Unemployment rate ticks back up in May
The unemployment rate increased to 7.6 percent. May's jobs reports has been considered one of the crucial elements in determining how the Federal Reserve may react in June regarding the bond buyback program. Because of that, the markets have been jittery in recent days anticipating the release of the information. Many experts had predicted that the unemployment rate would lower to 7.4 percent.
Federal Reserve report indicates household wealth recovering
According to a report released by the Federal Reserve on Thursday, households have reclaimed all of the wealth they lost in the housing and stock market busts, if you don't count inflation. American families' wealth grew by $3 trillion in the first quarter to reach an all-time high of $70.4 trillion, according to USA Today. That topped the previous peak of $68 trillion in the third quarter of 2007. After adjusting for inflation and population growth, however, Americans are still about 11 percent poorer, according to analysts' from Moody's.
China's first US IPO makes solid debut
LightintheBox Holding Company, the first Chinese company to list in the US this year, made a strong start jumping 22 percent on its first day. According to the Wall Street Journal, the stock is being watched to see if US investors are willing to once again invest in Chinese companies. Last year the interest in Chinese offerings fell dramatically as accounting issues, governance issues and the fear of over-valuation plagued Chinese companies. LightintheBox sells inexpensive Chinese made goods such as fishing rods and wedding dresses. It was founded by Alan Guo, a former Google China executive.
JC Penney hopes home launch will begin its revival
JC Penney kicked off its new home launch on Thursday with a sale offering up to 40 percent off until June 16, according to CNBC. The new home goods include items from designers such as Jonathon Adler, Michael Graves, Terence Conran and Martha Stewart. The debut is being launched in over 500 of its 1100 stores in new "home shops".JC Penney and Martha Stewart are being sued because of a competitor's claim to have the exclusive rights to sell the Martha Stewart brand so those products, although designed by Martha Stewart, are being sold under a JC Penney brand. JC Penney has recently fired its chief executive and re-inserted the prior chief executive in an effort to repair its image with its core consumers.
Whole Foods to be boycotted for English speaking policy
An advocacy group known as ProgressNow New Mexico is organizing a boycott against Whole Foods. According to USA Today, two Whole Foods employees claim they were suspended because they were speaking Spanish to one another at work in violation of Whole Foods policy which requires employees to speak English while at work. Whole Foods disputes the claim and indicates that the employees were suspended for other reasons. The food store also indicates that employees are allowed to speak Spanish during breaks. The incident is predicted to be one of many challenges to businesses as the US begins to determine how to effectively deal with a multi-cultural population.
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.