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April 12, 2012
The Numbers: Stock Market Strong While Unemployment Holds Steady

CHICAGO — Mid-March found the stock market posting its best day of the year

CHICAGO — MID-MARCH FOUND THE STOCK MARKET posting its best day of the year, with the Dow Jones closing at its highest level since 2007 and the Nasdaq composite closing above 3,000 for the first time since December 2000.

While the unemployment rate held steady at 8.3%—a three-year low—the number of private-sector jobs continued to increase. With a jump of 233,000 jobs in February, more than 3.9 million jobs have been added to the U.S. workforce.

“We’ve had 24 straight months of private-sector job growth,” says Secretary of Labor Hilda Solis. “U.S. job growth over the last six months has been the strongest since before the recession began in 2006.” Experts say, however, that it will take another five years to gain pre-recession employment figures.

MORTGAGE APPLICATIONS WERE DOWN for the week ending March 2, decreasing 1.2% from the previous week, according to the Mortgage Bankers Association. Along with that news, RealtyTrac showed new foreclosures were up 2.89% from December 2011 to January 2012.

March 8, 2012
The Numbers: Positive Outlook for Unemployment, Consumer Spending, GDP

CHICAGO — January ’s unemployment rate dropped to 8.3%

CHICAGO — JANUARY’S UNEMPLOYMENT RATE dropped to 8.3%, according to the U.S. Department of Labor, the lowest since February 2009.

“The economy added 257,000 private-sector jobs last month, exceeding expectations,” says Secretary of Labor Hilda L. Solis. “These numbers show that the labor market continues on a positive trajectory.

In response to the positive numbers, the Dow Jones jumped the day after the announcement while the Nasdaq index reached a level that hasn’t been seen since December 2000.

THE FEDERAL RESERVE DISTRICTS reported modest growth for December, indicating ongoing improvement in the country’s economy. Consumer spending increased in most of the 12 districts, showing strong holiday sales compared to that of 2010, and activity expanded in the travel and tourist sector as well.

January 9, 2012
The Numbers: Unemployment, Mortgage Applications, Pending Home Sales

CHICAGO — Helping to ring in a better new year are the Federal Reserve Board, the nation’s unemployment numbers and job growth, mortgage applications, and pending home sales.

ALL BUT ONE OF THE FEDERAL RESERVE DISTRICTS reported an increase in economic activity in a report filed Nov. 30. The districts saw a slow to moderate upward trend in consumer spending, with the strongest upticks occurring in vehicle sales and tourism dollars. Manufacturing activity and overall bank lending also increased slightly.

THE NOVEMBER JOBLESS RATE was down to 8.6%, according to the U.S. Department of Labor, with an estimated 120,000 jobs added—that’s the fifth month in a row to post 100,000 or more new jobs, a first since April 2006. However, a downswing in wages slightly offset that good news.

The department reports a decrease in the weekly seasonally adjusted unemployment claims in the week ending Dec. 3, as the number went to 381,000 from the previous week’s revised number of 404,000.

December 8, 2011
The Numbers: Jobs Growth Expectations, Mortgage Delinquencies, and Economic Policies

CHICAGO — A new report from NYSE Euronext provides some economic encouragement. Top executives for 62% of public companies and 71% of private firms expect to expand their businesses and add jobs in 2012, a move counter to growing uncertainty of the economy and political instability. This is the first report from NYSE Euronext to include private or emerging companies and MBA students that the NYSE dubs “aspiring corporate leaders.”

On the other end of the spectrum, the congressional so-called Super Committee failed to come to an agreement on a deficit reduction plan, leading to a drop on the stock market and continued debate as to the cause of the committee’s inaction. The main stumbling block appeared to be the continued tax cuts, rather than higher tax rates, for the upper tier of income earners.

September 15, 2011
Your Money: Inflation-Protected Securities

CHICAGO — Inflation affects us all. Even when it is coasting along at what might seem to be a harmless rate, it eats away at the buying power of the dollar.

When inflation hits 11% as it did in 1979, and then rises to 13.5% as it did in 1980, the world of investing, saving and spending is turned upside-down. That’s why some financial professionals are concerned about the most recent trend. After finishing 2010 at an average rate of 1.6%, the first five months of this year show an average of 2.64%, with the latest month in that period hitting the 3.6% mark.

Could this be the portent of sky-high inflation such as we saw in the 1970s? There is a growing amount of evidence that would suggest that possibility. The chief villain, according to many economists, is the Federal Reserve’s easy-money policy designed to support the government’s $2.2 trillion in stimulus spending. That, in addition to the rise in other government spending, has skyrocketed our federal debt.

December 21, 2010
Fed Seeks to Limit Debit Interchange Fees

WASHINGTON — A proposal from the Federal Reserve could limit debit interchange fees—charges associated with accepting debit-card payments—to 12 cents per transaction. If enacted, the proposal stands to benefit small businesses.

The average interchange fee for debit transactions in 2009 was 44 cents per transaction, according to Fed research. “Setting a cap ensures that no issuer is able to receive an interchange fee at an unreasonably high level,” the proposal says.

July 12, 2010
Fed Seeks to Expand Small-Business Lending

WASHINGTON — The Federal Reserve Bank is exploring new ways to boost lending to small businesses and startups, Fed chairman Ben Bernanke told a conference of small-business associations, lenders and regulators this morning.

“Making credit accessible to sound small businesses is crucial to our economic recovery,” Bernanke says. “More must be done.”

May 5, 2010
The Passion of The Drycleaner

Running a business takes a lot of time and effort, not to mention money. It takes a huge commitment; every aspect of your life is affected.

Drycleaning isn’t an eight-hour-a-day job. Sometimes, it’s 10, 12 or more. Five or six days a week turns into seven. You wake up thinking about work. You go to sleep thinking about it. You might even have nightmares about it. Why do you do it?

March 2, 2010
Banks May Be Easing Lending Requirements, Federal Reserve Says

WASHINGTON — U.S. banks seem to be starting to ease requirements for small-business lending, although credit remains abnormally tight, according to Federal Reserve Governor Elizabeth Duke.

“Bank attitudes toward lending, including small-business lending, may be shifting,” she said in testimony before the House Committee on Financial Services and Committee on Small Business.

October 22, 2009
Despite Rosy Analysis, Drycleaners Still Feel the Squeeze

CHICAGO — Last month, Federal Reserve chairman Ben Bernanke announced that the recession has likely come to an end, but drycleaners across the country reported declining sales for September, as well as the third quarter of 2009, according to a recent AmericanDrycleaner.com StatShot survey.

October 20, 2009
The Economy Is Still in Recession, Drycleaners Say

CHICAGO — Last month, Federal Reserve chairman Ben Bernanke announced that the economy had resumed slow growth, meaning that the recession has come to an end. “Main Street,” however, disagrees: Asked, “Based on your experience, do you believe that the recession has come to an end?” an overwhelming 86.5% of drycleaners answered “No,” according to the most recent Wire survey. Just 7.7% said that the economy is improving, and 5.8% answered “Don’t know.”

March 31, 2009
Commercial Real Estate Activity Will Continue to Decline, Report Says

WASHINGTON — The real estate market will continue to decline in 2009 thanks to a sustained lack of credit and the economic slump, according to a forward-looking index and forecast for commercial real estate sectors published by the National Association of Realtors (NAR).