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Stocks down a bit: Lots of economic reports due out this week, including Friday's reading on September unemployment, that might or might not move the market. For now, the Dow is down about 20 points.
Businesses are rebounding: Perverse as it might seem, companies in the S&P 500 stock index posted second-quarter profits of $189 billion, up 38 percent from a year earlier. From the WSJ:
The data indicate that big companies are recovering from the downturn faster and more strongly than the overall economy, helping send stock prices higher this year. To achieve that performance, companies laid off hundreds of thousands of workers, closed less-profitable units, shifted work to cheaper regions and streamlined processes.
Doubts on CA budget: Details of the agreement by the governor and legislative leaders haven't even been released, and already there are concerns being raised. They're still hoping for a Thursday vote. (WSJ)
Business friendlier?: The city of L.A. remains a very expensive place to do business, but at least it's not among the top 10 nationally, according to the latest Kosmont study. From the Daily News:
Larry Kosmont, president and CEO of Kosmont Cos., a development services firm that co-sponsors the report, lauded Los Angeles for its efforts to streamline and reform its business tax. "I think L.A. has actually made some progress for a big city. They are identifying the right task and they seem reasonably focused on it.
Disney hires: Mouse House goes outside to fill tops spots in the struggling interactive media group. (NYT)
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.