US unemployment rate increases and consumer spending slows. Find out how a turkey breeder makes his birds "juicy".
Unemployment rate increases to 7.3 percent
US employers added 204,000 jobs in October, despite the fact that the federal government was shut down for 16 days. The Associated Press reports that the Labor Department indicates that the unemployment rate rose to 7.3 percent, up from 7.2 percent in September. The report noted that although the unemployment rate rose, probably due to the shutdown, the total number of jobs was not impacted. The percentage of Americans working or looking for work fell again to a fresh 35 year low.
Twitter IPO debuts with hefty “pop”
Twitter’s IPO was launched on Thursday without incident. According to the Wall Street Journal, shares opened at $45.10 on the NYSE up 73 percent from the $26 IPO price. Share hovered around $46 all day and then ended at $44.90. The San Francisco based firm ended the day with a market capitalization of about $25 billion. Twitter distributed about 86 million restricted stock units to its 2300 employees.
Consumer spending slows
US consumers slowed their spending in September, according to the Associated Press. The Commerce Department reports that consumer spending rose 0.2 percent in September, after a 0.3 percent increase in August. Americans cut spending on long-lasting manufactured goods, such as automobiles, to 1.3 percent. Income rose 0.5 percent in September, the same amount as in August.
Standard and Poor’s cuts France’s credit rating
Standard and Poor’s has cut France’s credit rating by one notch, according to the New York Times. The company said that they do not believe that the French government’s reforms to taxation, product, services and the labor market will substantially raise France’s growth prospects. The agency downgraded the country to AA from AA+. The agency estimated that France’s debt would peak in 2015 at 86 percent of GDP. Unemployment remains at 11.1 percent in France.
Turkey breeder uses beer to make birds “juicy”
Joe Morette, who is raising about 50 Thanksgiving turkeys this year, has been giving his birds beer since 1993. Morette believes that serving beer to the birds makes them “juicier”. Customers say the birds are much tastier than the supermarket varieties. CNBC reports that PETA does not support the practice, however, the University of New Hampshire said it is unlikely the birds are suffering. The American Humane Association indicates that serving beer to animals is not prohibited. Morette has consulted with an avian veterinarian who indicated that hops might be good for the turkeys’ intestines.
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.