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Jobs Report Confirms Weak US Economy, Central Banks Make Big Changes

By: , dated July 6th, 2012

Weekly Wrap Up

This week many concerns over the global economy were confirmed with Friday’s jobs report and big actions taken by several large central banks. Stocks were down overall at the end of the week due to the employment news and smaller than expected increase in payrolls for June. The IMF has a cautious view and is likely to lower its global growth expectations.

Also this week Barclay’s (BCS: Charts, News) CEO Robert Diamond resigned after the bank’s agreement to pay its $450 million settlement. Apple (AAPL: Charts, News) announced that it may be released a smaller version of its iPad to compete with other companies that are recently entering the tablet market. More Market News

Economic News

June Jobs Report Deepens Economic Gloom
U.S. employers added a paltry 80,000 jobs in June, capping off an abysmal quarter of employment growth and raising the pressure on the Federal Reserve to once again stave off a double-dip recession. Click here to read the full article
Oil falls as tepid U.S. jobs growth disappoints
Brent crude prices fell sharply on Friday after a report showing tepid U.S. jobs growth in June reinforced concerns that a sluggish global economy will curb demand for petroleum. Click here to read the full article
JPMorgan Shuts Europe Money Market Funds on ECB Rate Cut
JPMorgan Chase & Co. (JPM: Charts, News), the biggest U.S. bank, closed five of its European money-market funds to new investments after the European Central Bank lowered deposit rates to zero. Click here to read the full article

Business News

GlaxoSmithKline (GSK) Fined $3 Billion for Criminal and Civil Misconduct
This week, pharmaceutical giant GlaxoSmithKline (GSK: Charts, News) was fined $3 billion in the third largest health care fraud settlement in U.S. history. It is also the largest criminal-civil fine ever levied against a single drug company. The London-based company plead guilty on criminal charges of promoting several of its popular medications for unintended uses, as well as neglecting to disclose important safety information. Click here to read the full article
Best Buy Laying Off 600, About 3% of Geek Squad Workforce
Best Buy Co. (BBY: Charts, News) is laying off about 600 employees from its Geek Squad, roughly 3% of the workforce at the electronics retailer’s services division.Also, the company is going eliminate an additional 1,800 store workers, according to a person familiar with the matter. All told, the cuts represent roughly 1.4% of the struggling retailer’s roughly 167,000-person workforce. Those affected will be eligible for severance and job-placement assistance. Click here to read the full article
Pfizer Sued by Retailers for Generic Lipitor Delay
Five big U.S. retailers filed an antitrust lawsuit against Pfizer (PFE: Charts, News) and India’s Ranbaxy Laboratories on Thursday, accusing them of conspiring to delay sales of generic versions of Lipitor, the best-selling drug in history. Click here to read the full article

Technology Focus

Apple Preps for New Tablet
Apple Inc.’s (AAPL: Charts, News) component suppliers in Asia are preparing for mass production in September of a tablet computer with a smaller screen than the iPad, people familiar with the situation said, suggesting a launch for the device is near. Click here to read the full article
Internet Doomsday: Malware Attack Threatens to Kick Users Offline
A malware attack that has infected some computers for more than a year may cause tens of thousands of Americans to lose their Internet connection on Monday. Click here to read the full article

Your Money

LinkedIn’s Reid Hoffman: Why You Should Run Your Career Like a Startup
LinkedIn, with more than 100 million members in over 200 countries, has become the social media mainstay of professionals — a living, breathing Rolodex that provides an ongoing connection to new and old colleagues as well as access to their broader networks. Now, Reid Hoffman, co-founder and executive chairman of LinkedIn, offers another career tool in the form of a book, The Start-up of You: Adapt to the Future, Invest in Yourself, and Transform Your Career, written with Ben Casnocha. Click here to read the full article
7 Habits of Web-Savvy Entrepreneurs
Web-savvy entrepreneurs are always a step ahead of everyone else: They’re up to date on technology trends, they’re constantly trying out new tools, they’re often at the center of major online conversations, and–most importantly–they know how to use the Web to get things done faster. Click here to read the full article
This article was brought to you by the InvestorGuide Staff Writers and Editors.

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