposed legislation details by September 19, 2011. The $447 billion legislation is a mix of tax cuts ($253 million) and spending ($194 billion). The new spending would include $50 billion for transportation -- $27 billion for highways, $9 billion for rapid transit, $4 billion for high-speed ... Read More
MORE ON THE ECONOMY...
Posted by Bruce W. Woolpert on Wed, March 18th, 2015, 8:16 am
MORE ON THE ECONOMY..."I think that I heard the most accurate description of the current state of the economy recently from a bank economist. He said that the „economy is skirting across the top of a double dip recession,‟ saidBRUCE WOOLPERT.We need to keep in mind that it is not unusual for an economy to slow, or sputter, during a post-recession recovery for one or two quarters. Stronger growth has followed such soft-patches. What makes this ... Read More
Graniterock Win Keeps Off-Duty Meal Period Issue in the Spotlight
Posted by Bruce W. Woolpert on Wed, March 18th, 2015, 8:16 am
San Jose, Calif. – In Driscoll, et al. v. Granite Rock Company (“Graniterock”), the Honorable James P. Kleinberg of the Santa Clara County Superior Court, ruled in favor of defendant Graniterock, following a 14-day bench trial. In a tentative statement of decision, the court determined that Graniterock was not in violation of California law as it relates to off-duty meal periods, a wage and hour issue receiving much attention in light of the highly-anticipated decision in ... Read More
What’s Right about America?
Posted by Bruce W. Woolpert on Wed, March 18th, 2015, 8:16 am
What’s Right about America?U.S. Trust Bank sent out an e-mail last week to help restore the confidence Americans have in the United States. The facts presented were: The U.S. Economy is nearly three-times the size of China’s, and we are light-years ahead of China in terms of per-capita income. Our Gross Domestic Product (GDP) of $14.6 trillion is as large as the three largest economies – Japan, China and Germany, combined. U.S. remains the leader in ... Read More
ECONOMIC UPDATE
Posted by Bruce W. Woolpert on Wed, March 18th, 2015, 8:16 am
ECONOMIC UPDATEConstruction of new U.S. homes increased 14.6% in June to an annualized rate of 629,000. Multi-family (apartments, condominiums) starts advanced 30%, while single-family starts rose 9.4%. All four of the nation’s regions showed gains. Compared to a year ago, housing starts were up 16.7%. Although the gains are good news for the economy, the annualized number of homes is still low by historical standards (in a normal year new housing starts would be at least ... Read More
Governor’s May Revised Budget Supports Increased Transportation Funding
Posted by Bruce W. Woolpert on Wed, March 18th, 2015, 8:16 am
GOVERNOR ‘S MAY REVISED BUDGET SUPPORTS INCREASED TRANSPORTATION FUNDINGGovernor Brown announced Monday that higher sales, personal income and corporate income tax receipts will bring $6.5 billion more to the State than originally expected. With increased tax revenues and $11 billion in budget cuts enacted by the Legislature in March, the state budget gap is narrowing, but a deficit still remains. The Governor continues to push for an extension, subject to voter approval, of increased vehicle license ... Read More
April Results Stronger Than Anticipated
Posted by Bruce W. Woolpert on Wed, March 18th, 2015, 8:16 am
MORE ECONOMIC NEWS…APRIL RESULTS STRONGER THAN ANTICIPATEDThe U.S. economy added more jobs than expected in April, but the unemployment rate rose for the first time in five months. Many economists expressed surprise at the higher than expected hiring result and believe that the economy is growing more slowly than the April employment numbers indicate. Nonfarm payrolls rose by 244,000 last month, as the private sector posted the strongest employment gain in five years, the Labor Department ... Read More
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