Economics

Raising interest rates to prod people into spending less to fight inflation may sound counterintuitive, but that’s what the nation’s Federal Reserve System is attempting. While the increments may seem small, they will affect local businesses and consumers. “Raising interest rates is the Fed’s main tool to deal with inflation,” said retired banker Dan Blanton, who had served as CEO of Georgia Bank & Trust (now South State). “The historic data bears out that it does work if you give it time.” On March 16, the Federal Reserve Board decided

The New Year brought some cheer to several sectors of the Augusta Metropolitan Statistical Area economy.  The retail sector continued to gain jobs, employment in this sector was up 400 and is close to providing 30,000 jobs. Reassuringly, leisure and hospitality added almost 400 jobs as well. Manufacturing added a further 250 jobs and mining, logging, and construction added 400 jobs. Professional and business services saw an increase of over 600 jobs, following five consecutive months of declining jobs. These job gains were offset by losses of about 400 jobs