LAKE PLACID — The bad news is that county residents are facing an economic downturn or recession, said a local economist, but the good news, it's only temporary, and will not last forever. William Pittenger, senior vice president and chief real estate economist, risk advisor with Seacoast National Bank, predicted an eventual economic upturn from a recession, which he said probably began in late 2007. Pittenger addressed more than 100 Greater Lake Placid Chamber members at last week's meeting at the Elks Club. ...more

June 18, 2008

Wouldn't it be nice if we could just wish this bad economy away? Actually, that's not too far from the truth – at lease locally. Much of what ails the Highlands County economy is consumer confidence, not any one particular factor beyond our control with the possible exception of gas prices. William Pittenger, senior vice president and chief real estate economist with Seacoast National Bank, recently told members of the Lake Placid Chamber of Commerce that the local economy isn't as bad as a lot of people believe, and that with a better outlook, it could turn around much quicker. Pittenger is right about that. Our economy depends on consumers feeling confident to purchase goods. If they are scared jobs might not be there tomorrow, consumers are much less likely to spend. It's a self-fulfilling prophecy. ...more

June 18, 2008

The economy has defied persistent predictions that it would run out of gas, but everyday working folks are feeling a financial squeeze they can only define as hard times. ...more

June 15, 2008

The Toyota Camry and Corolla sedans each outsold the traditionally top-selling Ford F-series truck in May, a sign of the rapid shift in customers' preferences from trucks and SUVs to small cars that is forcing painful production cuts and plant closures at General Motors Corp. and Ford Motor Co. ...more

June 4, 2008

It's the economy, stupid," James Carville famously said during the 1992 campaign, when a young Bill Clinton was running against the other President Bush. ...more

June 1, 2008

Existing home sales fell for the eighth time in the past nine months, a string of weakness expected to continue as the housing industry, mired in its worst slump in decades, battles falling home prices, tight lending conditions and a weak economy. ...more

May 23, 2008

Has Highlands County's economic woes hit bottom and started slowly creeping up? Do we even dare say such things out loud in fear that there will be some kind of jinx? It's hard to say on both counts, but a few smart people believe we might have hit bottom and that we have no where to go but up. We certainly hope that's true. A lot of houses are on the market these days and it seems like in the last month or so, some of them are being sold. That probably has to do with prices falling enough that buyers don't want to miss a good thing, but it's still a good sign. The first sign of an improving economy will be some of those "For Sale" signs being topped off with "Sold" signs. ...more

May 19, 2008

As headlines about a struggling economy pour in, parents worried about their wallets are waiting longer to register their children for summer camp, and more are asking for financial aid. ...more

May 5, 2008

President Bush, defending his record and his rhetoric, said Saturday that his administration has been "clear and candid" about the nation's economy. ...more

May 4, 2008

Using words like "sluggish" and "deteriorated," Federal Reserve Chairman Ben Bernanke gave a starkly pessimistic assessment of the nation's economy Thursday and signaled that the Fed will cut interest rate cuts further if needed to combat the adverse effects of a prolonged housing slump and a severe credit crisis. ...more

February 15, 2008