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No rebound in market: Dow is about level in early trading as investors wrap up a tumultuous quarter.
Small bump in jobs: Private sector employers added 13,000 jobs in June, according to ADP, well short of projections and another sign that the economy was slowing down in June. (AP)
Recession hits hard: Nearly three in 10 working adults say they have had their hours reduced, according to a Pew Research study. Almost a quarter suffered a pay cut, 12 percent were forced to take unpaid leave, and 11 percent had to switch to part-time from full-time work. From the WSJ:
Out of the 13 recessions the U.S. has endured since the Great Depression of 1929-33, "none has presented a more punishing combination of length, breadth and depth than this one," write the report's authors. Unemployment data "don't fully convey the scope of the employment crisis that has unfolded during the recession."
Salvaging financial reform: Congressional Democrats have agreed to remove a proposed tax on big banks and hedge funds because they didn't have enough votes to pass the overhaul. From the NYT:
Conference negotiators voted to eliminate the proposed tax and adopted a new plan to pay the projected five-year, $20 billion cost of the legislation. The new plan would bring an early end to the Troubled Asset Relief Program, the mammoth financial system bailout effort enacted in 2008, and redirect about $11 billion toward heightened regulation of the financial industry.
New hope for jobless bill?: Senate Democrats are working on a new plan in which the extension of unemployment benefits - strongly opposed by Republicans - is combined with an extension of the popular tax credit for people who buy new homes. (AP)
Amazing housing stat: More than half of all homes sold in California in the first quarter were from foreclosures, according to RealtyTrac, down from 70 percent in the year-ago period. Only Nevada had a higher percentage.
Port clerks threaten strike: A walkout could slow operations at the ports of L.A. and Long Beach. Negotiations are expected to continue today -- three-year pact expires tonight. Dispute is over the use of technology that could lead to job losses. (Daily Breeze)
LAX janitors threaten strike: They're prepared to walk off the job at the start of the busy Fourth of July holiday weekend. The janitors work for contractors hired by United Airlines and American Airlines, along with a consortium of international air carriers. Dispute is over health care coverage and other benefits. (Daily Breeze)
LAT wins Loeb Award: Reporters Ken Bensinger and Ralph Vartabedian were recognized for their coverage of Toyota's safety problems. The Loebs are the most prestigious award in business journalism. (LAT)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.