economy

Syracuse School District cutting 14 percent of its workforce
By Andrew MacLeod ...
March 21, 2011 - 4:49pm
Notifications will continue to be sent out in the next few weeks.

In hopes of balancing its 2010-2011 budget, the Syracuse School District is cutting upwards of 500 jobs, approximately 14 percent of its workforce, according to The Post-Standard.

324 employees received notifications last week that they would be laid off in June and 103 additional pink slips will be sent out this week.

Only administrators seem to be safe, as the cuts include teachers, teachers assistants, nurses and custodians.

Consumers spend more in Central New York area
By Alexandra Marga...
February 15, 2011 - 4:24pm
Sales-tax revenues in Cayuga, Cortland, Madison, Onondaga and Oswego counties rose 5.2 percent last year.

Sales-tax revenues in Cayuga, Cortland, Madison, Onondaga and Oswego counties rose 5.2 percent last year.

Economists say the 5.2 percent increase in sales-tax revenue in the Central New York area is significant because it shows people feel comfortable enough to spend money, according to The Post-Standard.  

The year 2010 brought a total of $406.9 million into the financial resources of the county government which is $20.3 million more than in 2009. 

Japan slips to third largest world economy
By David J Van Moffaert
February 14, 2011 - 11:41am
China jumps to second spot behind United States for largest economy.

China passed Japan as the second largest world economy, according to The Wall Street Journal. Japan was the second largest economy in the world since 1967. The Wall Street Journal describes the development as "A historic shift that has drawn mixed emotions in the two Asian powers [China and Japan].”  

President Obama and House Democrats disagree about tax cut bill
By Ethan Kwassman
December 9, 2010 - 2:43pm
The president's influence in his own party is being questioned as House Democrats voted against considering the bi-partisan tax package.

The lame-duck session of Congress has brought into focus some major disagreements between President Obama and his fellow Democrats in Washington. The latest one concerns the tax cut bill.

According to CNN, House Democrats have voted not to bring up the tax package. President Obama negotiated the bill with Republicans. House Democrats do not think that the measures taken by the White House was acceptable.

Bernanke: poor outlook for job creation
By Kevin Belbey
December 6, 2010 - 10:56am
Top economist says it could be years before America is back to a normal unemployment rate.

Just a few days after the government released a report saying only 39,000 jobs were added in November and the unemployment rate rose to 9.8 percent, more bad news comes from Federal Reserve Chairman Ben Bernanke. According to CNN, Bernanke told 60 Minutes: "At the rate we're going, it could be four, five years before we are back to a more normal unemployment rate."

Prices at the pumps rise again
By Callan Gray
November 16, 2010 - 2:49pm
American consumers will be paying more at the pump this winter, even as crude oil prices drop.

American consumers will be paying more for household heat this winter according to the Labor Department. Diesel and home heating oil costs rose in October along with an increase of 9.8 percent in retail gas prices, according to the Associated Press.

Worker strikes in France continue over retirement age proposal
By Dan Cohen
October 25, 2010 - 2:17pm
President's approval ratings take a nose-dive as costs skyrocket.

Labor strikes in France enter their third week in reaction to a governmental proposal to raise the national retirement age to 62, costing the French economy hundreds of millions of dollars per day, according to a New York Times report.

Economist says CNY stores will add up to 1,000 more jobs this holiday season
By Marissa Perlman
October 22, 2010 - 2:09pm
A New York State Department of Labor economist said today that he foresees local stores to hire almost 1,000 more works this year than last year.

According to New York State Department of Labor Economist, Roger Evans, "It's going to be a good year."  According to The Post-Standard, now is the time to apply for retail jobs because stores are preparing to handle the predicted increase in business around the holidays. Evans says that he predicts local businesses to hire 1,000 more workers compared to last year. 

Nobel Economics Prize goes to 3 University Professors
By Kevin Barry
October 11, 2010 - 12:33pm
Professors Peter Diamon, Dale Mortenson and Christopher Pissarides earn the Nobel in economic science for their analysis of labor markets.

Three professors won the Nobel Economics Prize for their work analyzing complicated labor markets. Peter Diamond, a professor at the Massachusetts Institute of Technology, first developed the theory of “search costs,” an idea that Dale Mortenson and Christopher Pissarides, of Northwestern University and the London School of Economics respectively, later applied to job markets.

Gas prices rise in Syracuse
By Kevin Belbey
October 4, 2010 - 10:44am
Gas in the Syracuse area has gone up about a nickel a gallon in the past week.

Gas prices in the Syracuse area rose to $2.80 for a gallon of regular on Sunday, according to The Post-Standard. However, despite prices rising to about five cents more per gallon in the area, the Syracuse market still has the lowest average for regular gas in the state.