Economy & Business
*U.S. Economy: Payrolls Fall, Unemployment Rate Climbs -- The U.S. lost jobs for a fifth month and the unemployment rate rose by the most in more than two decades, as an influx of students into the workforce drove the biggest jump in teenage joblessness since at least 1948. Payrolls fell by 49,000 in May, the Labor Department said today in Washington. Bloomberg 6/6/08
Unemployment Rate Hits 5.5% as 49,000 Jobs Lost -- The American unemployment rate surged to 5.5 percent last month, the government said on Friday, the biggest increase in more than two decades. The report was the latest sign that workers face a darker outlook even as they struggle to cope with the housing slump and high energy prices that have cut into their spending power. NY Times 6/6/08
*Foreclosure data getting meaner, especially in California -- There will be a lot more homes coming on the market, especially in the Golden State. As expected, the delinquency and foreclosure data from the Mortgage Bankers Assn. showed things got significantly worse in the first quarter. The national delinquency rate, meaning the percentage of home loans 30 days or more past due on payments, jumped to 6.35% (seasonally adjusted) as of March 31 from 5.82% at the end of the fourth quarter. California actually ranked below the national averages on delinquencies. A total of 16.9% of sub-prime loans in California were delinquent at the end of the first quarter, down from 18% in the fourth quarter. LA Times Blog 6/6/08
Retail sales surprise as consumers keeping spending -- U.S. consumers stepped up their shopping in May after tax rebate checks hit mailboxes, giving many of the nation's retailers stronger than expected sales for the month. Still, there were signs that many people are still focusing on necessities such as food and gas. Discount and lower-priced stores such as Costco Wholesale and Wal-Mart Stores were again among the strongest performers. International Herald Tribune 6/6/08
Real estate agents, loan brokers seek other ways to make a living -- Jobs in the housing industry have plunged in the last few years amid sluggish home sales and crippled credit markets, leaving thousands of real estate agents and mortgage brokers struggling to make a living. "We expect to see continued carnage in these sectors for the next couple quarters," said economist Ryan Ratcliff of the UCLA Anderson Forecast, referring to real estate and mortgage industry employment. "But we're nearing the bottom, at least." SJ Mercury 6/6/08
Energy & Environment
Investors' Growing Appetite for Oil Evades Market Limits -- Hedge funds and big Wall Street banks are taking advantage of loopholes in federal trading limits to buy massive amounts of oil contracts, according to a growing number of lawmakers and prominent investors, who blame the practice for helping to push oil prices to record highs. Washington Post 6/6/08
*Richmond planners near vote on Chevron plan -- The Richmond Planning Commission was expected Thursday to vote on whether to allow Chevron to expand its Richmond refinery, a proposal that set off intense community protest over potential increased pollution from the plant. Chevron officials want to expand their 3,000-acre refinery on Richmond's waterfront to add a new power plant and crude oil processing facility. The material processed at the new facility would have higher contents of sulfur and other impurities, city officials said. SF Chronicle 6/6/08
Senate climate bill not expected to pass -- A Senate climate change bill appears headed for defeat today, with Republicans and Democrats sharply split over how to achieve deep cuts in U.S. greenhouse gas emissions. Senate Majority Leader Harry Reid, D-Nev., has scheduled a 9 a.m. procedural vote on the measure. But the bill's sponsors conceded they will come up short of the 60 votes needed to head off any possible filibuster and move the bill forward. SF Chronicle 6/6/08
Media & Entertainment
Finance, Budget & Tax
*Tax hikes in Democrats' budget -- Assembly Speaker Karen Bass outlined a Democratic budget proposal Thursday that raises more than $6 billion in tax revenue, using the money to boost education spending and help avoid deep cuts in health and social service programs. But Bass, D-Los Angeles, declined to say what those taxes would be, leaving the impression that she was offering more of a wish list than a blueprint for closing a $15.2 billion deficit. SJ Mercury 6/6/08
*Side-by-side comparison of budget plans -- Three weeks after Gov. Arnold Schwarzenegger, left, released his revised budget plan, the two houses of the Legislature are putting the finishing touches on their own versions of the state's spending plan. With California facing a fiscal crisis, the governor declared last month that the state will face a $17.2 billion budget deficit in the fiscal year that begins July 1. The projected gap includes $2 billion for reserves. SF Chronicle 6/6/08
Dan Walters: Parties far apart on fixing California's budget deficit -- The Legislature is supposed to end its 2008 session on Aug. 31. Whether a budget can be hammered out by then is very problematic, given the rigid ideological positions of both parties on the interrelated issues of spending and taxes as well as the declining public standing of Schwarzenegger, who has almost no power to pressure even fellow Republicans into voting his way on any issue. Sacramento Bee 6/6/08
300 at San Jose hearing decry proposed state budget cuts -- With Gov. Arnold Schwarzenegger's proposed budget slashing programs for the poor and disabled to help close a budget gap projected at $15.2 billion, Santa Clara County legislators held an old-fashioned town hall meeting Thursday in downtown San Jose to rally support against the cuts. SJ Mercury 6/6/08
Prop. 13 property taxes in the voters' hands -- Thirty years ago today, California voters overwhelmingly approved Proposition 13 as a way to keep seniors from losing their homes to skyrocketing property taxes. But the 1978 vote also ignited a revolution that dramatically changed the way people across America look at government and taxes. Even today, with the state facing a $17 billion budget shortfall, tax increases face certain opposition from many legislators and voters. SF Chronicle 6/6/08
Poll shows Prop. 13 still has strong support -- Proposition 13, the landmark ballot measure that has limited property taxes in California for three decades, continues to have strong support from voters, according to a Field Poll released today. Across the state, 57 percent of voters said they would vote for Prop. 13 if it was on the ballot today while just 23 percent would vote against the measure. Support for the initiative was even stronger among homeowners, with 64 percent saying they support it. SF Chronicle 6/6/08
Venture Capital, Technology, & Silicon Valley
Google Wants Gmail Users To Test New Features -- Google launched GMail Labs Thursday, accessible through Gmail's Settings page, which includes a list of experimental features. Users can enable or disable each one and Google will eventually incorporate the more popular ones into its core products, according to Keith Coleman, a product manager at Google, in the company's Gmail blog site. CRN 6/6/08
Students make Prius noisy, on purpose -- The bright blue Toyota Prius that two Stanford graduate students slowly drove down the road earlier this week could be heard humming. That might surprise any pedestrian or bicyclist ever startled by the sudden appearance of a stealthy Prius passing by with its eerily quiet electric motor. But the grad students produced the soft, high-pitch sound for a reason - "public safety, especially for blind people who rely on their hearing to get around. SJ Mercury 6/6/08
Tracking weather to save water -- Since 2002, Spain has been selling his WeatherTrak product to help heavyweights of American retail and industry such as Wal-Mart, Google, eBay and Lockheed Martin reduce the amount of water used in irrigation, and thus costs. For its 15,000 customers, HydroPoint replaces sprinkler timers with controllers that get daily, location-specific weather data using wireless technology and are able to adjust watering patterns based on preprogrammed information about soil, slope and other conditions. SJ Mercury 6/6/08
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