Stocks tumble on job news: Good luck finding any buyers today. Dow is down 100 points.
Ugly employment report: Only 18,000 jobs added last month, and the unemployment rate edges up to 9.2 percent. From Bloomberg:
"Stunned," was how Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, described his reaction. "This number will really turn your hair gray that's for sure. The economy remains mired in its soft patch which is looking more like a deep bog."
Debt deal not imminent: House Speaker John Boehner says there remain "serious disagreements." On Thursday, he put the chances of a deal by the end of the weekend at 50-50. Clearly, this is a roller-coaster. (Reuters)
Gas prices still lower: An average gallon of regular in the L.A. area is $3.785 per gallon, down 3.2 cents from last week, says the Auto Club.
Food banks are struggling: A record 330,000 residents are using the 600 pantries supplied by the Los Angeles Regional Food Bank, a 73 percent jump from three years ago. From the LAT:
The Los Angeles food bank is distributing about 1.25 million pounds of commodities a week, the equivalent of nearly 1 million meals. But food and financial contributions are leveling off, and some pantries have recently closed, said Michael Flood, the organization's president. "Last week, we just about ran out of everything," said Noemi Sias, who runs a weekly food pantry at the Baldwin Park Bilingual Seventh-day Adventist Church that serves about 100 families a week. "The last families just got a few canned goods, a box of cereal and some chicken. But we always manage to give them something."
Calpers fraud case is revived: A federal judge says that a lawsuit against Alfred J.R. Villalobos, a former board member of the giant pension fund, should not have been put aside because of his bankruptcy filing. Villabos is accused of providing luxury trips to pension officials as a way of influencing their investment decisions. (LAT)
More cash for American Apparel: The L.A.-based retailer has received at least $6 million from a group of Canadian investors. The company's June sales were up 3 percent from a year earlier. (NY Post)
John Malone wants Live Nation private: The largest shareholder of the Bev Hills-based concert company says that going private would provide "a period of time to settle down and consolidate operations." Malone's Liberty Media owns 22 percent of Live Nation. (NY Post)
LAX fined for security lapse: Something about faulty security doors - NBC4 reports that the Transportation Security Administration is imposing $1,500 fines on LAWA management for every door that is found to be defective.