Friday, June 7, 2013 – 11:30 a.m.
Here’s some news of interest flowing across the transom Friday morning.
May unemployment rate ticks up to 7.6%
The U.S. Department of Labor published its May jobs report Friday Morning. The DOL says employers added 175,000 jobs last month, with the official unemployment rate edging upt to 7.6%. The underemployment rate, which takes into account part-time and discouraged workers, edged down to 13.8%.
The bulk of job gains occurred in the temporary services and restaurant industry as food chains add employees in a move to reduce current workers to a maximum of 28 hours. The 28-hour level is the threshold necessary to avoid financial impacts resulting from the implementation of the Affordable Care Act, otherwise known as Obama Care.
San Onofre to close
Electric utility Southern California Edison has announced it will permanently shutter its nuclear reactors at its San Onofre Generating Station. The Facility ceased operations early last year following a low-level radiation leak and the discovery of serious damage to water circulation tubes within the reactors.
Expect some 1,100 layoffs as a result.
Federal Reserve balance sheet grows in latest week
The balance sheet of the U.S.Federal Reserve System grew in the week ending May 29.
The Fed balance now stands at $3.357 trillion, up $15 billion from the previous week.
The balance sheet has grown due to the Fed’s $85 billion a month bond buying program. A program designed to keep long-term interest rates low in order to foster economic growth. The U.S. stock market as climbed in lock step with the growth in Fed’s money printing.
Waiting for the big news out of SBIA
Well! What happened?
Inquiring minds want to know!
Know about the purportedly big two-day trip San Bernardino International Airport Authority officials took to Atlanta, GA to meet with representatives of five or six passenger airlines, that is!
The meetings were requested by SBIA, in order to gauge any interest in flying limited routes out of SBIA.