US growth modest: beige book
THE US economy picked up a little in most parts of the country in September and at the start of the month as Americans spent more, but the jobs market showed little improvement, suggesting a continued slow pace of growth ahead.
The Federal Reserve said this morning in its latest beige book, based on anecdotes collected from business contacts and economists spread across the nation, all of its 12 bank regions reported stronger economic activity compared to the central bank’s previous economic survey.
However, most Fed districts described the pace of growth as only “modest” or “slight”, with contacts generally noting a weaker or more uncertain outlook for companies.
Some banks to drop $5 debit card fee
The retail banking arm of JPMorgan Chase & Co. will stop charging $3-per-month fees for using debit cards when its current pilot in Wisconsin and Georgia is completed in November, a source with knowledge of the bank’s plans told The Associated Press. The individual asked not to be identified because the bank has not officially announced the program will not go forward.
Chase, which operates in 23 states, began its test in February.
And it’s not alone in rethinking its actions. Wells Fargo & Co. began a similar pilot in five states on Oct. 14, testing a flat $3 fee for using debit for purchases. On Friday it also announced that it is cancelling its test program.
Other banks already have more widespread fee policies. SunTrust Banks charges $5 a month for debit cards used to make purchases, and Regions Financial Corp.
Electronic medical records net rewards
Arizona hospitals and doctors have started reaping financial rewards for converting to electronic health records.
The state’s Medicaid program last week sent out $15.7 million in federal stimulus payments to nine Banner Health and three other hospitals that attested to using electronic health records.
It’s the first batch of payments sent to Arizona hospitals, which can reap larger payments next year if they demonstrate they have achieved “meaningful use” of electronic health records. The federal government evaluates meaningful use on 23 standards, such as compiling medication lists or providing patients with digital copies of their records.
Arizona’s doctors, nurse practitioners and other medical providers also are starting to collect payments for using electronic health records.
Wealth divide might ?stifle jobs
What if the trouble with inequality isn’t unfairness or envy — it’s the way it dampens job growth?
The idea is not limited to the protesters at Woodruff Park or Wall Street. Federal Reserve Governor Sarah Bloom Raskin, for example, said in a recent speech that inequality has a host of negative side-effects — from household finances to higher crime.
“This inequality is destabilizing and undermines the ability of the economy to grow sustainably and efficiently,” she told a forum sponsored by the liberal New America Foundation. “All of these forces drag down maximum economic growth.”
Some experts wonder if the trend is irreversible, but few question whether inequality has increased.
Government data — from Census Bureau to the IRS — show a much higher concentration of both income and wealth at the upper echelons. And the higher you
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