Follow LA Observed on Twitter here
Mixed market: Stocks are inching higher in early trading, but much of the bullish momentum seems tapped out. These days, it's about looking for an excuse to sell.
Oil price slides: It's nearing $71 a barrel, another sign of worry about the global economy. (AP)
Deficit hawks rule the roost: NYT columnist Paul Krugman is outraged:
But don't we need to worry about government debt? Yes -- but slashing spending while the economy is still deeply depressed is both an extremely costly and quite ineffective way to reduce future debt. Costly, because it depresses the economy further; ineffective, because by depressing the economy, fiscal contraction now reduces tax receipts. A rough estimate right now is that cutting spending by 1 percent of GDP raises the unemployment rate by .75 percent compared with what it would otherwise be, yet reduces future debt by less than 0.5 percent of GDP.
Boeing, union cut deal: The 1,700 C-17 workers in Long Beach have been on strike for nearly a month. They'll vote Wednesday on a proposed contract that looks like a slight improvement over the original offer. (LAT)
Rise in May home sales: The increase from the previous month is a bit surprising since the federal tax credit program had expired at the end of April. Prices were flat, according to HomeData. (LABJ)
430 pot shops must close: Today's the deadline for shutting down operations under a new L.A. ordinance. Dispensaries that registered before 2007 can stay open if they adhere to new guidelines. (abc7)
New iPhone debut: Apple CEO Steve Jobs rolls out the latest version today. The new model is expected to be slimmer, include a front-facing camera, and have a longer battery life. (Reuters)
Another weak movie weekend: Box office was off 23 percent from a year earlier. "Shrek Forever After" was top, at $25.3 million. (The Wrap)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.