US consumer spending up 8.2%, partly erasing record plunge

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WASHINGTON — American consumers increased their spending by a record 8.2% in May, partly erasing huge plunges the previous two months, against the backdrop of an economy that’s likely shrinking by its steepest pace on record this quarter. Last month’s rebound in consumer spending followed record spending drops of 6.6% in March and 12.6% in […]

GAO audit: US sent $1.4B in virus relief payments to dead people

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WASHINGTON — Nearly 1.1 million coronavirus relief payments totaling some $1.4 billion went to dead people, a government watchdog reported Thursday. More than 130 million so-called economic impact payments were sent to taxpayers as part of the $2.4 trillion coronavirus relief package enacted in March. The Government Accountability Office, Congress’ auditing arm, cited the number […]

Commentary: COVID shutdown hurts the working poor

By Dr. John Stapleford As of this date, there have been officially 290 COVID-19-related deaths in Delaware out of a population of 982,000. This is a death rate of three one-hundredths of 1 percent (.03%). There have been 7,870 confirmed COVID-19 cases, for an incidence rate of eight-tenths of 1 percent (.8%). The state government’s […]

Meoli the Big Mac of local McDonald’s franchises

MILFORD — Milford’s Golden Arches are under new ownership. Local McDonald’s restaurateur Mike Meoli and The Meoli Companies recently added the Milford McDonald’s restaurant to their ownership list, solidifying the Meoli presence in Downstate Delaware and on the Delmarva Peninsula. “It had made sense for a long time for that store to be part of […]

Millsboro council’s final approval paves way for Grotto Pizza groundbreaking

MILLSBORO — If all goes well, a new Grotto Pizza restaurant in Millsboro will open sometime this fall. With a few minor tweaks to parking scheme and a second cross access easement added to preliminary plans unveiled in January, Millsboro town council May 4 approved final site plans for the new Grotto Pizza sports bar/restaurant […]

Gov. Carney announces public engagement around economic reopening, recovery

WILMINGTON — Gov. John Carney on Thursday announced a statewide public engagement strategy focused on Delaware’s economic reopening and recovery effort due to COVID-19. Starting on Monday, the Delaware Division of Small Business and the Delaware Prosperity Partnership will host virtual Recovery Town Halls with members of the General Assembly, small businesses, and local Chambers […]

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

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 […]