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U.S Banks Post Second-Highest Profit in 23 Years in 2Q 2014

U.S Banks Post Second-Highest Profit in 23 Years in 2Q 2014

( Wall Street Journal ) Banks are lending to companies and individuals at the fast...

DC takes $885 million in stimulus, has no idea how many jobs created

Jeffrey Anderson | The Washington Times:

Despite receiving more than $885 million in federal economic stimulus funds since 2009, the D.C. government — whose residents face one of the highest unemployment rates in the nation — cannot say how many jobs it actually created for those who live in the District.

Most of the money has been spent, and data suggest that overall regional job growth did occur as a result of the massive infusion of capital. But a review by The Washington Times of figures provided by D.C. officials shows that the city spent hundreds of millions of dollars without being able to demonstrate any significant improvement in the city’s jobs outlook.

If anything, the employment picture has worsened in the District. At the end of 2011, according to the U.S. Bureau of Labor Statistics, the city’s unemployment rate was 10.4 percent, ahead of only three states: Nevada (12.6 percent), California (11.1 percent) and Rhode Island (10.8 percent).

That figure contrasts sharply with a 5.5 percent unemployment rate in the metropolitan D.C. area, which includes parts of Maryland, Virginia and West Virginia.

In the District, according to the Bureau of Labor Statistics, the unemployment rate has increased by 8 percent since 2009, as the D.C. government was receiving historic levels of federal stimulus funding via contracts, grants, loans, tax benefits and entitlements. ...

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