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Stocks fall back: Follow the bouncing ball. After a strong first session of 2010, the Dow is down about 30 points in early trading.
Worker blues: Only 45 percent of Americans are satisfied with their work, according to the Conference Board, the lowest level ever recorded.(AP)
Finding work: Folks from the above item might want to consider this: More than 10 people in the L.A. area are competing for every advertised vacancy, making this one of the most competitive markets (Los Angeles placed 44th out of 50 metro areas in terms of the difficulty in finding a job). Washington D.C. was the easiest place to find work. (OC Register)
About Northrop's move: CEO Wes Bush says the company is looking for the best tax incentive package in moving from L.A. to Maryland, Virginia or the District of Columbia. From the WashPost:
Other big companies have been drawn to the area recently, with defense contractor SAIC saying in September that it would leave San Diego and move its headquarters to McLean. Over the summer, Hilton Hotels began moving the first employees from its longtime corporate headquarters in Beverly Hills, Calif., to a new office in Tysons Corner. And in April 2008, Volkswagen moved its corporate offices from Auburn Hills, Mich., to Herndon.
Bankruptcies take off: Filings rose by nearly a third in 2009, mostly the result of foreclosures and layoffs. From the WSJ:
More people are filing for Chapter 7 bankruptcy, which liquidates assets to pay off some debts and absolves the filers of others. That is significant because a 2005 overhaul of federal bankruptcy laws aimed to encourage Chapter 13 filings, which force consumers to sign onto debt-repayment plans in exchange for keeping certain assets. The changes were designed to make it more difficult for people to shed their debt, particularly in a Chapter 7 filling.
"Avatar's" global appeal: Two thirds of the $1 billion in box-office receipts have been generated abroad. That's similar to other U.S. blockbusters, such as "The Lord of the Rings" trilogy and the "Pirates of the Caribbean." (WSJ)
Jump in gas prices: An average gallon of regular in the L.A. area rose six cents, to $3.035, according to the government's survey, another sign that higher oil prices (topping the $81 a barrel mark for the first time in more than a year) are making their way to the pumps.
Film commission considered: The City Council takes up a proposal by Councilman Richard Alarcon today that would provide a kind of clearinghouse for production companies looking to shoot in L.A.
Lacter on radio: This week's business chat with KPCC's Steve Julian looks at the strong performance of L.A. stocks in 2009 and the significance of Northrop's exit from L.A. Also on kpcc.org and on podcast.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.