Tonawanda News

Today's Top Stories

August 4, 2012

Glass half full?

Economy generates 163K jobs in sign of resilience

(Continued)

Tonawanda News —

The draconian dose of austerity is meant to force Republicans and Democrats to compromise. If they can’t and taxes go up and spending gets slashed, the economy will plunge into recession, contracting at an annual rate of 1.3 percent in the first six months of 2013, according to the Congressional Budget Office.

The rest of the world is slowing. Much of Europe is in recession as policymakers struggle to deal with high government debts, weak banks and the threat that countries will abandon the euro currency and wreck the region’s financial system.

European Central Bank President Mario Draghi said Thursday the bank is preparing to buy government bonds to help drive down borrowing costs in debt-ridden countries like Spain and Italy.

The high-powered economies of China, India and Brazil are also slowing sharply, partly because Europe’s troubles have hurt their exports.

In the United States, the Federal Reserve earlier this week passed up a chance to approve new measures to jolt economic growth but signaled it was ready to act if growth and hiring stayed week. That led many economists to predict the Fed would announce a third round of bond purchases designed to push long-term interest rates down and generate more borrowing and spending in the economy.

If the previous three months of lackluster job creation were not enough to spur the Fed into acting more aggressively, then Friday’s numbers “must surely kill off the possibility of imminent action,” said Chris Williamson, chief economist at Markit in London.

The job market still has a long way to go. The economy lost 8.8 million jobs from the time employment peaked in January 2008 until it hit bottom in February 2010. Since then, just 4 million, or 46 percent, have been recovered. Never since World War II has the economy been so slow to recover all the jobs lost in a downturn.

Text Only
Today's Top Stories
  • SUN LIFE Open gardens 1 072014.jpg Stop and smell the flowers

    More than 90 private gardens throughout Western New York, and a number of public ones, are open to the public for select hours Thursdays and/or Fridays during July as part of the National Garden Festival’s Open Gardens program, now in its fifth year. The program is separate and distinct from local garden walks, and the gardens range from Gasport to Holland. They’re organized into districts of about five to eight gardens each, including Northtowns West (which includes gardens in Kenmore and the Town of Tonawanda) and Niagara Trail (which includes gardens in Lockport, Gasport and Lewiston).

    July 21, 2014 1 Photo

  • TON eson mug.jpg UPDATE: Elderly town woman charged with killing husband

    An 83-year-old Town of Tonawanda woman has been charged with second-degree murder for allegedly killing her elderly husband, police said Tuesday.

    July 8, 2014 1 Photo

  • SUN LIFE meals on wheels 1 070614.jpg Volunteers on wheels

    Walking into the North Tonawanda Meals on Wheels offices one recent Friday morning, the air is full of the scent of baking ... fresh banana muffins prepared by kitchen staff, destined to be delivered to those who receive meals through the organization.

    A sign hangs on the wall nearby: “Volunteers do not get paid NOT because they are worthless, BUT because they are priceless.”

    July 7, 2014 1 Photo

  • Early voters hit polls

    Before dawn Tuesday morning at North Tonawanda City Hall, things were already bustling.

    November 6, 2012

  • 121015 LUMBERJACKS4 Love at first sight

    Carol Tallichet, is in the process of renovating the former Niagara River Yacht Club, which she is leasing from the city and plans to open by Memorial Day.

    October 18, 2012 3 Photos

  • LCDC head named

    August 7, 2012

  • 120806 MAIN1 Downtown facade improvements complete

    August 7, 2012 3 Photos

  • 120806 RENTACENTER1 Suspect flees botched robbery

    A man remains at large after attempting to rob a Rent-A-Center employee and stealing a car in the City of Tonawanda Monday morning, according to police.

    August 7, 2012 1 Photo

  • Producer to begin filming at Kronies

    August 4, 2012

  • 080412 economy2.jpg Glass half full?

    August 4, 2012 2 Photos