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IMF says US Fed should delay interest rate rise until 2016 – July 2015

The International Monetary Fund has warned the US Federal Reserve against raising interest rates this year. A rise risks adding to the growing economic and political threats to US growth, the IMF said in a health check on the world’s largest economy. Many economists had forecast a rise in September, although recent economic and jobs data had dampened expectations…On Tuesday, the IMF said “growth could be significantly debilitated” by another rise in the dollar. Barring a major change in circumstances, the organisation urged keeping rates at the current 0.25% “into the first half of 2016 with a gradual rise in the federal funds rate thereafter”…Read the full article

US jobs growth and factory sales slow down – July 2015

US employment rose by 223,000 in June, while the April and May figures were revised down, official figures show. May’s figure was revised from a rise of 280,000 jobs to a rise of 254,000, according to the US Labor Department. Despite the slower growth, the jobless rate fell to 5.3% from 5.5%, but that was in part due to people dropping out of the labour force. Meanwhile, factory orders fell in May by the largest amount in three months, the Commerce Department said. Employment gains in June were made across a number of sectors, particularly business services, health care, retail, financial activities and transportation, the Labor Department said….Read the full article

Manufacturing’s importance is expected to amp up – May 2015

Team NEO forecast predicts that the industry’s share of the local economy will grow to 22% in the next decade

It’s finally sunk in that manufacturing won’t be dying in the United States anytime soon. Indeed, a regional economic development group is saying that, at least in Northeast Ohio, manufacturing actually will grow over the next decade, though automation and other improvements in productivity will foil any significant growth in jobs. However, a new forecast from Team Northeast Ohio predicts that the region will need to produce 49,000 qualified laborers, welders and the like to keep manufacturing production robust in Northeast Ohio…In its latest quarterly economic review, Team NEO reports that while manufacturing businesses in 2015 make up 19.5% of the economy of the 18 counties of Northeast Ohio, its share of that economy, reflected in the gross regional product, will grow to 22% over the next decade…Read the full article

Northeast Ohio retail vacancy rate reaches lowest point since 2007 – February 2015

High-profile retail setbacks — from the ongoing closings of RadioShack locations to the shuttering of Macy’s Richmond Heights store and likely cuts if the recently announced Staples/Office Depot merger goes through — are roiling the industry, but they mask the essential strengthening of the market in Northeast Ohio. New statistics from CBRE Group Inc. show retail vacancy here declined to 9% as of Dec. 31, 2014, from 12.4% the year before. It also marks the first time since 2008 that vacancy has declined in two consecutive years. Retail vacancy in the region now is at its lowest since 2007, when it was 8.8%….Read the full article

Ohio’s jobless rate holds steady at 5.1% – March 2015

Ohio’s unemployment rate in February was 5.1%, unchanged from January, according to data released Friday morning, March 20. The Ohio Department of Job and Family Services said the state’s nonfarm wage and salary employment increased 3,300 over the month, to 5,387,200 in February from a revised 5,383,900 in January. The number of workers unemployed in Ohio in February was 291,000, down from 293,000 in January. In the past 12 months, the number of people unemployed in Ohio has dropped by 66,000, from 357,000 in February 2014, when the state’s jobless rate was 6.2%. Ohio continues to have a stronger labor market than the country as a whole. The U.S. unemployment rate for February was 5.5%, down from 5.7% in January and down from 6.7% in February 2014…Read the full article

Downtown Cleveland adds more retailers, apartment dwellers May 2015

In downtown Cleveland, more places to dine or shop are continuing to revitalize the city. A just-released report from Downtown Cleveland Alliance on first-quarter activity shows that 15 retailers opened or announced commitments to the central business district, and occupancy of apartments has climbed to 97.2% from 94.5% a year ago…Read the full article

Mayor highlights waterfront accomplishments – Sept 2014

Frank Jackson on Wednesday night took 375 guests on a two-and-a-quarter-hour tour on the Goodtime III, bringing them up to date on the progress made since he hosted a similar excursion five years ago and pledged to make the waterfront “a signature of Cleveland.”  The tour highlighted 13 projects. Some of them, like the Greater Cleveland Aquarium, were completed with the help of city loans. Others, like the $700 million plan to transform 20 acres now used for the Port of Cleveland dock into a mixed-use neighborhood, are awaiting financing and remain years away…Read the full article

Cleveland #1 in Rapid Price Appreciation – August 2014

According to data released Thursday by RealtyTrac, the median price of a residential property sold in the U.S. in July was $191,000, up 3% from June and 12% from a year ago. This is the highest level since September 2008. States like Michigan (24% increase), Ohio (20%) and Virginia (20%) saw especially high year-over-year increases in median sales prices, as did cities like Detroit (33%), Dayton, Ohio (31%), Stockton, Calif. (24%), Modesto, Calif. (22%), Cleveland (20%), and Miami (19%)…In Cleveland, for example, from July 2012 to July 2013, home price appreciation was just 3%, but from last year to this year, it was 20%…Read the full article

Greater Cleveland shines in the list of fastest growing companies – August 2014

Greater Cleveland placed 53 businesses in Inc. magazine’s 2014 listing of the nation’s 5,000 fastest growing private companies, the most of any region in Ohio. Three local companies — ECHO Health, LDR Interactive and the Content Marketing Institute — made the prestigious Inc. 500 for their pace of growth over the last three years. Fifty other local companies made the 5,000…Read the full article

US house price growth slows in June – August 2014

The annual pace of US house price growth slowed in June, a survey has indicated, continuing a long-term deceleration in the US housing market. The S&P/Case Shiller 20-city index saw an 8.1% year-on-year price increase in June, compared with a 9.4% rise in May. Prices in Las Vegas, Phoenix, Miami and Tampa are still about a third below their housing bubble peaks of almost a decade ago. The deceleration pointed to a “more normal sector”, the company said…Read the full article