Dow drops 250 points as jobs report intensifies rate debate

Selling on Wall Street accelerated on Friday afternoon sending the Dow industrials down more than 300 points after the monthly jobs report for August was viewed as solid enough for the Federal Reserve to consider an interest-rate hike in September.

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U.S. gains 173,000 jobs in August; unemployment 5.1%

WASHINGTON (MarketWatch) - The U.S. economy created a modest 173,000 new jobs in August to mark the smallest gain in five months, but the unemployment rate fell to 5.1% from 5.3%, the government said Friday. That's the lowest level since April 2008. Economists polled by MarketWatch had expected a gain of 213,000 nonfarm jobs. On the more positive side, employment gains for July and June were revised up by a combined 44,000. The Labor Department said 245,000 new jobs were created in July instead of 215,000. June's gain was revised up to 245,000 from 231,000.

Forget New York, rents are surging by up to 20% in these cities

The monthly rents in Charlotte and Kansas City are still a fraction of rents in San Jose ($2,220 per month) where the tech boom has fueled the housing market for renters and buyers, but the cost of living is also lower in cities in the Midwest and the south. According to the Missouri Department of Economic Development’s Cost of Living Index, the cost of living was 137 points in New York and 138 in California for the first quarter of 2015, versus 11 points in Missouri and 22 in North Carolina; these points are given based on the price of a range of goods and services, including groceries, housing, utilities, transportation and health. (A higher score translates to a higher cost of living.)

U.S. gains 173,000 jobs in August; unemployment 5.1%

WASHINGTON (MarketWatch) - The U.S. economy created a modest 173,000 new jobs in August to mark the smallest gain in five months, but the unemployment rate fell to 5.1% from 5.3%, the government said Friday. That's the lowest level since April 2008. Economists polled by MarketWatch had expected a gain of 213,000 nonfarm jobs. On the more positive side, employment gains for July and June were revised up by a combined 44,000. The Labor Department said 245,000 new jobs were created in July instead of 215,000. June's gain was revised up to 245,000 from 231,000.

Correction or bear market? Join these experts in a live video chat

Here are the panelists: Kristina Hooper, U.S. investment strategist at Allianz Global Investors, Kim Forrest, senior analyst and portfolio manager at Fort Pitt Capital Group, and Diane Jaffee, senior portfolio manager at TCW.

The Oldest Woman on Wall Street

Irene Bergman is the oldest woman on Wall Street, currently working as an investment advisor at Stralem & Co. Bloomberg's Erik Schatzker takes a look at her life and career. (Source: Bloomberg)

Global Stocks Lower After U.S. Jobs Report

While the headline number on jobs created in August missed expectations, the report also provided plenty of positive news that investors latched onto, including the unemployment rate falling more than forecast and stronger-than-expected 2.2% growth in average hourly wages. Many investors said the report supports the case for the Fed to raise interest rates as soon as its Sept. 16-17 policy meeting. Federal Reserve officials have said they would take the August unemployment report into account as they decide later this month whether to raise interest rates for the first time since 2006.

How the boom in technology jobs is transforming Toronto and Vancouver's office markets

The two cities made it on a list CBRE calls its Tech Thirty, an analysis of the top 30 technology centres in North America that shows how tech workers have kept office markets humming.

The XX-factor

IF BRITONS suffered after the 2008 financial crash, ethnic minorities suffered most. Their earnings slipped further and their household incomes fell faster than those of whites. For two groups, however—Pakistani and Bangladeshi Britons—things got better. Household incomes went up and earnings increased (see chart), while Bangladeshi children have most improved their circumstances. Both groups have long lagged behind other Britons. Why are they catching up now?

Fidelity’s Lewis Says Angst About the Fed Is Ridiculous

Fidelity Worldwide Investment’s Richard Lewis discusses the outlook for global equities and monetary policy. He speaks with Manus Cranny on Bloomberg Television’s “The Pulse.” (Source: Bloomberg)

Wal-Mart to reopen five U.S. stores at center of union complaint

Wal-Mart announced the store closures in April to fix plumbing and other repairs. The move impacted some 2,200 workers and the United Food and Commercial Workers International Union (UFCW), which backs campaigns pushing the retailer to improve pay and benefits for store employees, filed a complaint to the NLRB that is still pending.

Hong Kong Home Prices Are Asia's Top Performers, China Is Worst

Home prices in Hong Kong posted the best returns in Asia last quarter, while those in China had the biggest declines, according to Knight Frank’s Global House Price Index.

Wheat Glut Erodes U.S. Exports as Cheap Russia Grain Wins Buyers

The U.S. has seen its market share eroded before as Russia became a more dominant exporter during the past 15 years. Egypt’s state-run grain buyer once sourced 90 percent of its imported wheat from the U.S. That had dropped to 7 percent by last season, while Russia accounted for 25 percent, according to Egypt’s General Authority for Supply Commodities. The North African country is the world’s largest wheat importer.

Travels through a mindscape

WHEN Oliver Sacks was asked his profession, he often replied “Explorer”. He did not mean this in the geographical sense. As a boy he had devoured Prescott’s books on the conquests of Mexico and Peru; as a young man he had travelled by foot, train and motorbike the length and breadth of North America. But what became an obsession with him was to climb inside the brains of his patients. He chose specifically those with right-hemisphere disorders; and, having reached those “furthest Arctics and Tropics”, slipping on ice or hacking through the unimaginable, near-impenetrable jungles of the self, he would then describe in extensive and sympathetic detail the world as it appeared from there. So compelling was this urge that even when teaching, as a professor of neurology at Columbia and NYU, and even when in great demand on the lecture circuit, he retained his ordinary medical practice in order to keep exploring.  

The Best VIX ETFs Are Also the Most Dangerous

You can’t make an ETF that holds actual VIX, which is a calculation based on implied volatility on options of the S&P 500 index. This is impossible. However, VIX ETFs do the next best thing -- they track front and second month futures on the VIX index. This is something they do exceptionally well and are rarely given credit for. The problem is VIX futures don’t do a good job of tracking pure VIX. Well, unless you leverage up.

China Plows Big Money Into Australian Agriculture

The leading buyer of Australian farm products is now the top investor in the country’s farm sector

Yemen’s Unity Frays in Leaderless Aden

ADEN, Yemen—Now that pro-Iranian Houthi militias have been expelled from much of southern Yemen, many here are wondering when President Abed Rabbo Mansour Hadi will return to his homeland from Saudi exile—and, more importantly, under what flag.

Why Kazakhstan is building a uranium bank

THE world suffers no shortage of uranium, the raw material for nuclear energy and nuclear weapons. The amount of electricity generated globally by nuclear power peaked almost a decade ago. And no reactors have ever been shut down because of a lack of fuel. Yet Warren Buffett has put the first $50m behind a $150m project agreed on August 27th to build a uranium bank in Kazakhstan, the world’s biggest producer of the mineral. It sounds like something a Bond villain might dream up, rather than a philanthropic American billionaire. What is the logic?

Karl Lagerfeld is coming to a store near you

G-III unveiled its joint venture with Paris-based Karl Lagerfeld Group BV in June, pledging to bring Karl Lagerfeld North America-branded consumer products and apparel to the U.S. and Canada. G-III acquired a 49% interest in the joint venture and has a five-year license, with two renewals of five years each, for women’s apparel, women’s handbags, and men’s outerwear.

Tom Brady Wins, NFL Loses ‘Deflategate’ Case

Appeal?  Just what football needs to continue the fiasco.  Hopefully the officials will get their act together & take control of the footballs so we don't have to go through this nonsense again.  What about the quarterback who likes his footballs over-inflated?  Is Goodell going to suspend him now so we can keep this in the news for another couple of years?  I guess it's no problem if you admit you did something "wrong".  I think we should get a new Commissioner to protect the integrity of the game from these frivolous lawsuits.  After all, the judge clearly telegraphed his ruling at the first hearing; is Goodell that out of touch with reality that he can't see the handwriting on the wall, even when it is written on a white wall with a Sharpie?  Let's just get on with FOOTBALL & forget all this nonsense.  Just saying......................

Slippery customers

THE flip side of evolution is extinction. The fossil record is replete with groups, once mighty, that are no more. But sometimes the Darwinian reaper misses a species or two within such a group and these, the last of their kind, cling on to existence to remind the world of the way it once was.

4 reasons we know we’re not ready for the Fed to raise rates

The test for the first rate hike should be at least two straight quarters of above-trend growth. Central banks should feed economies until they break through the trend, and pull money out as above-trend growth moves us toward inflation. Even this may be too conservative, because the middle of 2014 met this test but growth slumped anew by fall. The Fed’s done when the economy shows sustained growth. It doesn’t.

Stocks up day 2; New clues on Fed rate hike; Tesla Model 3 pre-orders coming soon

Wall Street on pace to add to yesterday's big gains, but there may be some risky undercurrents to deal with. Plus, the Federal Reserve sees an uptick in wages in parts of the country. Could that be the straw that breaks the camel's back for starting an interest rate increase? And Tesla will start taking your money for the electric carmaker's lower priced model next March.

Migrants Defy Hungary on Asylum Journey as EU States Bicker

Hundreds of migrants defied Hungarian authorities, with groups breaking out of assembly points and others heading for Austria on foot as European Union countries quarreled over how to contain a growing refugee crisis.

Cameron Is Preparing to Give Way and Accept More Syrian Refugees

David Cameron’s government is preparing to bow to pressure both from within Britain and from European allies and let in thousands more refugees, according to a person familiar with his plans.

5 Things to Read Today: Kentucky Clerk Held in Contempt, Tom Brady Wins Deflategate Case, and More

Horrifying images of a 3-year-old Syrian Kurd’s lifeless body reverberated across the globe as details emerged about his life and final journey, the latest casualty in the migrant crisis in Europe. His efforts to emigrate to Canada had been rebuffed, and Turkish media and Kurdish activists identified him as Aylan Kurdi from Kobani, a town near the Turkish border that has seen months of heavy fighting between Islamic State and Syrian Kurdish forces. Meanwhile, hundreds of migrants rushed trains at Hungary’s main station as Prime Minister Viktor Orban blamed Germany for Europe’s migration crisis. The EU is working on plans to redistribute up to 160,000 refugees who arrive in Italy, Greece and Hungary.

Joe Biden Says Family’s Grief Main Factor Holding Him Back

ATLANTA – Vice President Joe Biden said Thursday he “would not hesitate” to enter the 2016 presidential race if he weren’t going through a trying emotional time, and that the “most relevant factor” holding him back right now is he and his family’s grief over the recent death of his son.

Plaguing paradise

SPEYSIDE on the island of Tobago has taken a direct hit. So have Skeete’s Bay, Bathsheba and other beaches on the southern and eastern coasts of Barbados. Cancún, a Mexican resort, has been struck. The bombardment takes the form of globs of sargassum seaweed which have landed on Caribbean beaches this year, forming piles that are sometimes metres deep. They emit a rotten-egg stench when they decompose, ruining holidays for anyone with a sense of smell. Hilary Beckles, the vice-chancellor of the University of the West Indies, calls it “the greatest single threat to the Caribbean economy I can imagine.”

Syria’s Refugees Feel More Welcome in Europe Than in the Gulf

“In Europe, I can get treatment for my polio, educate my children, have shelter and live an honorable life,” said Batal, as he left a United Nations office in Beirut, the city that’s been the crossroads for more than a million refugees since the violence started in March 2011. “Gulf countries have closed their doors in the face of Syrians.”

Bloomberg Business on Twitter

The pound looks set to complete 5th weekly loss against the euro - longest decline in 3 years

31 U.S. hourly wages rise 0.3% in August, up 2.2% in past year

WASHINGTON (MarketWatch) - The average hourly wage paid to American workers rose 0.3% in August. The typical worker earned $25.09 an hour, up 8 cents from the prior month. From August 2014 to August 2015, hourly wages rose 2.2%. Annualized increases in pay have stuck to a tight range of 1.9% to 2.2% since 2012. The amount of time people worked each week edged up 0.1 hours to 34.6 in August. The labor-force participation rate was unchanged at 62.6%.

Singapore Election to Test Shift on Immigration

Voters next week will judge the government’s pivot to a new economic model based less on foreign labor and more on innovation

Apple beaten on rumored iPhone 6S feature by an orange

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer . Morningstar: © 2015 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2015. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2015 and/or its affiliates.

NYT Business on Twitter

Chinese rail firm to build $60 million plant in Springfield, Mass., for Boston subway system

From protest to power

THE neat rows of polished headstones and potted geraniums in the municipal cemetery of Mantes-la-Ville speak of fresh memories and civic diligence. Yet the solemn calm masks its place in a sour struggle following the election as mayor 18 months ago of Cyril Nauth from the National Front (FN), France’s far-right party.

With no Kim Davis, gay couple gets a Kentucky marriage license

MOREHEAD, Ky. — A day after a Kentucky clerk was jailed for refusing to issue same-sex marriage licenses, a gay couple successfully secured one at the Rowan County clerk’s office Friday morning.

Lululemon pants are getting more expensive, and customers are furious

"To go from $72 for solid crops to $88 is insane. That is a 22% increase," she wrote. "I don't get a 22% raise each year, inflation isn't 22%, and surely Lululemon's cost to manufacture these items has not increased 22%. Plus, it was only in recent years that Lulu started charging more for printed versions of pants and crops."

NYT Business on Twitter

Black technology leaders are looking for talent to foster in their communities

39 Podcast and audio downloads for business and arts from Financial Times -

Alphachat is the FT's conversational podcast about business and economics. Produced in the New York studios of the Financial Times, FT hosts and guests delve deeply into a new theme each week - and with more wonkiness, humour and irreverence than you'll find anywhere else.

How Europe’s migrant crisis evolved -

The Syrian civil war is a big source of the crisis facing Europe. The conflict has killed more than 250,000 people and displaced more than 8m in over four years. Most of the refugees have fled to neighbouring countries but are now, increasingly, desperate to reach European shores. Here is some of the FT’s coverage of the Syrian refugee crisis as well as of the plight of other migrants.

Payrolls Rose 173,000 in August as Jobless Rate Drops to 5.1%

The gain in payrolls, while less than forecast, followed advances in July and June that were stronger than previously reported, the Labor Department said Friday. The unemployment rate is the lowest since April 2008. Average hourly earnings climbed more than forecast and workers put in a longer workweek, the report also showed.

Supreme Court of Canada rules Ecuador villagers can go ahead with US$9.5-billion legal case against Chevron

A group of Ecuadoran villagers can proceed with a legal claim that asks an Ontario court to help them collect on a US$9.5-billion judgment they obtained in Ecuador against global oil giant Chevron Corp., the Supreme Court of Canada has ruled.

Financial Times on Twitter

When you tweet with a location, Twitter stores that location. You can switch location on/off before each Tweet and always have the option to delete your location history. Learn more

EU leaders soften stance on migrants - FT World - World & Global Economy Video -

EU leaders soften stance on migrants Sep 4, 2015 : Some EU leaders are rethinking their stance on refugees following the recent shocking images of the body of a three-year-old Syrian boy on a Turkish beach. The FT's Peter Spiegel reports from Brussels.

Should the government boost low-wage workers' paychecks?

Forget about raising the minimum wage to $15 an hour or giving low-income earners a big tax credit at the end of the year. Why not have the government boost every paycheck a low-wage worker gets?

Economists Found a Problem and Devised a Solution Only Economists Would Come Up With

Some economists spend their entire careers identifying problems but never seeing solutions. Not this group. Congratulations to the authors, listed here at the bottom in alphabetical order: Daniel R. Feenberg , Ina Ganguli , Patrick Gaule and Jonathan Gruber .

What if the China Panic Is All Wrong?

China’s stock-market routs and economic deceleration are widely cited as the major trigger for the latest round of global market volatility. But what if the dominant narrative about China—that the world’s No. 2 economy is on the verge of falling off a cliff—is wrong?

Half-empty office buildings on the rise in Calgary, Edmonton amid oil price plunge

CALGARY – The number of half-empty office buildings in Alberta is projected to spike, as Colliers International predicts an “ill-timed” building boom should push up vacancy rates in Calgary and Edmonton.

Yes, Chipotle Is High in Calories. That Doesn’t Mean It’s Not Good for You.

Maybe I sound like a shill for Chipotle right now—so be it. (For the record, I prefer the burritos from Dos Toros , a New York City mini-chain.) It just pains me that so many people have been brainwashed into thinking that shouldn’t eat something just because it’s high in calories. Modern nutritional science is founded on the idea that there are lots of vectors on which a food’s healthfulness can be measured: calories, fat, fiber, sugar, vitamins, minerals, phytochemicals, etc. And these days, most nutritionists recommend eating a variety of whole, unprocessed or minimally processed foods—like, for instance, just about every ingredient you can get at Chipotle.

"Live Panic" test run

Panic Attack (Finals 3 of 3) - Sakura Con 2009 RB2 Tourney - Less Than Pi (me voxbassing live!)

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52 The Jobs of the Future Are in These Unlikely Places
53 ‘Death cross’ patterns spread to all corners of the stock market
54 Are You Good Enough to Be a Tennis Line Judge?
55 The Economist Science briefs
56 Donald Trump Just Signed His Political Death Warrant
57 Korea opportunities
58 Cures for Common Foot Problems, Without Surgery
59 The Great Fall of China
60 Mixed Jobs Report Sets Fed Up for Close Call on Rates
61 MarketWatch on Twitter
62 Almost Half of Homes in New York and D.C. Are Now Losing Value
63 How to Catch a Spoofer
64 7 Smart Questions To Ask At the End Of Every Job Interview
65 The Best Airline Bargains, If You Have a Taste for Adventure
66 4 Things Employers Want From Job Candidates
67 Spark Finance
68 Question of the Day
69 How a Boeing Sales Flop Became the World's Hottest Secondhand Jetliner
70 A bridge to the future
71 The Oil-Sands Glut Is About to Get a Lot Bigger
72 10 Easy Ways to Revive Your Workday Wardrobe This Fall
73 Justice decayed
74 Bloomberg Business on Twitter
75 Obama Gains Leverage on Saudis as U.S. Oil Dependence Declines
76 Lights, camera, inaction!
77 Four Entrepreneurs Talk About the Fintech Revolution
78 This North Carolina City Offers Ultra-Fast Internet As an Alternative to the Usual Options
79 The U.S. Dollar Is Stronger Than Steel
80 Investment Lessons From August's Market Mayhem
81 Putin's China Energy Deals May Hide Paper Tigers as Growth Slows
82 The World If… malaria drugs stop working
83 At Robot Preschool, Lots of Toys and No Snacks
84 Not Even 'Scissorhands' Can Cut Brazil Out of Its Fiscal Trap
85 Why Sony Sees Its Next Big Hit at 1,000 Photos a Second
86 The Fed's Fear of the Unknown
87 These U.S. Jobs Will See The Biggest Raises Next Year
88 Commanding plights
89 China May Never Get Rich
90 What Europe means to the young
91 Will the Jobs Report Be the Fed's Tiebreaker on Rates?
92 Hillary Clinton Returns for Delicate Dance in Puerto Rico
93 Clinton Campaign Manager Says Biden Run Would 'Shake Things Up'
94 Schools Want the Sky to Be the Limit on Loans
95 From 4K Phones to Printing 3D Food: IFA 2015 Best Bits
96 Bloomberg Business on Twitter
97 Parade’s end
98 High Plains drifter
99 Building works
100 Freakonomics Radio