The report Friday from the Commerce Department also said that consumer spending fell 0.6 percent in December.
Business
Local, state and national business news from the Kennebec Journal and Morning Sentinel.
Posted inBusiness, Maine, News
Bill would make more than 30,000 salaried workers in Maine eligible for overtime
A legislative panel has endorsed a proposal to increase the salary threshold for overtime pay to more than $57,000 despite strong objections from pro-business groups.
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Posted inBusiness, Lewiston-Auburn
Data and tech company moving 3,800 servers to Maine, plans new Lewiston headquarters
Dynamics’ corporate manager said the company is looking to hire its first 25 employees by the end of March.
Posted inBusiness, News
Stocks give up a rally and end lower as volatility continues
The late-afternoon fade extended the market’s losing streak as it closes in on its fourth weekly loss.
Posted inBusiness, Nation & World
U.S. economy grew 5.7% in 2021, fastest pace since 1984
Growth last year was driven up by a surge in consumer spending and an increase in private investment.
Posted inBusiness, Nation & World
U.S. weekly jobless claims fall for the first time in a month
A recent surge in COVID-19 cases has set back what had been a strong comeback from last year’s short but devastating coronavirus recession.
Posted inBusiness, Maine, News
Gov. Mills launches $10 million loan program for affordable single-family home construction
The Affordable Homeownership Program is expected to support construction of at least 150 new, single-family, affordable homes across Maine.
Posted inBusiness, Nation & World
Stocks fall, yields rise after Fed signals rate hike ‘soon’
The selling accelerated Wednesday as the central bank’s chairman, Jerome Powell, acknowledged that the high inflation slamming the economy isn’t getting better.
Posted inArts & Entertainment, Business, Nation & World
Picasso heirs launch digital art piece to ride ‘crypto’ wave
They’re looking to cash in on a surge of interest in non-fungible tokens, NFTs, which have netted millions for far-less-known artists and been criticized by some as environmentally costly get-rich schemes.
Posted inBusiness, Maine, News, Politics
Maine Legislature fails to muster enough support to allow farmworkers to unionize
Lawmakers don’t override Gov. Mills’ veto of a bill to allow workers at farms with 5 or more employees to negotiate wages and working conditions.