Morning Business Report
Whatever today's numbers show the employment crisis for Americans under 30 may not be over for years. The unemployment rate last month for young adults in America was 12,1 percent, says Paul Conway, president of the non-profit group Generation Opportunity. "One out of two college graduates right now are either unemployed or under employed." People under 30 are "desperately trying to find full time jobs, not just a series of part-time jobs," says Conway. These numbers could be warning sign for President Obama's re-election campaign. His 2008 vote was fueled in part by strong turnout and enthusiasm among young voters.
Ho hum. Investors reacted with a shrug after central banks in China and Europe announced new moves to stimulate the economy. The People's Bank of China announced its second interest rate cut in a month: a sign that authorities in Beijing are increasingly worried about slower growth. Asian stock markets closed down overnight.
Apple's not the only tech star. Samsung Electronics had a record-breaking second quarter. The world's largest maker of memory chips, cell phones and flat-screen panels and televisions reports quarterly profits surged 80 percent. Brisk demand for the high-end mobile phones helped Samsung offset a weaker profit growth in its semiconductor and other consumer electronics businesses. Samsung began selling the latest version of the Galaxy smartphone six weeks ago, trying to get a head start before Apple announces a new iPhone.
Fewer US banks are failing than at any time since the financial crisis erupted four years ago. The Federal Reserve says bank loan rates increased a bit during the first three months of this year
Some like it hot! Our hunger for hot spicy food is growing. The burger chain Red Robin has had spicy menu options for years, but Chief Marketing Officer Denny Post says customers still wanted more heat. Now there's the ghost pepper. Red Robin says a typical jalapeño pepper falls between 3,500 to 8,000 Scoville heat units, but the ghost pepper is estimated at around 855,000 to 1 million. Red Robin is offering two burger styles featuring the ghost pepper this summer.
Richard Davies Business Correspondent ABC NEWS Radio ABCNews.com twitter.com/daviesabc