Morning Market Report 2/2/2015

The KUIK Morning Market Report for Monday, February 2:
Markets are down.
Index Direction Change Units Time Change
Dow Down                    (17) points           17,148 7:08 AM
S&P500 Down -0.1% percent            1,993            (1.61)
Nasdaq Composite Down -0.5% percent            4,613           (21.97)
30 Year Treasury Up                       2 Basis Points              2.27 Annual Yield
The Commerce Department reported consumer spending fell a seasonally adjusted 0.3% in December.  That was the biggest drop since September of 2009. But it was offset by a gain in personal incomes, which were up by 0.3% which matched expectations. When adjusted for falling inflation real personal consumption expenditure spending was down only 0.1%.
A California legislator has introduced a bill to require all of that state’s professional sports teams to treat cheerleaders as employees, with full workplace protections and benefits. The legislation by Assemblywoman Lorena Gonzalez, a San Diego Democrat, arises from lawsuit between the Oakland Raiders and their cheerleaders. Gonzalez, was a cheerleader at Stanford and was a labor organizer before she was elected to the Assembly in 2013. Her cheerleader bill may get a hearing in March. In their suit Oakland’s cheerleaders claimed they were paid a flat fee of $125 a game, were required to attend 10 “charity appearances” without pay and could face being “benched” from games without pay if they appeared “too soft.” The Raiders settled the suit for $1.25 million  and agreed to raise cheerleader pay to all of $9 an hour, California’s minimum wage.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
http://www.marketwatch.com/story/consumer-spending-falls-by-most-in-5-years-2015-02-02
http://www.marketwatch.com/story/california-legislator-wants-more-pay-for-nfl-cheerleaders-2015-01-31
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