Local economic forecaster Hugh Johnson predicted a forthcoming bear market for 2016, in his annual forecast with members of the Capital Region Chamber of Commerce Friday, predicated on the economy’s cyclical behavior.
The biggest elephants in the room involve the Chinese market, the Federal Reserve and oil prices. China’s unabashed attempts to place itself as a world superpower produced a meteoric rise in production over the past several years. Its rate of growth rivals that of the Industrial Revolution in the United States following the Civil War. But, lately, it appears that rapid ascent is starting to level off. Couple that with the Fed raising its prime rate last month for the first time in a decade, and the continuous drop in oil prices, we live in uncertain times. When investors don’t know what to expect, they lose confidence and start to pull back their money.
Johnson did say that, despite these issues, he could see modest growth for the year. That’s promising considering he appears to be among the many prognosticators who see the hands on the clock and realize we’ve been overdue for a recession (that’s a small “r”) for a few years. That’s a nasty word to say since 2008, but the truth is our economy goes through one every five years, on average. And, depending on who you speak to, we haven’t fully recovered from the last one. Short-term unemployment numbers have decreased from nearly 10 percent in 2009, to about 5 percent today. Long-term unemployment, for those out of work for more than 26 weeks, is above 25 percent – still higher than what it was prior to the Great Recession.
With the Fed’s prime rate at 0%, it left little wiggle room for the Central Bank to make adjustments in a poor economy. The Fed raised the rate by a quarter percent. Now, technically, the prime rate is what the Central Bank offers when it lends to participating banks. When rates are low, a perceived free flow of money gives investors confidence. Higher rates, well, people see that as a time to take advantage of savings accounts.
In Colonie, if there are any plausible arguments at the front step of Town Hall is that there seems to be too much growth for the town to handle. Businesses are sprouting up, as are the residential spaces that follow. So much so, North Colonie is looking at the numbers closely and planning ahead. It’s not just in Colonie, either. The same could be said for Bethlehem, too. And, residential property is booming in Albany and investment properties are abound in Schenectady and Troy.
When the “R” word is dropped on the inquisitive ear, it tends to breed panic. Will we see a slow-down in local development? Maybe in one or two places. But, based on what we see happening around our hometowns, we could see future growth feeding upon the success of those projects currently coming to fruition. Nevertheless, you don’t have to take our word for it.
The Hops and Harvest Festival features the best of fall in Upstate New York with activities like a pie eating contest presented by Golden Harvest Farms, hops demonstration, food vendors, music, and mo...
NOTE: Empire State Plaza Events and sorry to Vendors: due to the change in times we will only be attending for music and will be supporting other food and drink establishments leading up to 7:30. You have lost the dinner crowd.
Erica Leigh levon Tim Jessica Houle... anyone want to go for some fall hops!?!?
Two Buttons Deep Vic visits the Saratoga Automobile Museum for a tour of their historic facility, and to see what's in store for the Saratoga Auto Auction on September 21 and 22 where over 300 classic cars will be auctioned off, including a 1966 Batmobile replica.
SHARE this video for a chance to win 2 tickets to the event.
Driven by Capital District Transportation Authority - CDTA
Video produced by Jack Carpenter cc: Vic Christopher Saratoga Auto Auction 2018 Saratoga Performing Arts Center Relentless Awareness ... See MoreSee Less
Kinderhook Bank employees volunteered to serve lunch at the Montgomery County Office For Aging’s Annual Senior Picnic last week to over 300 seniors and they also had fun assisting with the BINGO games! (L-R: Kim Roberts, Angela Baker, Toni Zidich, AVP & Branch Managers and Gloria Pickering, VP Operations. Carl Marucci (MCOFA Board Member) and Nancy Nigro (KB retiree) also volunteered but missed the picture :) #TeamKINDerhookbank #petfriendlypeoplefriendly ... See MoreSee Less
Mark Your Calendars for these upcoming events! 9/19 Farmers' Market, 4-7pm - Mort's Maple & NY Connects Resource Fair. Children's Festival/Book Sale 9/22, Children's Book Sale 9/23. Flu shot clinics 9/26 (at Market), 10/3 (at Market) & 10/6 (in library). Prescription Drug Drop 9/29 (in library). Visit: events.eastgreenbushlibrary.org for complete listing of all library events. ... See MoreSee Less
Empire Hops & Harvest Festival
YOU ARE JOKING RIGHT? In less than 24 hours you announce you are going to delay the start of an event and impact vendors and businesses who are expecting crowds at 5 pm, when work gets out? I am all for people who need to observe a religious day, and totally respect their faith, but this is illogical. Yom kippur has been on the calendar for hundreds of years. People who were planning in vending, attending, and performing, would have checked this calendar and made a decisions well in advance. however all those planning on vending the event, performing and attending the event wetr in board (and I am sure they respect those who are observing)...both the event and Yom Kippur have been on the calendar for several months if not hundreds of years. People made arrangements for this event to vend and/or attend. Many people planned to attend after work and get home at a reasonable time. The loss of money and supplies may be great and I hope vendors take legal action if you choose to pursue this. change of time. Let those who observe observe, and those who don't observe should continue on and attend as scheduled. Those observing are not likely coming to a hops and harvest fest at nightfall. Be sensible and logical.
Seriously, have people given this any serious thought in terms of the financial impact of the vendors who paid permits to be there? Its not like this was planned yesterday. Why is this coming out of the blue less than 24 hours before the event? All Government offices aren't closed tomorrow, a handful of schools are closed but not all, banks are open, post office is open, colleges have classes. Those who observe, get time off. What is REALLY going on here and why would you choose to impact so many who aren't in the Jewish faith?
It's usually been a hard stop at 9:00. how are you gonna pull off 3 bands in 1.5 hours???. I have been lookIng forward to (and promoting) THIS EVENT for three - four months. Perhaps those who observe can be content to forego the opening bands and arrive for the headliners. WIN WIN!
Two Buttons Deep Jack and the Troy Innovation Garage crew set out via bikes to see a few of the sights and sounds of the Capital Region.
cc: Capital District Transportation Authority - CDTA CDPHP Troy, New York Downtown Troy Business Improvement District Lansingburgh Historical Society Waterford Harbor Farmers Market Tom Nardacci CDPHP Cycle Cohoes News ... See MoreSee Less
You may feel like a broken record telling your kids to wash their hands all the time, but with school back in session and flu season nearing, washing your hands is really the best defense against cold and flu germs! bit.ly/2jAPjGz... See MoreSee Less
Matt Wiseman-AVP & Branch Manager in East Greenbush, Dori McDannold-VP Marketing, and Phil Sopris-Senior Personal Banker in East Greenbush attended the Rensselaer County Chamber of Commerce VanRensselaer Awards dinner last week honoring Corporate Award winner CDTA, Small Business Award winner Mosaic Associates Architects, and Ebbie Award Winner (and local legend), Wally Altes! Congrats to all the winners! ... See MoreSee Less