Friday morning headlines

Market opens lower: Guess Wall Street wasn't so thrilled about the jobs report after all. Dow is down about 60 points.

Good omen on jobs?: For what it's worth, NYT columnist Floyd Norris points out that the last time the unemployment rate fell 0.9 percentage points in three months was in 1983, when the economy had started to gain steam.

Oil prices back up: Crude is trading at over $103 a barrel in NY, which is a two-year high. Continued concerns about production pullbacks in Libya. (AP)

Time to tap U.S. reserves?: Analysts generally say it's too early, but several lawmakers are pushing Obama to consider using the nation's strategic petroleum reserve, which is now at its full capacity of 727 million barrels. From the NYT:

But the administration has so far resisted these calls, saying that excess oil production capacity around the world remains well above the amount of oil whose flow has been disrupted by unrest in Libya and elsewhere in the Middle East. Officials said that opening the spigot on the strategic reserve would send precisely the wrong signal to domestic consumers and international oil markets at a time when gasoline prices have risen only modestly and oil supplies are not yet severely strained. Steven Chu, the energy secretary, said in an interview that the administration was closely monitoring the situation but warned against an overreaction to recent increases in oil prices.

Supermarket contract expires on Sunday: Talks between the chains and the grocery workers are going slowly, but there's not much chatter about a walkout. Timing would not be good. From the LAT:

So far, the retailers have not made a contract proposal to the seven United Food and Commercial Workers locals whose union members work at the chains. As of Thursday afternoon, no extension of the contract had been agreed upon, said Rick Icaza, president of UFCW Local 770 in Los Angeles. Icaza said that his local has been advising workers to prepare for the worst. But a strike at this point does not appear imminent and is something that union leaders said they want to avoid.

Bankruptcies keep rising: January filings for individuals and businesses were up 23.4 percent in L.A. County compared with a year earlier. Experts say they'll continue to rise but at a slower pace. (OC Register)

Budget panel approves Brown plan: Floor votes on the proposal, which includes a special election on the tax extensions, are expected next week, most likely Wednesday or Thursday. (Sacramento Bee)

Rosendahl asking questions about stadium: The L.A. councilman wants to know more about the impact that construction would have on L.A.'s convention business. Rosendahl has expressed some of the strongest skepticism about the project. (City Maven)

New condo tower for Century City?: Paperwork has been submitted for a 283-unit complex at 10000 Santa Monica Boulevard. Developer is Miami-based developer Crescent Heights. The 2.4 acre site was sold last fall following the Lehman Brothers meltdown. (Curbed L.A.)

AOL layoffs imminent: I'll bet those folks are sure pleased about the Huffington Post deal. Announcement will be made after the HuffPo sale closes, perhaps next week. (All Things Digital)

Kings move to Anaheim looking more likely: That's according to Sacramento Mayor Kevin Johnson, who says that the city's only chance is if negotiations in Southern California fall through. (Sacramento Bee)