We begin today with the latest results from the Business Roundtable survey which goes out to 140 top CEOs around the country each quarter. The 3Q survey found that more than double the number of CEOs plan on layoffs just ahead than in the 2Q. The CEO Economic Outlook Index fell for the second quarter in a row to the lowest level since late 2009.
Following that discussion, we look at the latest economic reports. While there were a few encouraging spots, most of the reports indicate that the economy is slowing down. Consumer confidence remains in the tank. Last Friday, the Economic Cycle Research Institute (ECRI) declared that a new recession has begun. That news sent stocks sharply lower yesterday - what else is new?
Next, we move on to President Obama's $450 billion jobs bill. Few people know it, but this bill would allow unemployed people applying for jobs to sue those employers if they are turned away because they've been unemployed for a while. I'm not for job discrimination of any kind, but this is ridiculous. Fortunately, the jobs bill is "dead-on-arrival" in the Congress.
In closing, I will update you on the wildfire epidemic here in Texas. Thanks to all who have called or e-mailed to check on us!