Economic Activity
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(Updated, Aug. 4, 3:45 p.m.) GateHouse Media will not honor the collective bargaining agreements negotiated between the Providence Journal and A.H. Belo Corp. and may lay off as many as 40 Journal employees upon its purchase of the paper who will be covered by Belo’s severance policy, according to an asset purchase agreement filing with the U.S. Securities and Exchange Commission. more
Rhode Island’s foreclosure rate dropped in June to 1.9 percent, compared with 2.5 percent a year earlier, according to a report released Thursday by real estate data firm CoreLogic. more
Real gross domestic product in Massachusetts grew at an annual rate of 4.9 percent in the second quarter, reversing the economy’s contraction in the first quarter and outpacing U.S. economic growth for the same period, local economy journal MassBenchmarks reported in its Current Economic Index Wednesday. more
Gains in consumer spending and business investment helped the U.S. economy rebound more than forecast in the second quarter following a slump in the prior three months that was smaller than previously estimated. more
The Providence-Fall River-Warwick metro area unemployment rate dropped in June to 7.1 percent nonseasonally adjusted, nine-tenths of a percentage point lower than the 8 percent reported a month earlier, the U.S. Bureau of Labor Statistics said Wednesday. more
Money magazine has named Brown University the 19th best school overall and the 15th best private school in its inaugural value ranking of U.S. colleges and universities released Monday. more
The Providence Journal’s second-quarter profit more than doubled to $2.1 million, as revenue grew 1.1 percent to $22.3 million compared with the same period last year, according to an A.H. Belo Corp. filing with the U.S. Securities and Exchange Commission made public Wednesday. more
Rhode Island Housing on Tuesday announced the launch of the agency’s FirstHomes Tax Credit program designed to help first-time homebuyers save as much as $2,000 annually on mortgage costs. more
Confidence among U.S. consumers soared in July to the highest level in almost seven years as Americans grew more upbeat about the labor market and the outlook for the economy. more
One week after announcing an agreement to sell the Providence Journal to New Media Investment Group Inc., A.H. Belo Corp. reported second-quarter net income of $22 million, more than 18 times the profit of the same year-earlier period, thanks in large part to an $18.5 million investment gain. more
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