Business cover briefs for Sept. 9, 2012
Business cover briefs for Sept. 9, 2012
In brief
Job market
still healing
The U.S. job market still has miles to go just to get back to where it was before the Great Recession. The economy lost nearly 8.8 million jobs from when employment peaked in January 2008 until it bottomed in February 2010. Including the 96,000 jobs added in August, the U.S. has regained fewer than 4.1 million jobs of those lost, which helps explain why this is by far the feeblest recovery since World War II.
Many funds see decline
NEW YORK — Total U.S. money market mutual fund assets fell $870 million to $2.570 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday. Assets of the nation's retail money market mutual funds fell $710 million to $886.17 billion, the Washington-based mutual fund trade group said. Assets of taxable money market funds in the retail category fell $1.11 billion to $697.49 billion. Tax-exempt retail fund assets rose $400 million to $188.68 billion. Meanwhile, assets of institutional money market funds fell $160 million to $1.684 trillion. Among institutional funds, taxable money market fund assets fell $1.56 billion to $1.601 trillion. Assets of tax-exempt funds rose $1.40 billion to $82.87 billion. The seven-day average yield on money market mutual funds was unchanged at 0.02 percent from the previous week, according to Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass. The 30-day average yield was unchanged from last week at 0.02 percent. The seven- and 30-day were both flat at 0.02 percent, Money Fund Report said.
Associated Press
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