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How Close Is the U.S. to Full Employment? Trump and Yellen Disagree
How many more jobs can the U.S. economy add before it runs out of ready, willing, and able workers? There's no more important debate right now, and key players disagree on how much slack remains in the labor market before employment growth ignites unacceptably high wage hikes and inflation. Trump exulted over the better-than-expected increase of 235,000 jobs in February, casting aside his previous doubts about the reliability of Bureau of Labor Statistics data. Officially, the White House committed earlier this year to creating 25 million jobs over the next decade, a period that would extend even beyond a second Trump term. That's an average of more than 200,000 jobs per month. The president appears to hopes to achieve that target by raising the economy's growth rate to 4 percent, although more recently Treasury Secretary Steve Mnuchin has used a figure of around 3 percent. Bloomberg
Submitted 10 hours ago

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What might Trump's budget mean for the D.C. region? The loss of billions of dollars and thousands of feds.
The federal budget proposed by the Trump administration would cost the region up to 24,600 federal jobs and billions of dollars in lost salaries and procurement spending, according to a new analysis by regional economist Stephen Fuller. The District would see the most federal job losses, according to Fuller, with 14,000 to 15,000 federal jobs lost. Suburban Maryland would be next, with 5,500 to 6,000 federal jobs lost. Northern Virginia would see the least impact, with 500 to 3,600 jobs lost. Washington Business Journal
Submitted 10 hours ago

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North Carolina's HB2 repeal could mean 1,000-plus new Credit Suisse jobs in RTP, sources say
Multiple sources have confirmed that global financial services giant Credit Suisse Group AG (NYSE: CS) is evaluating a plan to move between 1,000 to 1,500 high-paying jobs among its operations in the Americas – specifically from the New York metro area – to Research Triangle Park. It’s even developed a real estate strategy for what could be the largest economic development announcement in the Triangle since MetLife committed to hiring 1,200 people in Cary for its technology hub that opened in 2015. Triangle Business Journal
Submitted 10 hours ago

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Tennessee legislators push for transparency with business tax credits
Tennessee lawmakers this week are considering a pair of bills that would require more transparency about the economic impact of business tax credits. The push for disclosure comes after a state-commissioned report showed some of Tennessee’s tax breaks had mixed success, with millions of revenue forgone. Businesses are awarded tax credits for hiring new workers, for buying industrial machinery, and other behavior intended to stimulate the state’s economy. Tennessee gives businesses about $142 million each year in tax credits, the study found, and the companies significantly boost hiring under some credits, but not others. The Tennessean
Submitted 10 hours ago

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More Republicans Call for Trump to Retract Obama Wiretap Claims
A growing roster of Republicans are calling on President Donald Trump to retract his claim that he was wiretapped during last year’s election after FBI Director James Comey said there was no evidence to support that accusation. The list includes Senator John McCain of Arizona and moderate Representative Charlie Dent of Pennsylvania, Republicans who both said the president needs to walk back his statement that former President Barack Obama was spying on Trump Tower during the White House campaign last year. New York Representative Peter King and Arizona Senator Jeff Flake also made similar statements. Bloomberg
Submitted 11 hours ago

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For the first time since the election, Trump optimism is showing signs of cracking
For the first time since the election, markets are doubting they will get the pro-growth policies of tax reform and stimulus promised by President Donald Trump and the Republican Congress. The repeal of Obamacare appears to have hit some snags and the GOP brought out Trump earlier Tuesday to serve as pitchman to House Republicans who may have been wavering ahead of Thursday's vote. Whether he won votes or not is unclear, but markets certainly took the lack of clear majority support as a negative. CNBC
Submitted 11 hours ago

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Freedom Caucus threatens formal opposition to Obamacare replacement bill barring dramatic changes by Wednesday night
A key group of conservative Republicans in the House of Representatives is threatening to issue a formal statement of opposition to the Obamacare replacement bill — potentially crippling its chances of being passed in its current form Thursday during a scheduled vote by the full House. The Freedom Caucus is poised to issue that negative statement — which likely would cause the bill's vote to be delayed — unless the language in the legislation changes dramatically by Wednesday night. The bill, as currently written, is "going down as of now," said a source familiar with the situation. CNBC
Submitted 11 hours ago

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Republican health-care bill will 'do great damage to our country,' GOP lawmaker says
The Republican health-care bill is the largest Republican welfare proposal in the history of the party and will do "great damage to our country," GOP Rep. Mo Brooks told CNBC on Tuesday. "It creates a huge new welfare program where taxpayers' dollars are being used to subsidize insurance companies, and over the long haul that is going to result in either higher premiums or higher taxes, or greater deficit and higher debt that's going to burden our economy for years, maybe decades to come," the congressman from Alabama said in an interview with "Closing Bell." CNBC
Submitted 11 hours ago

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INSTITUTE INDEX: Trump budget cuts economic development funds to the South's most distressed regions
Rank of Appalachia and the Mississippi Delta among the poorest regions in the South: 1 Year in which Congress created the Appalachian Regional Commission (ARC) to promote economic development in the 13 states of Appalachia stretching from Mississippi to New York and encompassing parts of Alabama, Georgia, Kentucky, North Carolina, South Carolina, Tennessee, Virginia and West Virginia in the South: 1965 Federal funding provided to the ARC in fiscal year 2016: $146 million Facingsouth.com
Submitted 12 hours ago

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Trump’s Environmental Spending Cuts Could Cost Republican Districts Billions
President Donald Trump's cuts to environmental programs may face resistance from members of his own party due to an Obama administration practice that spread billions of dollars in contracts to Republican as well as Democratic congressional districts. A Bloomberg analysis of federal contract data shows that spending related to the environment reached 423 congressional districts in fiscal year 2016 and totaled $5.9 billion. Almost half that spending—47 percent—went to districts represented by Republicans. Bloomberg
Submitted 12 hours ago

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Features & Opinion

 Randle Report - Business News in the South

For those who still languish over "losing to China" or believe that the economy is still in recession, wake up and smell the data. Economic development in the South was about as good as it gets in calendar year 2015 according to the data. And as for China, borrowing a quote from the late football coach Bear Bryant that he made in the half-time locker room down 15-0 to Georgia Tech in 1960, "We got 'em right where we want 'em." For those of you who don't know the rich history of Alabama Crimson Tide football, Bama scored all of its 16 points in the fourth quarter, kicking a field goal on the last play of the game to beat Tech 16-15.
 

 Randle Report - Business News in the South

 FEATURE  
By Mike Randle
Today, factories in the U.S. make twice as much product as they did in 1984. And they are doing it with one-third of the manufacturing workforce. In fact, the output of durable goods in 2015 was the highest in the nation's history. So, we do have a strong manufacturing base, at least in the South, much of the Midwest and parts of the West, and it is getting stronger because on a cost-basis, we can compete with any major manufacturing nation in the world.  
 

 Randle Report - Business News in the South

FEATURE     
The argument for or against a minimum wage hike continues between the reds and the blues, as well as within the economic development community in the South. Should we stay the course with a minimum wage under $8 an hour to better compete with Mexico, the South's biggest competitor for jobs, or set a minimum wage just over $10 an hour, a wage floor most centrists support? That $10 per hour is, according to the MIT Living Wage Calculator, about right in most states in the South for one adult to be able to cover basic expenses plus all relevant taxes.
 
 Randle Report - Business News in the South
Recent data from the Computing Technology Industry Association (Comp TIA) showed that the technology industry is one of the fastest growing job generators in the South and the nation. The report also indicated that technology job compensation is growing faster than any other sector.
 


 

 

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