Stocks down: A mish-mash of economic news and more worries about Europe. Dow is down 90 points.
Jump in consumer spending: July's 0.4 percent increase was the biggest in five months. Consumer spending accounts for roughly 70 percent of economic activity. (AP)
Retailers deliver good numbers: August sales at Target, Costco, Macy's, and Limited Brands were above Wall Street estimates, indicating a solid back-to-school season. (Reuters)
No change in jobless claims: Weekly filings for unemployment benefits stood at 374,000, same as last week. From AP:
The latest applications data suggest that the government's employment report for August, to be released next week, will show job gains near the recent monthly average of 100,000, said Paul Dales, senior U.S. economist with Capital Economics. That isn't enough to drive down unemployment significantly. "Given some of the indicators seen so far, the August payroll report is not going to look terribly inspirational," said Jennifer Lee, senior economist with BMO Capital Markets, in a note to clients.
L.A. hotels set record: July occupancy averaged 83.9 percent, the highest monthly level in the last 25 years - and the seventh straight month of year-over-year increases. From the LAT:
Meanwhile, passenger traffic at Los Angeles International Airport was up 2% in July over the same month last year. And the Los Angeles Convention Center is scheduled to play host to a total of 24 citywide conventions this year, the most since 2001, according to the tourism board. Hotel managers and tourism officials attributed the improving visitor numbers to pent-up demand among travelers who stayed close to home in recent years.
No plans for new pot vote: City Council President Herb Wesson says that the ban on medical marijuana dispensaries will not be reconsidered, despite a possible voter referendum. Councilman Paul Koretz is pushing for a new ordinance that would allow older dispensaries to stay open. (LAT)
Doubts about sidewalk survey: Council members are questioning the need to spend $10 million and take three years to complete an inventory of sidewalks that need repair. (LAT)
Lawsuit to be filed over stadium project: A coalition of downtown and environmental groups is trying to overturn a law passed in the legislature last year that protects developer AEG and the city from lengthy litigation. From the Daily News:
Dan Stormer, attorney for the coalition, believes the law violates the California Constitution because it requires challenges be heard in the appellate court, not the trial court. "This process ignores the rights of millions of people in L.A.," said Stormer, an attorney at Hadsell, Stormer, Richardson & Renick.