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The University of Michigan is expected to announce Tuesday a deal that would make Jim Harbaugh its next head football coach. In addition to his career on the field, Harbaugh has coached for both Stanford and the San Francisco 49ers. His NFL pedigree will earn him a pro-football salary; some estimates put his expected salary as head coach to be in the range of $6 million to $8 million.1 of 2
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That's the percentage global investment in Japan is down this year; the smallest annual amount since 2008. As Bloomberg reports, the dwindling numbers are mostly due to Prime Minister Shinzo Abe's "Abenomics," which have sent Japan into a recession.
“People expect the economy to improve, and their personal finances to improve,” says economist Chris Christopher at IHS Global Insight.
The stock market has recently hit records, boosting higher-income households, many of which have regained and surpassed their level of wealth before the recession. But middle-income households remain in the red, on average, since the recession. Long-term unemployment is still stubbornly high, wages are barely outpacing inflation, and millions of workers have dropped out of the labor force altogether.
But Bernie Baumohl at the Economic Outlook Group says the overall economic picture is still overwhelmingly favorable: “We’ve got the best job growth that we’ve seen in 14 years. Companies as well as consumers are benefiting from lower gas prices, and from the lowest borrowing costs in history.” Baumohl still cautions that until the global economy returns to health and U.S. trading partners rebound, U.S. companies might not feel optimistic enough to go on a big hiring spree or raise wages.
The University of Michigan is expected to announce Tuesday a deal that would make Jim Harbaugh its next head football coach.
Harbaugh was an All-American quarterback for Michigan and played 15 years in the NFL, in addition to coaching at Stanford, and most recently with the San Francisco 49ers.
Harbaugh’s contract is expected to make him among the highest paid coaches in college sports, in the range of $6 million to $8 million per year.
Even though Michigan has fallen as a football powerhouse, Forbes says only Texas and Notre Dame bring in more revenue.
"From a strictly financial point of view, it's already paid off, they'll make more money off of him by lunch today," says author and commentator John U. Bacon.
Bacon has written has written several books about Michigan football. He says the jump in season-ticket sales alone will more than pay Harbaugh’s contract, and if he can revive the storied Michigan-Ohio State rivalry, the entire Big Ten might profit.
"If you get that going, guess what? TV ratings go up. TV drives all of this. Not some of it, all of it," says Bacon.
These days it isn’t just the University of Michigan's of the world that are willing to offer pro money to land their coach. More and more Division One teams are willing to pay millions of dollars to satisfy their fans, which was practically unheard of a decade ago.
"You know, really the theme here is brand revival," says Patrick Rishe, a sports economist at Webster University.
Rishe says Michigan essentially had to offer dollars, partly to compete for a coach of Harbaugh’s ilk, but more importantly, “to also show their fans they're serious about trying to get back into the fray," he says.
Rishe says the real question all along wasn’t whether Jim Harbaugh was worth the money Michigan was offering, but whether he would leave the NFL.
But more to the point, are those jobs part of an industry renaissance, or are they a new kind of employment that in reality, is not as good as it sounds?
Richter joined Marketplace Morning Report host David Brancaccio to talk about the danger of heralding the return of manufacturing to the U.S.
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The president says incidents in the past year have "surfaced" long-simmering issues between minority communities and authorities, allowing for a healthy airing of grievances.