Stocks open lower: The economy does appear to be slowing, and perhaps Wall Street is starting to notice. Dow is down 100 points.
Disappointing jobs report: A smaller-than-expected 179,000 positions were added to the rolls last month, according to ADP. Separately, the number of planned layoffs at U.S. firms fell in April to the lowest level this year. (Reuters)
Key index takes dip: Investors pay attention to the Institute for Supply Management's monthly services-sector index, and its unexpected drop is another discouraging sign. (MarketWatch)
Oil slips below $111: U.S. crude supplies rose more than expected last week, and that could mean weaker demand. (AP)
CA lawmakers weigh shorter school year: They're talking about the loss of an entire month unless the tax extension plan moves through. Republicans say it's a scare tactic. (Sacramento Bee)
Hotel tax breaks questioned: L.A. lawmakers might be giving away as much $640 million in city taxes over the next 30 years, thanks to incentives showered on downtown hotel projects. From the LAT:
Councilman Bill Rosendahl, whose district includes LAX, said hotel owners on Century Boulevard have complained to him that they aren't getting the types of deals offered downtown. "It's going to take a lot of persuading to get me to support" another hotel tax agreement near L.A. Live, he said. The debate over hotel taxes comes at a time of retrenchment of city services, with fewer dollars for parks, summer job programs, the Fire Department and others. With a $457-million shortfall expected in the coming year, the city's top financial analyst has suggested that Villaraigosa and the council focus on the programs that taxpayers want most.
Council approves freeze on retiree benefits: The proposal would cap the health care subsidy now paid by the city at $1,190 per month. This is for workers who retire on or after July 1, and whose bargaining units have not yet approved concessions. (City Maven)
Is killing redevelopment illegal?: The Legislative Counsel Bureau questions whether Gov. Jerry Brown could take $1.7 billion in redevelopment money to help balance the remaining $15.4 billion state deficit. From the Sacramento Bee:
The opinion casts more doubt on a controversial aspect of Brown's budget that remains stalled in the Legislature. Under heavy lobbying from the cities and developers who use redevelopment, nearly all Republican lawmakers oppose Brown's plan. The proposal calls for the elimination of redevelopment agencies, which use property tax revenues to finance projects in blighted areas. The Democratic governor wants to use that money instead for deficit reduction in the first year and greater payments to schools and local government services in later years.
Improvements planned for IHOP: With same-store sales dropping 2.7 percent in the first quarter, the Glendale-based chain will be making changes in menu, ambiance and overall operations. IHOP is a unit of DineEquity, which also owns Applebee's. (Nation's Restaurant News)
Hawaii tax credit measure stalls: Bill would have boosted incentives for film and TV productions shot in the state, and set the stage for construction of two new movie studios. The legislation got stalled in a conference committee and is dead for this year. (THR)