Summer jobs sparse for teens
Teen unemployment was 24.5 percent last month, more than triple the national jobless rate, according to the Bureau of Labor Statistics. USA Today reports that joblessness among teens is traditionally higher than the national average but the current rate is "exceptionally high". Teen unemployment has remained unchanged over the past two years driven by a slow economy in which older adults compete with teens for low-level jobs. Only a third of teens between the ages of 16-19 look for paid work today compared to more than half in the 1990s.
Consumer Financial Protection Bureau to target bank overdraft fees
The Consumer Financial Protection Bureau, in a report to be released today, plans to criticize the US banking industry for the confusing rules on overdraft fees. According to the Wall Street Journal, last year overdraft fees generated $42 billion in revenue for banks and has been used to offset the loss of some revenues that were prohibited by recent regulations. At banks with more than $25 billion in assets the average overdraft fee was $35 at the end of 2012. For banks with less than $100 million of assets the overdraft fees were around $25.
Air traffic controllers strike in France
The Associated Press is reporting that France’s main airports have cut their flight timetables in half to cope with a three day strike by air traffic controllers. The Civil Aviation Authority said that 180 flights were cut on Tuesday. The strikes are to protest centralizing control of Europe’s air space to save over $6.6 billion annually. Strikes are expected throughout the European Union on Wednesday.
China to begin building space station
China launched its longest space mission on Tuesday, a milestone necessary prior to starting construction of a space station. The Financial Times reports that Beijing plans to have its own space station and send a man to the moon by 2020. Construction for the space station is projected to start next year. The International Space Station is scheduled to retire in 2020. At that time, China, who is not a part of the existing ISS project, will be the only country with a presence in space. Although China’s space program trails that of the US and Russia, the technology is newer and allows for faster development.
Apple announces upgrades and iTunes Radio
Apple will be launching a music streaming service called iTunes Radio, according to CNBC. iTunes Radio will be integrated into iTunes and built into the Apple music app on iPhones, iPads and iPods. In addition, Apple announced a new operating system, IOS 7, that will launch sometime in the fall. It is the biggest overhaul of the user interface sine the iPhone. It will respond to movement and have a translucent appearance. Another new feature will be AirDrop which allows users to share information with those around them.
New doughnut concoctions created for summer
Three familiar doughnut brands have come out with new concoctions for summer, challenging the way we think about doughnuts. USA Today reports that a celebrity chef has created a Krispy Kreme Sloppy Joe sold over the weekend at the San Diego Fair. The Sloppy Joe includes cheese for those who don’t feel the fat content is high enough without it. Last week, Dunkin Donuts rolled out a new Glazed Donut Breakfast Sandwich with egg and bacon. And IHOP has just introduced Jelly Donut Pancakes. Nutritionists declined to endorse any of the products but indicated that the IHOP offering was the least offensive. By the way, last Friday was National Doughnut Day.
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.