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When it comes to the economy, it appears reality has set in among workers.

The Spherion Employee Confidence Index dropped to a new low last month, as workers’ optimism in the economy and job market decreased, along with their confidence in their ability to find a new job.

The survey results come as the nation's unemployment rate skyrocketed to 14-year high of 6.5 percent in October as 240,000 more jobs were eliminated.

That marks the 10th straight month of declines.

The survey found 77 percent of workers believe the economy is getting weaker. But, the index also showed that 65 percent of workers are confident in the future of their employer. That’s up two percentage points from the September report.

Job security remains high, with 74 percent of workers saying they believe they are unlikely to lose their jobs in the next 12 months same day cash advances.

But, they’re also not willing to walk away from what they have, with just 31 percent reporting that they are likely to look for a new job.

"We are beginning to see the full effects of how the recent financial fallout is affecting worker confidence,” said Roy Krause, president and CEO of Spherion Corp. (NYSE:SFN), a Fort Lauderdale-based recruiting and staffing company. “The U.S. job market has been shaken, so it is not surprising that workers are feeling less optimistic about the strength of the economy and the availability of jobs."

The survey of 2,960 employed adults was conducted Oct. 7-9 and Oct. 15-17.

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Carl-Wilhelm Vogel, director of the Cancer Research Center of Hawaii, has resigned after nine years on the job.

The University of Hawaii at Manoa issued a statement on Thursday praising Vogel’s leadership since his appointment in 1999. Vogel told PBN that his last day as director will be Dec. 31, after which he will stay on with the center as a faculty member and continue with research.

He declined to say why he is stepping down.

The university said it will begin a nationwide search for a new permanent director soon and Vogel is expected to assist with the transition of leadership default payday loan.

“UH Manoa is grateful for Dr. Vogel’s many contributions,” said University of Hawaii at Manoa Chancellor Virginia Hinshaw in a statement. “Dr. Vogel will continue his service to UH Manoa as he resumes his research as a member of the Cancer Center faculty.”

The university said the center will continue with its plans to build a new $200-million cancer research facility in Kakaako.

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The Swiss central bank is winning a tug-of-war with markets, giving it room to cut interest rates again as the economic growth outlook worsens.

The Swiss National Bank has pushed the three-month rate for borrowing francs in London, or Libor, closer to its target after flooding the financial system with cash. The Libor rate has dropped more than half a percentage point since hitting a seven- year high on Oct. 10 and is now just 10 basis points above the SNB's 2.5 percent goal.

“The fact that Libor is coming down shows they're gradually regaining control,'' said Jan Amrit Poser, chief economist at Bank Sarasin in Zurich. “The SNB is under considerable pressure to cut rates'' and may move as soon as tomorrow.

Swiss central bank Chairman Jean-Pierre Roth wants to revive an economy whose two main growth engines are faltering. The franc's surge to a record against the euro is hurting exports, which dropped for the first time in four years in September, and the financial crisis is pounding earnings at banks such as UBS AG and Credit Suisse Group.

With markets still in disarray, Roth is trying to convince investors the SNB's monetary tools still work.

That challenge was highlighted after Oct. 8 when the three- month rate kept rising even after the SNB joined other central banks in cutting rates. In response, the SNB loaned $54 billion to UBS to shore up confidence in the banking sector and started swap agreements with the European Central Bank to get francs to banks outside of Switzerland.

Early Move?

Now that the three-month rate is closer to the central bank's target, policy makers may move before their next scheduled meeting on Dec. 11, economists say. Poser says the SNB may cut if the ECB reduces its own benchmark tomorrow and Sylvain Broyer of Natixis says a rebound in the franc's exchange rate against the euro may also lead to a reduction.

Investors have increased bets the SNB will lower rates by the end of the year, futures trading shows. The implied rate on the 3-month Liffe contract expiring in December fell to 2.08 percent at 12:48 p.m. in Zurich from 2.55 percent Oct. 15.

“They certainly have more room to maneuver than they did two weeks ago,'' said Fabian Heller, an economist at Credit Suisse in Zurich. “The SNB has had to take a wide range of measures to regain control of their monetary policy instrument.''

Midpoint

Unlike the Federal Reserve, the Swiss central bank targets a three-month market rate that it says is more relevant to the real economy than the overnight rate favored by the Fed. The SNB announces a range for three-month interest rates at each decision along with a main target rate online pay day loans. At the moment, it's the midpoint of a 2 percent to 3 percent range.

Interbank rates took longer to fall in Switzerland than in the euro region after last month's coordinated central bank action. That was partly because of demand in eastern Europe, where banks have used franc-denominated loans to offer cheaper mortgages.

The three-month rate for francs was unchanged seven days after the Oct. 8 moves, compared with drops of more than 10 basis points for similar rates on dollars and euros. In response, the SNB started seven-day currency swaps with the ECB.

“It was important for them to satisfy Swiss franc liquidity needs outside their immediate borders,'' said Eoin O'Callaghan, an economist at BNP Paribas in London.

Swiss Recession

Central banks in Europe are gearing up for a second round of rates cuts after the U.S., China, Hong Kong, India and Japan lowered borrowing costs over the past week. The ECB will tomorrow cut its benchmark to 3.25 percent from 3.75 percent and the Bank of England will reduce its rate by the same margin, taking it to 4 percent, said economists in separate Bloomberg News surveys.

The Swiss economy will probably slip into recession next year, the University of Lausanne forecasts, dragged down by the banking industry. Gross domestic product will shrink 0.6 percent before growing 0.5 percent in 2010, the university's CREA economic institute said Oct. 29.

Financial services account for about 12 percent of GDP and have contributed about 22 percent to growth in recent years, said Bruno Parnisari, an economist at the government's Economy Ministry.

Franc Strength

A stronger franc is making Swiss products less competitive abroad just as a global economic slowdown hurts exports. Switzerland's manufacturing sector contracted for a second month in October, while the European Commission forecasts that the euro region, Switzerland's most important export market, is probably already in recession.

The franc has surged 4.8 percent against the euro since Oct. 1, rising to a record 1.4315 on Oct. 24. It was at 1.5053 at 12:41 p.m. in Zurich.

“Looking at the shake-out we're seeing in the export sector, things are really falling off the cliff,'' said Janwillem Acket, chief economist at Bank Julius Baer in Zurich. “For the SNB, the situation is clear. I see them cutting to 2 percent by the end of the year and then cutting again in March to kick start a turnaround.''

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Four real estate teams are bidding to be named master developer of the 67-acre Hill East project, formerly known as Reservation 13, which would connect Capitol Hill to the Anacostia River waterfront just south of RFK Stadium with 5 million square feet of new development.

The respondents are:

• EastBanc Inc., which remade the West End and Georgetown with luxury retail, housing and hospitality, including two Ritz-Carlton hotels.

• Franklin L. Haney Co., which developed more than 15 million square feet of space made a failed bid to buy the Washington Nationals. The company has partnered with Bethesda-based Donatelli Development, Chapman Development, Combined Properties Inc., Banneker Ventures LLC and Tudor Holdings.

• Hunt Development Group. is partnering with Mosaic Urban Partners. The team also includes four D.C.-based developers, which have all worked on mixed-use projects in partnership with the city: William C. Smith & Co., Abdo Development LLC, EYA Development and the Jair Lynch Cos.

• Urban Atlantic leads another team that also includes nine other partners: Vornado/Charles E loans until payday. Smith, Trammell Crow Co., Elm Street Development, Blue Skye Development LLC, Brickstone Development, Eagle Vision Ventures LLC, Dynamis Advisors, Sun Edison and Ellis Denning Development.

The 67-acre project has been pegged as a chance to create a model neighborhood for environmentally responsible development, one that would minimize stormwater runoff — the source of 75 percent to 90 percent of pollutants entering the Anacostia River — and possible include a source of renewable energy.

D.C. officials in the office of Neil Albert, deputy mayor for planning and economic development, hoped to lure teams with a “track record of developing projects at the forefront of sustainable design initiatives,” according to the request for expressions of interest the city issued in May.

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New York Attorney General Andrew Cuomo is seeking information from the nine largest banks, including Charlotte-based Bank of America Corp, regarding their plans for paying bonuses.

The banks have agreed to accept $125 billion as part of a $700 billion financial bailout package approved by the U.S. Congress. Under the plan, the federal government will buy shares in the banks in a move designed to unfreeze the credit markets.

An additional $125 billion of the $700 billion has been set aside for other financial institutions creditreports.

In a letter sent to the nine banks, Cuomo also asks the boards to explain what mechanisms they have in place to protect taxpayer funds.

Cuomo also requested the information from New York-based Merrill Lynch & Co. Inc. (NYSE:MER), which BofA (NYSE:BAC) is buying in a $50 billion deal. The purchase is expected to close in the first quarter, pending shareholder approval.

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The Texas Workforce Commission has approved a $1 million training fund to provide skills training for veterans ending overseas active-duty military.

The fund will provide veterans returning from overseas the skills upgrades that employers identify as necessary for future Texas economic growth. Private state employers can apply to TWC for training grants by partnering with established training providers such as community colleges, apprenticeship training programs or community-based training programs.

Research shows that some active-duty service members exiting the military face challenges transitioning to civilian life and the workplace. To assist those veterans, TWC established the Texas Veterans Leadership Program, modeled on the successful Vietnam Veterans Leadership Program, which TWC Chairman Tom Pauken, himself a Vietnam veteran, established during the Reagan administration one hour cash. Some 28 veterans resource and referral specialists are based in local work force development areas across Texas to assist their fellow veterans with job-search activities, training opportunities and other resources.

“Veterans deserve our utmost appreciation, and we should honor their service by easing their re-entry into the Texas work force,” says Pauken. “Through these training funds, veterans — particularly those who have been deployed to Iraq or Afghanistan — will receive important skills training to meet the demands of Texas employers.”

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The U.S. economy shrank last quarter for the second time in a year as consumers and companies pulled back, reports this week may show.

Gross domestic product contracted at a 0.5 percent annual rate from July to September, the biggest drop since the 2001 recession, according to the median estimate in a Bloomberg News survey ahead of Commerce Department figures due Oct. 30.

Consumer spending, the biggest part of the economy, probably dropped by the most in almost two decades as job losses mounted, stock prices sank and property values plummeted. Federal Reserve policy makers, meeting this week, are forecast to lower interest rates for a second time this month to try to thaw frozen credit markets and prevent a deepening recession.

“I don't see how the consumer can do anything but retrench,'' Robert McTeer, former president of the Fed Bank of Dallas, said in an Oct. 24 Bloomberg Television interview. “If they all do it at the same time, it will really tank the economy.''

The projected economic contraction would follow a growth rate of 2.8 percent in the second quarter. The economy shrank at a 0.2 percent pace in the last three months of 2007.

Economists also forecast consumer spending dropped at a 2.4 percent pace last quarter, the first decline since 1991 and the biggest since 1990, according to the survey median.

Purchases fell 0.2 percent in the final month of the quarter after stalling in August, a Commerce report Oct. 31 is projected to show. Incomes likely grew 0.1 percent, a fifth of the gain in the prior month.

Growing Pessimism

Consumer sentiment probably plunged this month as stocks crashed, raising the risk the slump in spending will be even worse this quarter. The Conference Board's consumer confidence index, due on Oct internet payday loan. 28, probably fell to 52 from 59.8 in September, the survey median showed.

The International Council of Shopping Centers predicts the November-December holiday season, which brings in more than a third of some retailers' annual sales, will be the worst since 2002.

Wal-Mart Stores Inc., the world's biggest retailer, is seeing consumers use credit cards less often because they are “feeling the pain'' of the financial crisis, said Eduardo Castro-Wright, the company's U.S. stores chief. Americans feel “maxed out,'' he said in a speech in Los Angeles on Oct. 21.

Household wealth is disappearing as foreclosures drive down home prices. Home values in 20 U.S. cities fell in August at the fastest pace on record, economists forecast figures from S&P/Case-Shiller on Oct. 28 will show.

Fewer Sales

Sales are still dropping as stricter lending rules and concern that property values will keep plunging scare off prospective buyers. A Commerce report tomorrow may show purchases of new homes fell in September to a 17-year low, according to the Bloomberg survey median.

The squeeze on credit and faltering overseas demand is hurting U.S. manufacturers. The Commerce Department may report on Oct. 29 that orders for durable goods, those meant to last several years, fell in September for the second consecutive month, according to the Bloomberg survey.

Policy makers will likely focus on the risks to growth when they meet on Oct. 28-29 as the economic slowdown has depressed oil prices and eased concern about inflation.

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About one of every three Valley residents are looking at buying a new car in the next year, and 10 percent of them may be looking at hybrids.

A WestGroup Research study found 33 percent of Valley residents might be inclined to buy cars during the next 12 months. About 14 percent said they’d be looking for new cars, with 19 percent looking for used vehicles.

Ten percent of the potential buyers said they would consider hybrids, while 6 percent stated interest in their alternative-fuel brethren, hydrogen fuel-cell vehicles, which are not on the market yet free credit report .com. Only 4 percent said they would consider buying sport-utility vehicles.

The WestGroup study was conducted of a sample of 429 adults. It has a margin of error of 5 percent.

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With less than two weeks to go before the presidential election, Democratic nominee Barack Obama has a solid 13-point lead over Republican opponent John McCain in Pennsylvania, according to a new Quinnipiac University poll.

The poll found Obama ahead 53 percent to 40 percent in the Keystone State, compared with 54 percent to 39 percent in Quinnipiac's last poll Oct. 1

The economy is the most important issue for Pennsylvania voters, who trust Obama 54 percent to 36 percent to handle the issue, compared with 55 percent to 36 percent in the previous poll.

“Sen. Obama leads comfortably in Pennsylvania, mostly because he has pulled ahead in the four key suburban counties surrounding Philadelphia where Keystone State races are decided,” said Clay F. Richards, assistant director of the Quinnipiac University Polling Institute.

“Obama is leading among whites and blue collar workers, but white men and 15 percent of Sen. Hillary Clinton’s primary supporters are clinging to Sen. McCain, probably not enough to change the tide in the closing days of the campaign,” Richards added.

Obama also polled higher than McCain in key battleground states Florida and Ohio, the Quinnipiac poll found low fee cash advance. The Illinois senator is up 49 percent to 44 percent over his Republican counterpart in Florida, and leads McCain by an even wider margin — 52 percent to 38 percent —in Ohio.

According to Hamden, Conn.-based Quinnipiac, no one has been elected President since 1960 without taking two of these three states in the Electoral College.

Pennsylvania voters give higher approval ratings for the Democratic nominee for vice president, Joe Biden. Fifty-four percent of likely voters have a favorable opinion of Scranton native Biden, with 22 percent having an unfavorable opinion of him. Only 38 percent of likely Pennsylvania voters had an favorable opinion of Republican vice presidential nominee Sarah Palin; 43 percent had an unfavorable opinion of her, according to the poll.

One area where McCain scored higher than Obama in the Quinnipiac poll was the issue of foreign policy. Asked whom they trust more to handle foreign policy regardless of whom they supported for president, 47 percent said McCain, and 45 percent said Obama.

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BancorpSouth Inc.’s net income fell 22 percent in the third quarter as the company put more cash aside to cover expected loan losses.

The Tupelo, Miss.-based bank holding company (NYSE: BXS) posted net income of $28.3 million on $173 million in revenue, compared with net income of $36.3 million on $165 million in revenue in third quarter 2007.

Earnings were 34 cents a share, compared with earnings of 44 cents a share in the year-ago quarter.

A consensus of analysts had expected earnings of 43 cents on revenue of $181.6 million.

The company increased its provision for loan losses to $16 24 hour payday advances.3 million in the quarter, up from $11.2 million in the second quarter.

Non-performing loans, those that are 90 days or more past due and payment is no longer anticipated, increased to $65.2 million, or 0.68 percent of all loans and leases. That was up from $46 million, or 0.49 percent, at the end of the second quarter.

At the end of the third quarter, BancorpSouth had $13.3 billion in total assets.

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