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Tag: economy

The US economy needs seniors to work longer. Here's how to make that happen

The US economy needs seniors to work longer. Here's how to make that happen

Finance
These teachers work extra jobs to pay the bills When she retired from her job as a legal secretary for the federal government at age 62, Linda Spencer thought retirement would be a blast. Then the Great Recession blew a hole in her savings, and free time wasn't much fun without cash to travel and buy the nice clothes she'd gotten a taste for while working at Saks Fifth Avenue decades earlier. "I had nothing to do and I got bored and I needed money," says Spencer, 68, who laughs loudly and wears red lipstick. Jobs were scarce when she went out looking a couple of years ago, and so she found the federally-funded Senior Community Service Employment Program, which helps low-income seniors find employment in Northern Virginia. It pays minimum wage, or $ 7.25 an hour, for he...
Muted bounce-back after freeze hits economy

Muted bounce-back after freeze hits economy

Business
Britain's dominant services sector managed only a muted recovery last month after snow disruption in March - leaving the wider economy on course to extend its weak growth spell.Figures from the sector - taken together with monthly surveys from the manufacturing and construction industries - pointed to a quarterly GDP growth rate of about 0.25% at the start of the second quarter.The pound briefly slipped below $ 1.36 against the US dollar on the report, which comes after official data last week showed first quarter growth at 0.1%, its slowest pace since 2012.Disappointing economic figures over recent days have sharply reduced earlier expectations that the Bank of England's Monetary Policy Committee (MPC) would hike interest rates next week.The latest services sector figures, from the IHS Ma...
House prices soar as Ireland's economy booms

House prices soar as Ireland's economy booms

Business
Ireland's economy is booming and so too are its house prices.In some parts of the country the property market is among the fastest growing in the world, with valuations almost as high as they were during the "Celtic Tiger".But what some see as a boom, others view as a crisis - with many simply unable to get on the property ladder.The statistics are certainly sobering.Nationally house prices have risen by nearly 72% from their low point five years ago.In Dublin they have gone up a staggering 88%, that's on average by £130,000.Image:Sivakumar Ramachandran queued with dozens of others for a week to a claim a new build houseThe increase has placed incredible demand on buyers, many desperate to get a home before they become unaffordable.Among them Sivakumar Ramachandran who queued with dozens o
The gig economy is lacking in this one important way

The gig economy is lacking in this one important way

Finance
The gig economy, in which people make money on digital apps and work on their own schedules, is also sometimes referred to as the "new economy." But not everyone wants to give up the trappings of the "old," especially when it comes to saving for retirement.In a Senate hearing in early February on "Exploring the 'Gig Economy' and the Future of Retirement Savings," economists and business leaders proposed ways to fix the alarming reality that many people in this expanding labor market are not preparing for old age. Just 16 percent of independent workers have a retirement savings plan, compared to more than half of employees who have access to an employer-sponsored one.There is a near-perfect storm of reasons for why retirement saving is difficult for independent contractors, said Camille O...
Donald Trump and the US economy in six charts

Donald Trump and the US economy in six charts

Business
Donald Trump took his place in the White House exactly one year ago. Since then he has repeatedly claimed to be behind a new rise in the American economy. Here, six charts explore his relationship with US growth, the labour market and trade.1. The American economy is growingDonald Trump has spoken of his desire to turbo-charge the US economy to a growth rate of as high as 6%.The latest figures, released by the US Department of Commerce in December, show that it grew at an annual rate of 3.2% in the third quarter of 2017. However, after the US central bank, the Federal Reserve, raised interest rates for the third time in 2017 in December, it is possible growth will slow in the coming months.2. US stocks have had a record runThe Dow Jones Industrial Average - which follows the shares of 30 m...