Tuesday, August 7, 2012 – 09:00 a.m.
Here’s some news of interest flowing across the transom this week.
No way to spin latest jobs report other than it’s bad
All the jabbing and talk on the July employment report is finally settled down.
With presidential politics in full swing, the latest job report released last Friday was another blow to the reelection bid of President Barack Obama.
The U.S. economy added 163,000 jobs last month. The monthly average for this year is a low 151,000.
The unemployment rate, which is likely to go higher in the coming months, increased from 8.2% to 8.3%.
What’s more troubling for Obama is the Labor Department’s U-6 underemployment rate.
The expanded rate, which includes people working part-time and seeking full-time employment and those who have given up looking, is at a dismal 15%.
No matter how one slices it, it’s bad for the incumbent and America in general.
And Jerry Brown said Facebook’s IPO was going to deliver billions to California coffers?
Sorry Jerry! The stock of social media giant Facebook fell below $20 per share last week and currently sits at roughly $22 Tuesday morning.
The IPO issued at $38 a share and traded as high as $45.
So much for the capital gains on those insider sales.
Romney, Republicans trounce Obama camp fundraising
Former Massachusetts Governor Mitt Romney and the Republican organization has once again trounced President Barack Obama and Democrats in fundraising in July.
Republicans out-raised Democrats by a whopping 35% for the month.
The Romney camp reported taking in $101 million to Obama and company at $75 million.