Originally published on Fri August 2, 2013 10:11 am
America's unemployment rate sank to 7.4 percent in July, a drop of two-tenths of a percent, the Bureau of Labor Statistics says in its monthly summary of the U.S. economic situation. But employers added 162,000 jobs last month, coming in below economists' expectations.
NPR's business news starts with new trouble for B of A.
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GREENE: In a regulatory filing yesterday, Bank of America revealed it may be facing civil charges over its activities during the financial crisis. The bank disclosed an investigation by the Department of Justice related to residential mortgage-backed securities. Bank of America says it's cooperating. Transcript provided by NPR, Copyright NPR.
The unemployment rate only includes people who don't have jobs and are looking for work. A much larger swath of people — about 36 percent of U.S. adults — don't have jobs and aren't looking for work at all. That figure is higher than it's been in decades (and, conversely, the share of adults in the labor force — shown in the graph above — is lower than it's been in decades).
Here are four reasons why so many people are leaving the labor force.
You're listening to ALL THINGS CONSIDERED from NPR News.
In New York City today, a victory for the Securities and Exchange Commission: A federal jury held former Goldman Sachs trader Fabrice Tourre liable on six of the seven counts against him. The SEC had accused Tourre of intentionally misleading investors about a mortgage-backed security just as the housing sector was beginning to collapse. The investment created huge losses.
When it was launched Thursday, the Moto X, Google's first smartphone product to come out of its buyout of Motorola, was not the highest powered or highest pixeled device. Rather, the designers boasted of its usability — that the Moto X has a larger purpose: making the technology of a phone adapt to the way people use them, rather than force user behavior to adapt to the technology.
A couple of guys with serious investment banking experience are moving into the marijuana business. They've launched the first multimillion-dollar private equity fund devoted entirely to what they like to call the "cannabis space."
It started when Brendan Kennedy was working at the Silicon Valley Bank and learned of an entrepreneur who wanted to sell software for marijuana dispensaries. The idea piqued Kennedy's interest. A few days later, a radio show about legalizing pot piqued it even more.
Originally published on Thu August 1, 2013 3:59 pm
A federal jury in New York City has found that Fabrice Tourre, the former Goldman Sachs trader who regulators say caused investors to lose $1 billion, is liable in the mortgage securities fraud case filed against him by the Securities and Exchange Commission.
Regulators say Tourre, 34, a native of France who was nicknamed "Fab" in his office, packaged toxic subprime mortgages into a collateralized debt obligation that was sold to investors under the name Abacus in 2007.
Chinese consumers have 1,075 McDonald's locations to choose from, but the variety inside the restaurant isn't exactly top of their tastes-- KFC does much better business here because Chinese diners prefer white meat over beef patties.
Credit felibrilu / via Flickr
Countries like Cambodia still have yet to gain their own McDonald's franchise, but other American fast food chains, like KFC, have done well here.
Credit bo.peter / via Flickr
Princeton University's International Networks Archive created this map to show the global presence of McDonald's.
Originally published on Thu August 1, 2013 12:06 pm
The Standard & Poor's 500 index, the benchmark of America's largest corporations, surpassed 1,700 points for the first time in early trading Thursday. The rise is being tied to a drop in weekly jobless claims, as well as assurances from central banks in the U.S. and Europe that they would continue to bolster their economies.
NPR's business news starts with unemployment numbers.
No, this is not the big monthly jobs report. We'll get that tomorrow. But this morning one number from the Labor Department - the department announced that applications for jobless benefits fell to 326,000 last week. That is the lowest level since January of 2008. Transcript provided by NPR, Copyright NPR.