Employment rebounds: Not only did payrolls rise a healthy 110,000 in September, but August's horrible numbers - what many say convinced Fed officials to lower interest rates - were revised, to a gain of 89,000 jobs instead of a 4,000-job decline. That’s quite a difference – and another example of how one month’s worth of data doesn’t tell you all that much. September hiring was spurred by the public education and service sectors. As expected, the unemployment rate rose to 4.7 percent from 4.6 percent in August. (L.A. County's unemployment rate in August was 4.9 percent.) Stocks have been up solidly in early trading. From AP:
Altogether, the report suggests that although the job market has softened, it hasn't been hit nearly as hard by a credit crunch and a housing slump as thought was the case just a month ago. To be sure, the ill effects of these problems are showing up at some companies. Construction firms cut 14,000 jobs in September, Factories slashed 18,000. Retailers got rid of just over 5,000 jobs. Financial services companies eliminated 14,000 slots. However, gains in education and health services, professional services, leisure and hospitality, and in government work more than offset those losses, leading to a net gain in new jobs in September.
High-roller Nuñez: Why is California's Assembly Speaker spending $8,745 at the exclusive Hotel Arts in Barcelona; $5,149 for a meeting at a wine seller in the Bordeaux region of France; $2,562 for two "office expenses" at Vuitton, two years apart; and $1,795 for a "meeting" at Le Grand Colbert, a venerable Parisian restaurant? The LAT lays out all the gory details. He's using campaign funds that come courtesy of unions, corporations and anybody else with a stake in legislative business. Natch. Nuñez didn't have much to say about the spending, other than to offer this indecipherable explanation to the LAT:
"For me, it's a question of: Is my perspective on issues broad enough? Do I have enough context when I make decisions? This is a big state to run. You've got to know what you're doing. "These trips," he said, "at least the ones I've taken -- I feel very confident and comfortable that they're not only justified but necessary for the decisions I need to make on a daily basis."
Writers talks get going: Guild negotiators met with the movie and TV folks yesterday and they plan to do it again today - a sign that at least both sides are talking. Nobody believes a deal will emerge by the Oct. 31 expiration of the Writers Guild contract. The real question is what happens after that. Will the guild hold off on a walkout until the SAG and DGA contracts expire next year? Earlier this week WGA leaders announced they had mailed out strike authorization ballots to its 12,000 members. From Variety:
Strike authorization ballots are due back Oct. 18 in what will be widely viewed as a referendum on the strategies of the WGA's leaders, who have opted for confrontational stances throughout the bargaining process amid proclamations that specific standards are required for how writers are paid for work on new-media platforms along with jurisdiction over reality, gameshows and animation. Even though the guild leaders said a strike authorization is routine and won't necessarily lead to a work stoppage, the move has rattled the town's nerves because it means the WGA could go out as early as Nov. 1. The WGA West has set up what would be a strike headquarters -- with picket signs ready -- in what was the members' lounge; negotiating committee member Carlton Cuse sent out a voicemail to members Wednesday asking for support of the strike authorization vote.
Higher gas prices: They're up for the fifth straight week, and if you're not already paying at least three bucks a gallon, you soon will be. The Auto Club's latest survey shows that in L.A. the average price of a gallon of self-serve regular unleaded was $2.975 - 1.4 cents more than last week, 23 cents more than last month and 29 cents more than at this time last year. (Daily News)
Home Depot struggles in L.B.: The home improvement chain pulled out of its scheduled hearing before the state Coastal Commission next week, probably a good thing given the uphill battle it was facing to get permission for a store in the East Long Beach area. The commission recommended denial of the plans, citing potential environmental damage to the nearby Los Cerritos Wetlands. Hope Depot's lawyers say they're hoping to work with commission staff members on the issues that were raised. (Press-Telegram)
Making movies in L.B.?: Boeing officials would like to use the site of the former 717 plant on an interim basis for up to 10 years. The aircraft company's real estate arm has already talked with an unnamed movie company regarding the possibility of some sort of studio. Other potential uses include storage for electronic servers, indoor recreation or indoor storage for RVs and trailers. (Press-Telegram)