State of Working Pa. report: The effect in Pennsylvania, factoring in population growth, would be an economy roughly 690,000 jobs short of full employment and a state unemployment rate above 14 percent.
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The current economy has forced some workers to borrow from their 401(k) accounts in order to pay for critical living expenses, ultimately jeopardizing their future retirement. Fidelity has found that the average age of those taking a loan or hardship withdrawal is between 35 and 55 years old – when individuals often have to deal with multiple, competing, financial challenges.
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The rise in taxes is attributed to the expiration of four key pieces of legislation, the Making Work Pay credit, the Advance Earned Income Credit, and the 2001 and 2003 tax cuts, all set to expire on Dec. 31.
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After Oct. 4, the monthly insurance premiums on FHA loans will increase by over 63 percent.
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The increase in foreclosure starts is consistent with the Department of Treasury's latest report that approximately half of all Home Affordable Modification Program (HAMP) trial modifications resulted in cancellation, though 45.4 percent of those have resulted in alternative (non-HAMP) modifications.
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Over the year, unemployment rate up 1.5 percentage points. The Scranton/Wilkes-Barre MSA, along with the Johnstown, had the highest unemployment rate among Pennsylvania’s 14 MSAs.
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The project involves the construction of a 30,000-square-foot building with an estimated cost of approximately $5 million. The facility will be built at 27-29 South Main Street in downtown Wilkes-Barre.
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