Will anyone listen to new controller?
What won what where
Stocks bouncing around: Up, down and sideways in the first hour.
Big jump in jobless claims: Applications for unemployment benefits shot up 78,000, to 439,000 - largely the result of Hurricane Sandy-related filings. From AP:
Sal Guatieri, an economist at BMO Capital Markets, said that a similar jump in applications occurred after Hurricane Katrina in 2005. "We should see a full retracement of this increase in coming weeks," he said. Applications were declining before the storm, he added, "though levels are consistent with moderate, rather than strong, job growth."
Consumer prices take off: L.A.-area inflation increased 0.8 percent in October compared with the previous month and 3 percent from a year earlier. Much of this was due to the sharp run-up in gas prices last month (prices have since plummeted). The national increase from September was only 0.1 percent. (BLS, AP)
Walmart results disappointing: The retail giant issued fourth-quarter profit projections that were short of Wall Street expectations, even though the company had a decent July-September period. (AP)
Ten courthouses could close: Locations in Beverly Hills, West L.A., and San Pedro will be shuttered over the next eight months due to sharp budget cuts in the judicial system. From the LAT:
"It's devastating to the court system, and it's going to be a sea change in how we do our business," said Lee Smalley Edmon, presiding judge of the L.A. County Superior Court. "Unfortunately, there are going to be longer lines in each of our courthouses and great delays throughout the system." Officials said civil courts will be particularly hard hit, with many civil courtrooms operating with only one court clerk and without any full-time court reporters.
Foreclosures keep falling: October filings in California declined 5 percent compared with the previous month and 35 percent compared with a year earlier. The state still has the fourth-highest foreclosure rates in the country. (Capital Public Radio)
Riordan agrees to pension debate: L.A.'s former mayor will duke it out with Tyler Izen, president of the L.A. Police Protective League, on how to change the city's pension system. Riordan is pushing for a 401(k) system. (LA Weekly)