Stocks keep climbing: In the perverse logic of the market, bad news (Europe) could turn out to be good news (central bank intervention). Dow is up 70 points.
Good month for California jobs: See post below.
Gas prices keep falling: Can't hurt the consumer spending picture - an average gallon of regular in the L.A. area is $4.031, according to the Auto Club, down more than 13 cents from last week. From CNNMoney:
There are positives helping to take oil and pump prices lower, including increased domestic oil production, a stronger dollar compared to the euro, and at least some reduction in Middle East political tensions, which has reduced the fear premium that was helping to drive up prices earlier this year. Jim Baird, chief investment strategist for Plante Moran Financial Advisors, said that even if there are some negative factors helping to drive down the oil prices, it's better for the economy to have consumers and businesses spending less on fuel. "It's a silver lining of these problems," he said.
Consumer sentiment sinks: The Thomson Reuters/University of Michigan's index hit a 6-month low as worries about jobs and Europe took some life out of the economy. For early June, the index fell to 74.1 from to 79.3 in May. (Reuters)
Budget vote due: Legislative lawmakers and Gov. Brown have yet to agree on a plan to pare down a $15.7 billion deficit, but they're said to be close. From AP:
With Gov. Jerry Brown refusing to sign off on their plan, Democratic leaders said they would work on two tracks to pass a budget and continue negotiations with him on several sticking points, particularly on welfare cuts. Democrats are urging the governor to back off from plans to cut programs that assist the poor, but Brown maintains the reductions are needed to help bring the state back to fiscal balance. Democrats, in turn, are resisting deeper cuts to the state's welfare-to-work program known as CalWORKS; child care assistance for low-income families; in-home supportive services; and eliminating Cal Grants for students who attend private colleges.
Illegal immigrants to get work permits: The Obama administration lays out a plan in which younger immigrants who came to the U.S. as children and have led law-abiding lives will not be subject to deportation. From AP:
The policy change, described to The Associated Press by two senior administration officials, will affect as many as 800,000 immigrants who have lived in fear of deportation. It also bypasses Congress and partially achieves the goals of the so-called DREAM Act, a long-sought but never enacted plan to establish a path toward citizenship for young people who came to the United States illegally but who have attended college or served in the military.
State leads in immigrant entrepreneurs: One-third of California's small business owners are immigrants, according to a report by the Fiscal Policy Institute. L.A. has the second highest concentration of immigrant small business owners, behind only Miami. (LAT)
Court layoffs: More than 400 Superior Court employees will be losing their jobs and 56 courtrooms are being shuttered as a result of state budget cuts. From AP:
Presiding Judge Lee Smalley Edmon bemoaned the loss of longtime employees as well as the impact on public services. "We are laying off people who are committed to serving the public," she said. "It is a terrible loss both to these dedicated employees and to the public." The union representing state and municipal employees called Friday's action a "freeze on justice in Los Angeles" and warned that the county would experience "an end to timely justice" with cases being delayed for years, particularly in civil courts.
Lining up for Cars Land: More than 2,000 people were outside Disney California Adventure this morning as the theme park is about to reopen after a $1.1 billion makeover. The biggest draw is Cars Land. From the Businessweek:
The 12-acre addition at California Adventure, next-door to Disneyland, takes guests through the fictional town of Radiator Springs from the two "Cars" movies. More than 4,000 tons of steel and 280,000 feet (85 kilometers) of rock work were installed, including mountains shaped like vintage Cadillac tail fins. The $1.1 billion remodeling of California Adventure, including Cars Land, is part of a multiyear expansion of the parks and resorts division that adds two more cruise ships, attractions in Orlando and Hong Kong and a $4.4 billion Shanghai park scheduled for 2015. Disney has raised prices in Anaheim in a bet the new rides will draw consumers even as the economic recovery remains tentative.