203K jobs is steady (if not grand) improvement in hiring. The Washington Post suggests that this report shows that the government shut down had little effect on the economy and that the Federal Reserve could consider pulling back its bond buying program to support economic recovery. They also suggest that holiday sales will be 3 percent higher than last year – another sign of recovery.
On Tuesday October 22, 2013, the Philadelphia Federal Reserve held the first annual Community Development Graduate Student Research Forum. The Department of Community Development Studies and Education at the Federal Reserve sponsored the event, which featured six paper presentations ranging from land value models of vacant city owned property to the importance of religious institutions in community stability. Presenters came from Penn (my classmates!), Temple, Rutgers-Camden, as well as professional presentations from local CDCs, the Philadelphia Association of CDCs, and the U.S. Department of Housing and Urban Development.
The event offered me the opportunity to meet a number of like minded researchers, community development practitioners, and graduate students. I look forward to continuing the relationships in community development research that the Philadelphia Federal Reserve has fostered across different institutions and practice boundaries!
The Brookings Institute examined how long it will take to return to 6.5% unemployment recently. The level is important because the Federal Reserve set it as the benchmark rate at which it would begin to increase interest rates again. This matters for anyone thinking about starting a business, buying a home, or borrowing money. They conclude that even under the most optimistic of scenarios, we won’t hit 6.5% until early 2014, but it could be as long as 2018 if we continue sluggish job growth. Read the report for a deeper look and an interactive tool!