Economy

Keith Srakocic / AP

 

In Pennsylvania, seven out of 10 workers don't have a college degree. That's a demographic that has been particularly hard hit by unemployment and wage declines since the 1980s. 

A chaotic and tense scene unfolded just after Air Force One touched down in Hangzhou, China, where U.S. and global leaders are gathered to discuss the world economy, promote growth and curb carbon emissions.

Obama's customary exit from the plane came not from the usual door high on the fuselage, but instead from a lower portal. It seems there were no higher stairs available to roll up to the usual door.

Despite the vast differences between Donald Trump and Hillary Clinton, there were some striking similarities between the economic speeches they delivered this week. They both spoke in Michigan, where they both talked a lot about manufacturing, with both of them insisting that they would obtain fairer trade deals.

Donald Trump has released the names of his economic advisers, a list heavy with Wall Street and real estate industry figures, but short of actual economists.

The names include several people from the world of hedge fund and private equity firms, including Steven Feinberg, chief executive and co-founder of Cerberus Capital Management; Thomas J. Barrack, chief executive of Colony Capital Management; and John Paulson, president of a hedge fund company bearing his name.

The U.S. economy grew at an annual rate of just 1.2 percent during the second quarter of this year, well below expectations, and it came after an even weaker first quarter, the Commerce Department said.

The report exacerbates fears that factors such as the global slowdown and the decline in energy production might have hit the economy harder than first thought.

Inflection Point / Allegheny Conference on Community Development

A new report from the Allegheny Conference on Community Development predicts a workforce shortfall of 80,000 employees in the Pittsburgh region in a decade.

The study recommends greater efforts to attract and retain recent college graduates, and more collaboration between employers and educators to train future workers for the projected job market.

Noah Brode / 90.5 WESA

Pennsylvania's minimum wage for tipped workers hasn't gone up in 17 years, but a group of service industry activists came together Thursday to recognize a Garfield bar for eschewing tips and paying its employees a higher base wage of its own accord.

Gov. Tom Wolf / Flickr

Automation-driven manufacturing continues to lead steady economic growth in the Pittsburgh-region.  

An annual report released by the Pittsburgh Regional Alliance Thursday said advanced manufacturing in the 10 counties around the city are expected to see $2.9 billion in investments from deals made last year.

Virginia Alvino / 90.5 WESA

A slow but steady economic recovery means homeowners are spending more on renovations. But where is that money going?

Governor Tom Wolf / flickr

Pennsylvania unions bucked a national trend of stagnant growth this year, according to the Bureau of Labor Statistics.

Linus Bohman / flickr

The U.S. economy is finishing 2015 on an upswing, according to Pittsburgh-based PNC Chief Economist Stuart Hoffman and he thinks that will continue into 2016.

“Wages had been stalled at around 2- to 2.25-percent [growth]. We saw a little bit of an uptick in the later half of this year, and we think we will see a little faster, bigger gain in 2016,” Hoffman said.  “Maybe where wages rise … closer to 3 percent.”

401(K) 2012 / flickr

After a rough start in 2015, the nation's economy is set to end the year in a fairly strong position, PNC Chief Economist Stuart Hoffman said.

“But it clearly was a mixed picture,” Hoffman said. “If you were in manufacturing, the global economy grew more slowly, the dollar was strong. If you were in energy, it was a bad year for you."

Ron Reiring / Flickr

The Pittsburgh region continues to experience fewer bankruptcies than its benchmark peers – an example of its economic stability, according to Pittsburgh Today.

According to a new report released by the organization, Pittsburgh had 1,845 bankruptcies in the 2015 third quarter, which is lower than almost all 15 benchmark regions, with the exception of Charlotte, N.C. and nearly half of the benchmark average of 3,419.

Identifying Economic Anxiety With Marketplace's Dave Shaw

Nov 4, 2015
401(K) 2012 / flickr

While the great recession has officially been over for since 2009 many remain skeptical. As the wealth gap increases and wages remain stagnant. Marketplace, in conjunction with Edison Research, is launching the Economic Anxiety Index a poll designed to identify how Americans are really experiencing the economy. We’ll talk about the index with Marketplace Washington Bureau Chief Dave Shaw.

Fishhawk / Flickr

Competition from foreign markets and struggles in the global economy are causing a drop in milk prices in Pennsylvania and across the United States.

The price for milk in 2014 was the highest in Pennsylvania history, but this year farmers are facing a 28 percent price drop. In Allegheny County, a gallon of milk currently costs a minimum of $3.70, compared to last November’s price of $4.36, as established by the Pennsylvania Milk Marketing Board.

Flickr

Pennsylvania small business owners are looking at the next six months with some optimism, according to the most recent findings from PNC’s biannual Economic Outlook Survey.

The survey found the percentage of small business owners in the state expecting to raise employee wages increased from 29 to 45 percent.

AP Photo/Gene J. Puskar

Average annual pay increased in the Pittsburgh region from 2013 to 2014, but not as much as in several other cities, including Denver, Cincinnati or Detroit, according to a report released by Pittsburgh Today.

Doug Heuck, director of Pittsburgh Today, an organization which measures progress in areas such as education, sustainability and economy, said local average annual pay rose by 2.7 percent.

Index Ranks PA Counties' Economic Competitiveness

Apr 18, 2015

A Pittsburgh-based consulting firm released on April 15 an index of Pennsylvania county competitiveness rankings that attempts to determine which counties are poised for future economic growth.

Pennsylvania dropped eight places in the last year to become one of 10 states with the worst economic outlooks, according to the annual “Rich States, Poor States” report published by the conservative American Legislative Exchange Council (ALEC).

Based on 15 criteria including individual and corporate tax rates, the eighth annual report ranked Pennsylvania 41 out of 50 states in terms of economic outlook and competitiveness.

Small- and mid-sized business owners nationwide are optimistic about their sales and profits for the coming months, according to the latest PNC Economic Survey Outlook.

The survey found that 83 percent of the business owners surveyed are optimistic about their company’s prospects and 70 percent are optimistic about the overall U.S. economy.

In Pennsylvania, things are a little different. While optimistic, small business owners are just a bit more cautious.

Devon Christopher Adams / Flickr

Remembering Mr. Spock (41:00)

Actor Leonard Nimoy, best known as Mr. Spock on the classic television series Star Trek died last week at the age of 83. He made his Shakespearean acting debut at the Pittsburgh Public Theater in 1975. Pop culture contributor Joe Wos explains more about Nimoy's connection to the Steel City.   

What Do Unemployment Numbers Really Mean?

Feb 17, 2015
Michael Carian / Flickr

Earlier this month the unemployment numbers were announced. Over two-hundred thousand jobs were added to the economy. While this is good news why do so many people feel we’re still in the recession? Robert Morris University Economics Professor Brian O’Roark explains how unemployment is assessed and who counts as “unemployed.”

Unemployment assessments are done by the Bureau of Labor Statistics. O’Roark says that the official ranks of the unemployed do not simply include people who don’t have jobs.

Owners of small- and medium-sized businesses gathered Wednesday to talk about how the Pittsburgh area economy could change in 2015 and not everyone is optimistic.

The University of Pittsburgh’s Institute for Entrepreneurial Excellence hosted the event that included: Pitt Chancellor Patrick Gallagher, PNC Chairman Bill Demchack, and PNC Vice President Augustine Faucher. Overall they predicted that the local economy will fall behind the national economy in 2015.

The Associated Press

While Pittsburgh’s economy has recovered from the recession that began in 2008, growth is slowing, and policy makers need to address that reality.

That’s according to a new report from the Brookings Metropolitan Policy Program. The fourth edition of the Global MetroMonitor examined economic performance in the 300 largest metropolitan economies in the world. Pittsburgh ranked at #253 in 2014. That’s down from a ranking of #192 between 2009 and 2014.

When Pennsylvania’s junior senator sits at his desk for the State of the Union Address tonight, he will have a specific list of items he would like President Obama to address.

The second-term senator would like to see the president focus on the economy and national security, not broadband speeds and net neutrality as he has already previewed in stops around the country this month.

“The fact is, the average working family in Pennsylvania is not getting ahead,” he said. “That’s the reality. We need a stronger economy and we change that reality.”

The Berlin Wall fell 25 years ago, an event which marked the symbolic ending to the Cold War. But you wouldn’t know it looking at the relationship between the United States and Cuba, who continued the mid-20th century conflict well into the 21st.

That was until President Obama announced on December 17 that the United States was taking steps to change its relationship with Cuba and ease restrictions on travel and commerce.

These steps will obviously have an enormous effect on the island nation, about 90 miles off the coast of the U.S. But it will also have an effect on many parts of the United States, including Pittsburgh.

Kenya Dworkin y Mendez, the Cuban-born associate professor of Hispanic Studies at Carnegie Mellon University and Scott Morgenstern, the associate professor of political science at the University of Pittsburgh discussed the matter on today’s Essential Pittsburgh.

Chris Squier / 90.5 WESA

Pittsburgh continues to have lower levels of unemployment than most similarly sized cities such as: Indianapolis, Kansas City and Cleveland. 

The Steel City weathered the economic crisis of 2008 better than just about any of these cities and its low unemployment and housing prices have drawn residents back to the area. But will this trend continue?

Mark Price, a labor economist with the left-leaning Keystone Research Center in Harrisburg, discusses Pittsburgh’s prospects going forward. In particular, he explains that economic recovery has not yet affected those in blue collar jobs. 

“Two sectors that are going to be important for Pittsburgh, two sectors that have not performed well at all for obvious reasons would be manufacturing and construction… that reflects the deepness and the nature of the recession.”

Overall, however, Price does feel good about the economy going forward.

What is the Future of the Shopping Mall?

Nov 26, 2014
John Good / Flickr

We’re entering the holiday shopping season which is make or break time for many retailers. 

It wasn’t too long ago shopping malls were the center of shopping activity.

However, in recent years malls have been in decline. Here to look at the change in our shopping habits and address the future of malls is Brian O’Roark, a professor of economics at Robert Morris University.

Coping and Investing in a Volatile Market

Oct 21, 2014
Perpetual Tourist / Flickr

The American economy has experienced gradual improvements in the 6 years since the 2008 market collapse. But for many investors, memories of those economic losses are still raw.

Throughout the last month, the volatility of global politics has affected the stock market with disconcerting spikes and dips.

Financial planners such as Paul Brahim, Chairman and CEO of BPU investment firm and a member of the Board of Directors of the Pittsburgh Chapter of the Financial Planning Association, are faced with concerned investors who want to know what they’re in for. He joins us to talk about the causes of the latest market volatility and how best to react.

The 10 colleges and universities that make up the Pittsburgh Council on Higher Education (PCHE) represented approximately 32 percent of the city’s gross domestic product in FY 2012-13, according to a report released by PCHE.

“We have contributed close to $9 billion into the regional economy and we’re supporting more than 70,000 jobs in the City of Pittsburgh, which is one out of every four jobs,” said Paul Hennigan, PCHE chair and president of Point Park University.

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