In the latest round of government incompetence, the Labor Department screws up the unemployment numbers. Also, more Americans are "working out while working". Are you?
Oops. Labor Department releases incorrect unemployment numbers
The unemployment claims released by the Labor Department plummeted last week, seeming like good news for the economy. But not really. A week later the Labor Department acknowledges that the claims from two states were omitted from the numbers. According to the Associated Press, the drop was mostly because of technical issues in two states that delayed the processing of applications. The Labor Department indicates that the less volatile four-week average fell to 321,250, the lowest in six years. Does this sound a little like “the dog ate my paper”?
Hilton plans IPO for $1.3 billion
Hotel operator Hilton Worldwide Holdings plans to raise $1.25 billion form an IPO of its common stock. USA Today reports that the number of shares to be offered and the anticipated price range has not been disclosed. Hilton reported net income of $427 million and revenue of $9.4 billion for the 12-month period ending in June. Hilton has 4,041 hotels, resorts and timeshare properties.
EPA plans to block new coal plants
The Obama administration plans to block the construction of new coal plants unless they are built with unproven and expensive features that will allegedly control greenhouse-gas emissions. According to the Wall Street Journal, most new coal plants currently release about twice as much carbon dioxide as the new limits the EPA will propose next week. Even the most advanced coal-powered power plants in the world fall short of these standards. The National Mining Association believes that the administration is impairing the backbone of the US power grid. Environmentalists, however, applaud the new measures.
Greek unemployment rises to 27. 9 percent
Unemployment continues to rise in recession-hit Greece with the overall rate reaching 27.9 percent, according to USA Today. For young people under the age of 25, the unemployment rate is 58.8 percent. The jobless rate increased from 24.6 percent the previous year. Prior to the global Recession, unemployment in Greece was at 7.3 percent. Taxes, pay cuts and austerity measures due to the terms of the international bailout loans are blamed for the unemployment rate.
More Americans “work out” while working
CNBC reports that a growing number of Americans are standing, walking, and cycling at their treadmill or standup desks than ever before. Others are sitting on giant exercise balls rather than chairs to stay fit. TreadDesk, an Indianapolis based firm, expects sales to increase 25 percent this year as large companies such as Microsoft, Coca-Cola, United Healthcare and Proctor and Gamble place bulk orders for the workstations. Experts indicate that even walking a 1 mph while working will increase metabolic rates, reduce blood sugars and lengthen life spans.
Chipotle quietly takes on Big Food
What is Big Food? For those who believe in local and organic farming, it is most of the brand name companies that you purchase each week in the grocery store. Chipotle is introducing a free animated video ad that seeks to educate individuals about Big Food. According to USA Today, the video, called “The Scarecrow”, precedes four TV-show length Big-Food busting dark comedies. The name of the series is “Farmed and Dangerous”. Chipotle’s branding of the series is minimal. It shows up only in small print after the videos are over.
Catherine S. McBreen is President of Millionaire Corner. McBreen plans and develops content for Millionaire Corner. Catherine balances editorial content to meet the informational needs of both new and seasoned investors. She designs special monthly surveys on topical issues affecting the economic environment.
McBreen has a B.S. in speech communications from Northwestern University and a J.D. from DePail University College of Law. She is a member of the American Bar Association, the Illinois Bar Association, and the Chicago Bar Association.
Well-known for her expertise in the affluent and retirement arenas, McBreen is a frequent speaker at industry conferences. She has been quoted widely by the financial media, including The Financial Times, The Wall Street Journal, Research, Private Asset Management, On Wall Street, Reuters, Bloomberg News, The Dow Jones Newswires and Worth. Cathy has appeared as a guest on CNBC Closing Bell, First Business Morning News, Neal Cavuto at Fox Business News, ABC and CBS radio.
McBreen is co-author with Spectrem President George H. Walper, Jr. of the book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008)
Catherine is the mother of four and is involved in many school and community events.