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Quarter of Small Businesses Are on Brink of Permanent Closure – US Chamber Poll

WASHINGTON, D.C. — A new poll released today from the U.S. Chamber of Commerce and MetLife reveals that one in four small businesses (24%) say they are two months or less from closing permanently amid the economic downturn caused by the coronavirus pandemic. One in 10 (11%) are less than one month away from permanently going […]

WASHINGTON, D.C. — A new poll released today from the U.S. Chamber of Commerce and MetLife reveals that one in four small businesses (24%) say they are two months or less from closing permanently amid the economic downturn caused by the coronavirus pandemic. One in 10 (11%) are less than one...

US Sheds 701K Jobs, Ending Record-long Hiring Streak

By CHRISTOPHER RUGABER AP Economics WriterWASHINGTON (AP) — A record-long streak of U.S. job growth ended suddenly in March after nearly a decade as employers cut 701,000 jobs because of the viral outbreak that’s all but shut down the U.S. economy. The unemployment rate jumped to 4.4% from a 50-year low of 3.5%. The monthly […]

By CHRISTOPHER RUGABER AP Economics WriterWASHINGTON (AP) — A record-long streak of U.S. job growth ended suddenly in March after nearly a decade as employers cut 701,000 jobs because of the viral outbreak that's all but shut down the U.S. economy. The unemployment rate jumped to 4.4% from a 50-year...

Warren Posts Highest February Unemployment of Ohio Cities

YOUNGSTOWN, Ohio – Month-over-month area unemployment rates were down in February. That’s a case that almost certainly won’t be true for March, when the numbers will reflect the impact of the widespread business shutdowns to combat the spread of COVID-19.  On March 15, the Ohio Department of Health ordered bars and restaurant in the state […]

YOUNGSTOWN, Ohio – Month-over-month area unemployment rates were down in February. That’s a case that almost certainly won’t be true for March, when the numbers will reflect the impact of the widespread business shutdowns to combat the spread of COVID-19.  On March 15, the Ohio Department of Health ordered bars...

Supply Chains Interrupted; ‘Unprecedented’ Impact

YOUNGSTOWN, Ohio — The dramatic decline in supply and demand as a result of the coronavirus leaves little doubt in the minds of economists that a recession is looming. In fact, “it’s highly likely” we’re already in a period of a recession, said A.J. Sumell, professor of economics at Youngstown State University, when he was […]

YOUNGSTOWN, Ohio -- The dramatic decline in supply and demand as a result of the coronavirus leaves little doubt in the minds of economists that a recession is looming. In fact, “it’s highly likely” we’re already in a period of a recession, said A.J. Sumell, professor of economics at Youngstown...

3.3M Jobless Claims Filed Nationwide, 188K in Ohio

By CHRISTOPHER RUGABER AP Economics WriterWASHINGTON (AP) — Nearly 3.3 million Americans applied for unemployment benefits last week — more than quadruple the previous record set in 1982 — amid a widespread economic shutdown caused by the coronavirus. The surge in weekly applications was a stunning reflection of the damage the viral outbreak is inflicting […]

By CHRISTOPHER RUGABER AP Economics WriterWASHINGTON (AP) — Nearly 3.3 million Americans applied for unemployment benefits last week — more than quadruple the previous record set in 1982 — amid a widespread economic shutdown caused by the coronavirus. The surge in weekly applications was a stunning reflection of the damage...

US Big-ticket Factory Orders up 1.2% in February

By MARTIN CRUTSINGER AP Economics WriterWASHINGTON (AP) — Orders to U.S. factories for big-ticket manufactured goods rose by a solid amount in February, but the gain came before the coronavirus had shut down much of the country. The Commerce Department said Wednesday durable goods orders rose 1.2% last month, rebounding from January when orders had […]

By MARTIN CRUTSINGER AP Economics WriterWASHINGTON (AP) — Orders to U.S. factories for big-ticket manufactured goods rose by a solid amount in February, but the gain came before the coronavirus had shut down much of the country. The Commerce Department said Wednesday durable goods orders rose 1.2% last month, rebounding...

Mammoth Cracker Plant Presents Huge Opportunity

MONACA, Pa. – The enormous Royal Dutch Shell petrochemical complex taking shape along the Ohio River in Monaca, Pa., is quite a sight. Sprawled across the 386-acre site in Beaver County are multiple buildings from one-level units to structures several stories high – and construction cranes that reach into the sky. On the ground are […]

MONACA, Pa. – The enormous Royal Dutch Shell petrochemical complex taking shape along the Ohio River in Monaca, Pa., is quite a sight. Sprawled across the 386-acre site in Beaver County are multiple buildings from one-level units to structures several stories high – and construction cranes that reach into the...

Huntington Advises Investors to Be Patient

YOUNGSTOWN, Ohio – In a market he describes as a bucking bronco, Huntington Bank’s chief investment officer, John Augustine, told an audience Wednesday that despite a global medical emergency, investors should pause and be patient. The best comparative is Severe Acute Respiratory Syndrome (SARS), which hit in 2002-2003, when the markets fell two months and […]

YOUNGSTOWN, Ohio – In a market he describes as a bucking bronco, Huntington Bank’s chief investment officer, John Augustine, told an audience Wednesday that despite a global medical emergency, investors should pause and be patient. The best comparative is Severe Acute Respiratory Syndrome (SARS), which hit in 2002-2003, when the...

US Productivity Increases at 1.2% Rate in Fourth Quarter

By MARTIN CRUTSINGER AP Economics WriterWASHINGTON (AP) — U.S. productivity rebounded in the final three months of last year but by a smaller amount than initially reported, while labor costs increased at a slower pace than first thought. The Labor Department said Thursday that productivity grew at a seasonally adjusted annual rate of 1.2% in […]

By MARTIN CRUTSINGER AP Economics WriterWASHINGTON (AP) — U.S. productivity rebounded in the final three months of last year but by a smaller amount than initially reported, while labor costs increased at a slower pace than first thought. The Labor Department said Thursday that productivity grew at a seasonally adjusted...

Economists Share Hopeful Forecast for Local Economy

YOUNGSTOWN, Ohio – This time a year ago, the forthcoming end of General Motors’ manufacturing presence in the Mahoning Valley cast a pall over the local economy. While economists pointed to positive indicators – a low rate of unemployment, low interest rates and increasing consumer confidence – the loss was at the forefront of many […]

YOUNGSTOWN, Ohio – This time a year ago, the forthcoming end of General Motors’ manufacturing presence in the Mahoning Valley cast a pall over the local economy. While economists pointed to positive indicators – a low rate of unemployment, low interest rates and increasing consumer confidence – the loss was...