Stocks move lower: So much for any good cheer about the solid jobs report. The Dow is down about 40 points.
Economy gains 171,000 jobs: The October report was significantly better than expected. See post below.
Gas keeps falling: If only our friends back East could benefit - an average gallon of regular in the L.A. area is $4.09.2, according to the Auto Club, which is roughly 60 cents lower than before the run-up. And the best part is that it's readily available.
San Onofre shutdown is pricey: Closing the nuclear power plant since early this year has cost more than $300 million, mostly the result of having to purchase replacement power. From the OC Register:
Inspections revealed unexpected wear in steam generator tubes in both reactor units, although the problems were more extensive in Unit 3. The troubles were traced to design flaws in the four steam generators, two for each reactor, replaced in a massive, $670 million operation between 2009 and early 2011. Last month, Edison proposed starting the Unit 2 reactor at 70 percent power to eliminate the vibrations believed to have caused the troublesome tube wear. The Nuclear Regulatory Commission said it could take months to review the plan before deciding whether to approve it.
Fading support for Prop 32: Field Poll has 50 percent of likely voters opposed to the measure that would ban corporate and union campaign contributions and ban automatic paycheck deductions for political purposes.. Only 34 percent are in favor.
Inflated mileage claims: Hyundai and Kia overstated the fuel economy on nearly a million vehicles. Owners will get debit cards to reimburse the extra money they are paying for fuel. From the LAT:
The mileage on most vehicle labels will be reduced by 1 to 2 miles per gallon, and the largest adjustment will be 6 mpg highway for the Kia Soul, federal regulators said. Both automakers will place new labels reflecting the corrected mileage estimates on cars currently at dealers. "Consumers rely on the window sticker to help make informed choices about the cars they buy," said Gina McCarthy, assistant administrator for EPA's Office of Air and Radiation. "EPA's investigation will help protect consumers and ensure a level playing field among automakers."
Tight housing inventory: Nearly six of 10 homes for sale are receiving multiple offers, according to a survey by the California Association of Realtors. From the OC Register:
"There are only 4,043 homes on the market after shedding an additional 4 percent in the past two weeks,'' Steve Thomas of ReportsOnHousing.com said recently. He compared that to a March 2005 inventory low of 4,912 homes. "That is 21 percent more than today!'' he said. Competition for homes throughout the state has resulted in more properties sold at or above the asking price, according to the association's survey. Forty one percent of homes sold without a price chop, the highest since 2005 and up from a longtime average of 32 percent.