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Still, there is inevitably a global dimension to tracking bulk rates. "It's the price for moving raw materials, which sit at the beginning of the production chain," Penn explains. "We can say that the complete lockup of world trade we saw at the end of last year has eased considerably." Penn concludes that his index "is useful to look at, but it's not the holy grail...
...that shift hasn't happened. At the end of May, just over 7% of the nation's workforce was employed in the financial-services business, unchanged from December 2007, when the downturn started. In all, the government said the economy lost 345,000 jobs in May - a significant improvement from April, when employment fell by just over 500,000. The banking and insurance businesses, though, accounted for only about 5% of May's losses, or 19,500 jobs...
...their paychecks either. While it appears that top salaries on Wall Street have dropped, on average, wages in the industry have continued to rise, even in the past year and a half. Weekly wages for those who perform financial activities, according to the BLS, have risen 1.7% since the end of 2007, compared with a jump of just 0.7% for all workers in the same time...
...business is stronger than it has been in over a year," says Stephen Newton, the co-head of financial-service recruiting at executive search firm Russell Reynolds Associates. In the end, there's just deserts, and then there's just dessert. It looks like financials are going for the latter...
...coverage in years to come. The two key Senate committees expect to begin writing legislation this month, with the House also moving forward in coming weeks with what is expected to be a more liberal version. The Democrats' goal is for both chambers to pass their versions by the end of the summer, work out their differences in the fall and have a bill on Barack Obama's desk by the end of the year. "This window between now and the August recess, I think, is going to be the make-or-break period," the President said on June...