KPCC: Economy News

LA County unemployment rises to 12.8% in October

Fri, 20 Nov 2009 12:33:22 -0800

The seasonally adjusted unemployment rate in Los Angeles County increased to 12.8 percent in October, up from a revised 12.6 percent in September, the state Economic Development Department reported today.

Price Fight: Coke Isn't It At Costco

Fri, 20 Nov 2009 05:01:00 -0800

If you're a member of Costco, the nation's largest wholesale club, you may be surprised to learn that Coca-Cola's products are no longer on the shelves. The two companies are locked in a rare public dispute over the price consumers pay for beverages.

Revived La. Parish Faces Fight Over Race

Thu, 19 Nov 2009 12:35:00 -0800

St. Bernard Parish is attracting more minorities to the largely white parish. Longtime residents want to bar low-income housing, saying it will destroy the neighborhood and discourage former residents from returning. Now a federal judge has weighed in.

Geithner: Use Leftover Bailout Money To Cut Deficit

Thu, 19 Nov 2009 07:53:00 -0800

Treasury Secretary Timothy Geithner said the government's $700 billion bailout program will end "as soon as we can," and that part of it will be used to lower the record deficit. He urged Congress to move quickly in overhauling the nation's financial rules, which he says is key to a healthy economy.

Calif. Officials Will Need To Confront Budget Shortfall

Thu, 19 Nov 2009 03:00:00 -0800

California faces a budget deficit of nearly $21 billion. That's according to a report released Wednesday by a nonpartisan budget analyst. The study was released less than four months after legislators patched together a budgetary compromise.

Black Males Hit Extra Hard By Unemployment

Wed, 18 Nov 2009 21:01:00 -0800

The country's spiraling unemployment rate continues to take a particular toll on men. The "he-cession," as it's sometimes called, has hit African-American men especially hard, increasing their unemployment rate to more than 17 percent last month.

Counting stimulus jobs is tough work

Wed, 18 Nov 2009 14:36:20 -0800

The Web site Recovery.gov says 640,000 jobs have been created or saved by the government stimulus. But the head of the board that tracks stimulus spending tells Congress he can't certify that number is "accurate and auditable." A reporter finds that counting the jobs created or saved isn't an easy task.

California faces tax increases or deeper cuts to close deficit

Wed, 18 Nov 2009 13:37:07 -0800

A report out today predicts that California faces a $21 billion deficit next fiscal year. The state faces tough choices on how to plug that gap.

Charles Drew University closes its Urgent Care Clinic

Wed, 18 Nov 2009 12:06:13 -0800

Fourteen months after the state-of-the-art diagnostic and testing center opened, Charles Drew University officials say it costs too much to maintain. Leaders of the Community Health Councils say it’s also possible that the closing may be part of the university’s strategy to play a bigger role at the new MLK Community Hospital, if University of California regents decide to partner with Los Angeles County and vote for the project.

Wells Fargo agrees to buy back soured securities

Wed, 18 Nov 2009 12:05:20 -0800

The North American Securities Administrators Association says Wells Fargo has agreed to repurchase about $1.3 billion in soured auction-rate securities from clients.

California’s deficit projected to reach $21 billion next year

Wed, 18 Nov 2009 11:35:47 -0800

California faces a $21 billion deficit next fiscal year. That’s what the state’s non-partisan legislative analyst predicts in a report out today.

Congresswoman Maxine Waters faces ethics probe

Wed, 18 Nov 2009 06:00:00 -0800

Last month, the committee that serves as the “ethics cop” for the House of Representatives launched new investigations.

It’s looking into several members of Congress, including Long Beach’s Laura Richardson and L.A.’s Maxine Waters. The Richardson case involves a house that was in foreclosure. The Waters case involves the Treasury Department, federal bailout money, and a bank in L.A.

In the second part of her series on congressional ethics, KPCC’s Washington Correspondent Kitty Felde examines the Maxine Waters case.

Costa Mesa City Council to ask governor to stop sale of fairgrounds

Wed, 18 Nov 2009 00:50:10 -0800

The Costa Mesa City Council voted last night to ask Governor Schwarzenegger to stop the sale of the Orange County Fairgrounds.

Watchdog Says Fed Paid Too Much In AIG Bailout

Tue, 17 Nov 2009 12:39:00 -0800

The Federal Reserve could have paid less to banks that made risky deals with insurance giant AIG, a government watchdog reports. Treasury officials say the Fed was acting to avert a crisis and that it needs better financial regulatory tools.

Broader Strategy Urged To Combat Hunger In U.S.

Tue, 17 Nov 2009 11:39:00 -0800

Just one day after a federal report revealed that 1 in 7 U.S. families struggled to get enough to eat last year, Agriculture Secretary Tom Vilsack urges lawmakers to reauthorize school nutrition programs that help feed the nation's schoolchildren.

U.S., China Pledge To Address Economic Imbalances

Tue, 17 Nov 2009 09:34:00 -0800

In the run-up to the financial crisis, the U.S. and China reinforced each other's bad habits. President Obama and his Chinese counterpart, Hu Jintao, on Tuesday agreed to address the imbalances that helped bring about the financial crisis. But change won't come easily.

Millions will have to repay part of tax credit

Mon, 16 Nov 2009 16:13:21 -0800

More than 15 million taxpayers may owe the government $250 or more because of how the IRS last spring set up President Barack Obama's tax break that was designed to help consumers spend the U.S. economy out of recession.

Despite incentives, outlook flat for holiday sales

Mon, 16 Nov 2009 15:10:34 -0800

Retailers have been rolling out aggressive TV and online advertisements in an early effort to woo consumers. But economists expect consumers to spend about the same amount as they did last year, during one of the worst holiday retail seasons on record.

California's strategy for federal high speed rail money

Mon, 16 Nov 2009 15:07:27 -0800

When California put in its transit bid for federal stimulus money, Governor Arnold Schwarzenegger put high speed rail at the top of the list. One transit expert says the odds are good that the governor’s bullet train request will hit the target.

While U.S. economy struggles, China's rises

Mon, 16 Nov 2009 10:49:26 -0800

As the U.S. slowly recovers after sparking the global financial crisis, China appears to be leading the world out of recession. But some Chinese say their economy has a long way to go, and America still has some big advantages.