Commentary: Gauging Delaware’s fiscal strength amid COVID-19 uncertainty

Commentary

By Colleen C. Davis As your state treasurer, I am focused on managing the needs of our communities and the changing daily priorities. As the new normal begins to take shape, my team and I are performing the critical work of preparing for the near- and long-term effects that the coronavirus will have on our […]

Amidst uncertainty, Delaware revenue projections drop

DOVER — The council that sets Delaware’s revenue forecasts is warning of a potential lasting economic downturn due to the coronavirus, projecting a drop of $94.1 million in revenue for the upcoming fiscal year. The Delaware Economic and Financial Advisory Council on Monday officially approved a forecast that, for now, sees the coronavirus pandemic hitting […]

US added robust 273,000 jobs in February

WASHINGTON — Hiring in the United States jumped in February as employers added 273,000 jobs, evidence that the economy was in strong shape before the coronavirus began to sweep through the nation. The Labor Department said Friday that the unemployment rate fell to 3.5% last month, matching a 50-year low, down from 3.6% in January. […]

Virus spread prompts Fed to slash rates in surprise move

WASHINGTON — In a surprise move, the Federal Reserve cut its benchmark interest rate by a sizable half-percentage point Tuesday in an effort to support the economy in the face of the spreading coronavirus. Chairman Jerome Powell said at a news conference that the virus “will surely weigh on economic activity both here and abroad […]

Sussex Profile puts focus on economic progress

GEORGETOWN — Hot off the press, the 2020 Sussex County Profile has economic development covered. Long-running collaboration of Sussex County government and Independent NewsMedia Inc. produced the 24th edition of the Sussex Profile, a glossy, 64-page magazine that, like its 23 predecessors, thrusts the county’s economic progress in the spotlight. Sussex County leaders, businesses, advertisers […]

Commentary: Growth funds and reassessment in Sussex County

When one discusses economic development, there are many factors that need to be considered in answering the challenges with creating an environment in which the economic health of an area like Sussex County can flourish. Almost a year ago, the Sussex Economic Development Action Committee made a couple of suggestions that went to the heart […]

US productivity falls for first time in nearly 4 years

WASHINGTON — American workers were less efficient in the July-September quarter, pushing down productivity for the first time since late 2015. With economic growth slowing, in part because the stimulus from Trump administration tax cuts is fading, many economists worry that worker productivity will follow suit. Most economists also believe that the Trump administration’s trade […]

Social mobility focus of Today and Tomorrow Conference

GEORGETOWN — Rungs vary on the social mobility ladder. In the game of life in Sussex County, Delaware, individuals and families face obstacles trying to climb that ladder. “We’re trying to level the playing field so that people out of the gate, have the same opportunity. But the sheer reality, social mobility is by our […]

Fed cuts rates a third time this year but signals likely pause

WASHINGTON — The Federal Reserve cut its benchmark interest rate Wednesday for the third time this year to try to sustain the economic expansion in the face of global threats. But it hinted that it won’t likely cut again this year. The Fed’s move reduces the short-term rate it controls — which influences many consumer […]

Letter to the Editor: Delaware legislators must focus on economy

There seems to be a disconnect between the condition of Delaware’s economy and the focus of Delaware’s political leaders. In a recent article, the Quartz Daily Brief used U.S. Bureau of Economic Analysis data on output (Gross State Product) to examine the pattern of recessions among states since the end of the Great Recession (2007-08). […]