Stocks lost more ground today over worries that European troubles and a slowing Chinese economy could weigh on earnings. Helping to prompt those worries was Advanced Micro Devices’ (AMD) earnings warning that its second-quarter sales fell because of lower demand from China and Europe. The chipmaker’s shares fell 11%, while the broader Philadelphia Semiconductor Index fell 2%.
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The economy added only 80,000 new jobs to the nation’s nonfarm payrolls in June, according to the Labor Department. Many economists were expecting stronger growth in the jobs market, especially following ADP’s jobs report on Thursday that said private businesses added 176,000 new jobs in June. The Labor Department’s calculation is frequently at odds with ADP’s assessment and can be adjusted in a later report. The unemployment rate remained at 8.2% in June…. Read more: A modest proposal
The Patient Protection And Affordable Care Act (“Obamacare”) will affect everyone in the United States one way or another. But some people will be affected more than others. Among these are high income taxpayers. Starting in 2013, they will be subject to a brand new Medicare tax on their “unearned income.” …Continue Article HERE
June nonfarm payrolls expanded by 80,000 and the unemployment rate held steady at 8.2%. There are still 12.7 million people classified as unemployed, with 41.9% of them being unemployed 27 weeks or longer. In the first quarter of 2012, the average payroll gain was 226,000 per month. The second quarter averaged a mere 75,000 per month. It seems as though job creation has effectively taken the early summer off.
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