Power Breakfast: Watch unemployment report, RockTenn, Wendy’s, airport concessions, rail, GM

The big news today will be July’s unemployment report, which follows Thursday’s disaster in the stock market.

Fears about the global economy led to the biggest panic in financial markets since the 2008 financial crisis, Associated Press writes.

The Dow plunged nearly 513 points Thursday, its biggest point decline since Oct. 22, 2008, AP reports. Only three of the 500 stocks in the Standard & Poor’s 500 index had gains. Oil fell by 6 percent.

Global stocks also tumbled Friday.

Investors are increasingly concerned about the possibility of another recession in the U.S. and a debt crisis in Europe, AP writes.

So all eyes today will be on the national unemployment rate, which many economists believe will stay unchanged at 9.2 percent. Estimates on the number of jobs created vary from about 55,000 to 95,000. That would be better than June, but still very weak.

Also in the AJC:

In other media:

- Henry Unger, The Biz Beat

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4 comments Add your comment

clem

August 5th, 2011
6:47 am

Watch our politicians spin

August 5th, 2011
7:12 am

One thing’s for sure, our senators and several “free market” worshipers will spin yesterday’s drop in the DOW. They will hold to their ideology (even though it is wrong in this case) and claim that the deficit and debt were the cause.

Laurie

August 5th, 2011
7:44 am

Question. If “we the people” embark on a french style revolution, will we still owe all that money? We would have effectively started a new government. So I’m thinkiong we could kill 2 birds with one stone, so to speak.

Alejandrisha

August 5th, 2011
2:22 pm

“…all eyes today will be on the national unemployment rate,…”

Who cares what the rate is, it can be 50%. There’s a new debt ceiling so the government will just print enough money to send everyone a check. We are after all the Bailout Nation.