Friday morning headlines

Bad day for stocks: Dow is down about 170 points as Wall Street fears that the budget impasse in Washington could drag out a while.

State jobless rate dips into single digits: See post below.

Boehner sounding desperate: The House Speaker said this morning that "God only knows" how Washington is going to resolve the budget mess. After he was unable to gather enough votes to pass his Plan B proposal, Boehner now says it's in President Obama's court. (NYT)

Big drop in consumer sentiment: The Thomson Reuters/University of Michigan index tumbled to 72.9 from 82.7 in November. Analysts had expected 74.7. (Reuters)

Consumers were spending in November: The 0.4 percent increase more than makes up the ground lost after Hurricane Sandy. Question is how the nonsense in Washington impacts December holiday shopping. (AP)

Cheap gas: At least there's some good news to start the holiday - an average gallon of regular in the L.A. area is is $3.597, according to the Auto Club, which is only a few pennies higher than last year.

Some flights delayed: The big Midwest snowstorm is complicating holiday travel plans throughout the country, with many flights delayed or cancelled. (LAT)

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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