Morning Business Memo:
The economy is this week is likely to be dominated by Friday’s September jobs report from the Labor Department. The August survey was dismal, with just 96,000 jobs added by employers. Some economists are looking for improvement in September, but the latest forecast from the Business Roundtable is gloomy. CEOs of the group’s member firms were decidedly more pessimistic about hiring extra workers than they were in the last survey three months ago. Despite the findings, many big businesses are still making record profits and most expect sales to grow in the next six months. The two biggest sources of concern are the slowdown overseas and the fiscal cliff due to hit in 2013 when taxes will rise unless Congress acts.
Are you one of millions of bank customers who couldn’t access their accounts online last week? Cyber security experts say there may be more hacking attacks in the near future. Adam Levin of the firm Identity Theft 911 says major American banks suffered denial of service attack through the use of botnets. “These hackers sent a warning that ‘we can shut you down’”, says Levin. “Hackers took over tens of thousands of computers turning them into zombies.” They flooded banking sites with “hundreds of thousands of simultaneous hits.” A hacking group possibly based in Iran took responsibility, saying its attacks were in retaliation for the recent anti-Islam video trailer that mocks the Prophet Muhammad. The group said it would continue to attack financial firms and possibly institutions. Levin warns future attacks could disrupt “other elements of critical infrastructure.”
Stocks posted solid gains for the summer quarter and are in sight of all time highs. Fourth quarter trading begins this morning with plenty of worries ahead. Global trade growth is down and that could be a drag on US exports and new jobs in the months ahead. The Dow starts the fourth quarter after posting a 4 percent gain since July 1. The Standard & Poor’s 500 gained nearly 6 percent.
The bench seat will soon be no more. The Chevrolet Impala is the last American car that have them as an option. Fewer than one in 10 Impala buyers choose bench seats, but this is the end of an era. USA Today reports: “When the 2013 Chevrolet Impala goes out of production to make way for a completely redesigned 2014, it will take with it an American classic — the bench seat
Richard Davies Business Correspondent ABC NEWS Radio ABCNews.com twitter.com/daviesabc