Friday, April 1, 2011 myBiz Blog
Market Watch 4.3.11 by Kelly Cuene

 

Stay current with what’s happening in the business world.  Headlines from this week include…

Jobs Report Shows Slowly Improving Economy The U.S. unemployment rate fell to 8.8% in March, the lowest it has been in two years, according to the U.S. Labor Department. Private sector employers, which account for about 70% of the workforce, added 230,000 jobs last month. The private sector has been adding jobs for about a year, though the pace hasn't been enough to return the unemployment rate close to prerecession levels. The Fed forecasts it will take another three years before the unemployment rate reaches the 5%-to-6% range. Still, stocks and the dollar were moving higher Friday morning as traders welcomed the stronger-than-expected U.S. employment report. Source: Wall Street Journal

Shake Up at Berkshire Hathaway David L. Sokol, a leading candidate to succeed Warren Buffett at Berkshire Hathaway, unexpectedly resigned last week. This news led to much speculation about potential successors in what the Wall Street Journal calls, "one of the longest-running succession dramas in corporate America."  Meanwhile, the SEC will likely launch an investigation into Mr. Sokol's stock trading, specifically in regards to a deal to buy Lubrizol, a chemical company. Sokol told Buffett he personally owned shares of the company and when Berkshire Hathaway purchased months later the deal triggered a $3 million gain in Mr. Sokol's trading position. Source: Wall Street Journal