Chinese data signals worst is over?
China hit the bottom of a seven quarter long economic downturn between July and September but the outlook for recovery remains weak. Reuters reports that China’s GDP grew 7.4 percent in the third quarter compared to a year ago, according to the National Bureau of Statistics. Industrial production, retail sales and investment data were all slightly ahead of forecasts, and quarter on quarter GDP growth was strong. This leads experts to believe the worst is over for the world’s second largest economy. China is confident it can achieve a 7.5 annual growth rate this year.
Moody’s avoids rating Spain as “junk”
Spain’s credit rating was preserved by Moody’s and did not fall into the “junk” category on Thursday, according to the Wall Street Journal. This has eased tensions. The European Central Bank has been given part of the credit because it has pledged to do whatever it takes to defend the euro and Spain was at risk of losing access to the debt markets. Now if Spain asks for aid from the ECB, it will not be denied access to the debt markets. Moody’s outlook on Spain, however, remains negative. Asian markets are positive on Thursday while European markets are mixed, mostly positive. The Dow was up 5.22 points on Wednesday, ending at 13,557.
Employment up for community college grads
Employment for Americans with an associate’s degree or some college has increased by 578,000 the past six months to 35.2 million while payrolls for those with a bachelor’s degree are up by just 314,000 to 46.5 million, according to the Labor Department. The trend, as indicated by USA Today, supports the growth of midskill jobs that disappeared during the recession but seem to be coming back. Employment for those with a high school diploma or less has been stagnant. Experts indicate that those individuals who turned to community colleges after being laid off during the recession are now benefitting from that investment.
Apple loses tablet copyright appeal against Samsung in Britain
Apple lost its copyright appeal in Britain against Samsung’s Galaxy Tablet. According to Reuters, Apple has been instructed to run ads saying the Korean company did not copy the iPad on its website and selected newspapers. The print size can be no smaller than Ariel 14.
Samsung ignores US rulings of violation of Apple's smartphone copyrights
In August, Samsung was slapped with a $1 billion fine by a California court for copying Apple’s designs and technology in violation of copyright laws. There is also a case pending requiring Samsung to remove eight of its phone models from store shelves and banning them from the US. But according to USA Today, Samsung is boldly advertising the benefits of its new phones. Despite the success and launch of the iPhone 5, Samsung sales have also been robust with sales passing 20 million units.
Greek workers walk off the job again
Workers in Greece have walked off the job for the second time in three weeks, hoping to show the EU leaders meeting in Brussels that a new wave of wage and pension cuts will only worsen the plight of the people. Greece must make $15 billion of cuts to satisfy the demands of the European Union and secure the next installment of its 130 billion euro bailout, as reported by CNBC. Greece is set to run out of money next month and has little choice but to agree to the austerity measures. The strikes are anticipated to bring the country to a standstill today.
Living together no longer just for the young
Census data reveals that couples who choose to cohabit are no longer just young people. USA Today reports that nearly half of those who cohabit today are over the age of 35 and older and a growing number are parents with children at home. The Census Bureau reports that 15.3 million unmarried heterosexual individuals, or 6.5 percent, were cohabiting. For older couples it is often an alternative to marriage. Many had previously been married and are more cautious about testing the waters.
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.