Friday morning headlines

Stocks down sharply: Investors are jumping on the poor jobs report, both in the U.S. and around the world. Dow is down 75 points, but the good news is that it opened 50 points lower than that.

Hiring slows big time: Only 54,000 jobs were added to U.S. payrolls in May, way below what economists were forecasting. The unemployment rate edged up to 9.1 percent from 9 percent in April. From the NYT:

One particularly unsettling figure was in hiring for temporary help services. Temp hiring is considering a bellwether for broader hiring, since employers often try out temporary employees when considering whether to take on more permanent staff members. Employment in temporary help services was essentially unchanged in May, however. Another leading indicator -- the length of the workweek -- was also disappointing. Usually businesses start working their existing employees harder and longer before hiring more workers. But the average workweek did not budge in May, a factor that does not bode well for the many workers waiting on the sidelines.

At least gas prices keep falling: An average gallon of regular in the L.A. area is $4.045, about a nickel lower than last week and 23 cents lower than last month, according to the Auto Club. Oil is down to below $100 a barrel.

Dodgers not the only team with debt troubles: Turns out that nine of the 30 franchises are in violation of Major League Baseball's debt service rules, according to the LAT. The rules generally limit a team's debt to 10 times its annual earnings, although Commissioner Bud Selig apparently has wide latitude on those rules.

Rob Manfred, baseball's executive vice president of labor relations, would not confirm the number of teams in violation of the debt rule or identify any of them. "To take a snapshot of the number of non-compliant clubs at a point in time can be very misleading," Manfred said. "With one or two exceptions, we see how teams are going to be compliant again in the short term, so we're not worried about them. "We are not concerned about the overall economic condition of the industry."

Talking deadline on stadium deal: AEG honcho Tim Leiweke warns that the project could be killed if the city doesn't at least sign off on a tentative deal by July 31. From the LAT:

Although a completed deal with the city would take months, AEG is looking for a so-called memorandum of understanding before the 15-member City Council breaks for the summer on Aug. 1. Such a memorandum would require a simple majority to pass. That would keep the project on track to open for the 2016 NFL season. It's notable that Leiweke is now pointing to the 2016 season, because that already pushes the project back a year from the original, best-case scenario -- one that might have allowed L.A. to play host to the 50th Super Bowl.

Auto dealers gouging Volt customers: Demand is so strong that Chevy's electric car is being offered for more than $20,000 above the suggested retail price. In some cases, dealers are selling the vehicles as used so they can claim a $7,500 tax credit for themselves. From the LAT:

Glendale Hyundai has four used Volts, all with low mileage, priced at $44,995 in what might seem like a bargain compared with some other dealers' prices. But customers interested in the vehicles, which were bought at auction from a used-car dealer, will not be eligible for the $7,500 federal credit, according to a salesman who declined to give his full name.

Zicam co-inventor pleads not guilty: Charles Hensley is accused of illegally importing an unapproved drug advertised as a treatment for the Avian flu. The prosecution alleges that the drug was being sold online. (Daily Breeze)