King’s College receives two honors for public service

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UPDATED: Vice President Joe Biden speaks at Wilkes University

<p>LEHMAN TWP. &#8212; The nation, state and region have economic growth, according to Elif Sen, a senior economic analyst in the Research Department at the Federal Reserve Bank of Philadelphia.</p><p>Sen&#8217;s economic analyst and growth projections are based on statistics on the gross domestic products, labor and housing markets and were presented to nearly 40 business and financial community leaders at the third annual Economic Summit Friday morning at Hayfield House on the Penn State Wilkes-Barre Campus.</p><p>&#8220;We have seen subdued growth in the national economy overall,&#8221; she said in a 40-minute presentation. &#8220;But the picture is not quite as sunny in this area.&#8221;</p><p>Sen said the gross domestic product, the amount of goods and services produced nationally, showed a slight increase.</p><p>&#8220;The most recent data which is for the second quarter of 2016 shows a (GDP) growth rate of 1.4 percent (nationwide), which is a much lower rate that what we saw in 2014 and 2015,&#8221; she said.</p><p>Consumption, also known as consumer spending, is strong and comprises 70 percent of the GDP number, she said. Consumer spending is a positive sign showing people are &#8220;eager to purchase goods and services.&#8221;</p><p>A rise in consumer spending can be traced to an increase in the labor market</p><p>&#8220;There has been steady growth in employment coming out of the recession,&#8221; Sen said. &#8220;It (employment growth) has more than surpassed the jobs that were lost due to the recession.&#8221;</p><p>&#8220;Pennsylvania and New Jersey experienced a bit slower recovery in terms of jobs, but New Jersey just outreached the level of jobs they had before the recession, and Pennsylvania has finally surpassed that and grown beyond that but at a slower rate than the nation.&#8221;</p><p>As of August 2016, Luzerne County&#8217;s unemployment rate dropped to 6.7 percent. The Commonwealth&#8217;s unemployment rate is 5.7 percent.</p><p>Luzerne and Lackawanna counties have reported a rise in employment in the areas of trade, transportation and utilities; education and medical fields; and professional businesses, Sen said.</p><p>&#8220;The Professional Business sector is the fastest growing sector during the recession recovery,&#8221; she said.</p><p>Housing markets are also rising from recession levels. Sen reported nationally the housing market increased by 6 percent with most growth occurring in coastal regions.</p><p>The commonwealth has reported a 1.97 percent growth in the housing market, she said.</p><p>Sen said with the economic growth reported in the housing markets, &#8220;a hike in interest rates would be in line.&#8221;</p><p>There is a 17 percent probability the U.S. Federal Reserve System could raise interest rates in November and a 66 percent chance in December, Sen said.</p><p>Carl Goeringer, a real estate agent affiliated with Century 21 Smith Hourigan Group in Shavertown, said if the Federal Reserve raises interest rates, it &#8220;maybe only a quarter of a percent.&#8221;</p><p>The Economic Summit is an annual event presented by the Back Mountain Chamber of Commerce and supported by Penn State Wilkes-Barre, FNCB and Twin Stacks Center.</p><style>
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<div class="metaInfo"><bylineMeta><p>By Eileen Godin</p><p>egodin@www.timesleader.com</p></bylineMeta></div><div class="metaInfo"><shirttailMeta><p>Reach Eileen Godin at 570-991-6387 or on Twitter @TLNews.</p></shirttailMeta></div>

Local, state and national economic growth reported at economic summit