Philadelphia Inquirer, “Phila. Fed: Region’s manufacturing index weakens“: “Economic conditions for Philadelphia-area manufacturers weakened significantly in the first half of August, a widely watched survey by the Federal Reserve Bank of Philadelphia said Thursday. The survey, along with a disappointing jobs report, sent stock market indicators lower throughout the day.”
Los Angeles Times, “New claims for unemployment benefits jump unexpectedly“: “The Labor Department said Thursday that new applications for unemployment benefits unexpectedly rose to 500,000 last week, the highest level in nine months. It marked the third straight week of rising new jobless claims and added to other recent reports suggesting that layoffs are ticking higher even as new hiring remains sluggish.”
Bloomberg, “Leader on Bush Tax Cuts Wins Allies to Keep Provisions in Place,” pegged to an interview with Dirk Van Dongen of the National Association of Wholesaler- Distributors, who is coordinating the Tax Relief Coalition. Van Dongen say, “This has to be a discussion about job creation.”
While the story highlights the larger trade organizations that are members, such as the National Association of Manufacturers, the coalition is an organization of more than 1,000 trade associations, corporations and advocacy groups formed in 2001 to advocate for pro-growth tax policies.
Deseret News, “Gov. Gary Herbert tells manufacturers that ‘unprecedented partnerships’ are needed to boost Utah’s economy,” covering the governor’s speech to the Utah Manufacturers Association’s Best Practices Expo:
The governor said Utah is faring much better economically than most states, but he remains “focused really laser-like on what we’re going to do in Utah to buck the national trend.” He said he wants to make Utah “an island of tranquility in what’s becoming an ever-increasing sea of chaos as we see coast-to-coast in this country.”
The way to accomplish that is to avoid regulation and taxation that stifles the innovation seen in free markets and sometimes forces companies to move overseas, he said. “It’s only basic economics and a whole lot of common sense,” he said.
“You don’t raise taxes,” the governor said. “That just stifles economic growth.”
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