Economic Activity
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With the drop of Rhode Island’s unemployment rate in July to 7.7 percent, the state no longer claimed the highest jobless rate in the country for the first time since October, the U.S. Bureau of Labor Statistics reported Monday. more
(Updated, 9:45 p.m.) The Providence Journal has begun laying off employees in advance of its acquisition by the parent of Gatehouse Media Inc., according to comments from newsroom staff on social media. Rhode Island Public Radio reports that 22 editorial union personnel were losing their jobs. more
The Mohegan Tribal Gaming Authority submitted its final application to the Massachusetts Gaming Commission ahead of the proposal deadline on Tuesday, pushing forward its bid for the sole Boston-area gaming license, the Boston Business Journal reported. more
U.S. state revenue isn’t rising fast enough to keep up with the cost of funding pensions, health care and public works projects, underscoring financial strains that persist during the economic recovery, according to a report. more
Macy’s Inc., the second-largest U.S. department-store company, forecast profit for its next fiscal year ahead of analysts’ estimates and disclosed a program to cut costs that includes eliminating about 2,500 jobs. more
The 2014 Working Waterfront Festival set for Sept. 27 and 28 has been awarded a $45,000 grant from the National Endowment for the Arts to help with production. more
U.S. mortgage rates fell for the first time in three weeks as investors speculated that the Federal Reserve will hold off on tapering bond purchases that are bolstering the economy. more
The U.S. posted a record December budget surplus as higher payroll taxes, payments from Fannie Mae and Freddie Mac, and a declining unemployment rate helped improve the government’s finances. more
Expectations of credit access among U.S. consumers improved in recent months even as their predictions for inflation held steady, according to a survey by the Federal Reserve Bank of New York. more
U.S. stocks fell, with the Standard & Poor’s 500 Index headed for its first weekly drop since August, amid concern the budget impasse will hurt economic growth in the world’s largest economy. more
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