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195,000 new jobs in June

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Employers added a better-than-expected 195,000 jobs in June, as the labor market advanced despite huge federal spending cuts and tax increases, and a eurozone recession.
The unemployment rate was unchanged at 7.6%, the Labor Department said Friday.

Economists had estimated that 165,000 jobs were added last month, according to a consensus forecast.
Also encouraging: job gains for April and May were revised up by a total 70,000. April's increase was revised to 199,000 from 149,000, and May to 195,000 from 175,000.

In June businesses added 202,000 jobs, while federal state and local governments cut 7,000. The growth was broad-based, with leisure and hospitality, professional and business services, retail, health care and finance all showing solid gains.

Other barometers of the labor market were mixed. The number of temporary workers rose by 9,500. The addition of contingent workers typically signals more hiring of permanent staffers.
But the underemployment rate — a broader gauge of joblessness that includes people who stopped looking for work and part-time workers who prefer full-time jobs, as well as the unemployed — jumped to 14.3% from 13.8%. The number of so-called involuntary part-time workers increased by 322,000 to 8.2 million.

The average workweek was unchanged at 34.5 hours. Employers typically increase the hours of existing workers before adding new ones. Average hourly earnings rose 10 cents to $24.01.
Leisure and hospitality led job gains with 75,000. Professional and business services added 53,000 and retailers, 37,000. The construction industry added 7,000 jobs while manufacturers cut 8,000.
The construction industry added 13,000 jobs. But manufacturers, still feeling the effects of a eurozone recession and the federal spending cuts, chopped 6,000.

Monthly payroll increases have averaged 202,000 this year, vs. 183,000 in 2012. "Employment growth continues to look more than strong enough to keep unemployment trending down," Jim O'Sullivan, chief U.S. economist of High Frequency Economics, said in a research note.
Last month's solid gains increase the likelihood that the Federal Reserve will begin dialing back its stimulus at its September meeting, RDQ Economics said in a research note. The Fed rattled stock and bond markets recently by saying it could rein in its monthly bond-buying later this year and end it by mid-2014, assuming the unemployment rate falls to 7% by then.

Expectations for strong employment gains were fueled by a payroll processor ADP's report this week that the private sector added 188,000 jobs in June.

Yet the economy has been mixed lately. Home sales have hit pre-recession levels and consumer confidence has surged for three straight months. But reports have shown consumer spending and manufacturing weakening. And last week, the government revised down its estimate for first-quarter economic growth to an annual rate of 1.8% from 2.4%.

Some analysts worry that $85 billion in across-the-board federal budget cuts and a January increase in payroll taxes may still inflict their most severe damage to the economy this summer.

How is Forex Trading Differents?

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If you're wondering why there seems to be so much buzz these days about forex trading, you're not alone. There are a number of reasons why forex trading is one of the hottest "new" investment opportunities for average folks. Fortunately, more and more information is surfacing about forex, making it a great time to start doing your research.

The purpose of this short article is to present a basic overview of key aspects which differentiate forex from other investment vehicles with which most of us are more familiar.

Today, the average person has a home computer with an internet connection. In addition, the number of people with a hi-speed broadband connection is rapidly increasing. This places a power and control in our hands that we've never before experienced. It's no longer necessary to have to rely upon the technical infrastructure of banks, brokerage firms and mutual fund advisors. This is incredibly significant. The internet represents more and more independence and choice for the individual to handle investing activities.

The nature of forex fits right in with the independence and freedom of having your internet connection. You can trade anytime from anywhere, starting with a very low investment; under $1000. There are no fees to pay and although the currency market is very liquid, it's also very predictable. You can also make money whether markets are up or down. That's why it works. The really fun thing is that you can get online and practice by paper trading and learn without any risk. Then, after gaining a better understanding of how it works, you can begin with a small amount and make it grow.

Previously, only the "big boys" and financial institutions were in-the-know about forex trading and very active in it as well. Seasoned investors have also been involved over the last few years. Experienced stocks and commodities traders have discovered the power of forex trading. The daily forex trading volume is said to be somewhere in the neighborhood of 1.5 trillion dollars, which is 30 times the combined volume of all the US equity markets. That's some pretty tall talking, but certainly worthy of your investigation. Now, because of certain regulatory changes that occurred in the late '90's and the explosion of home computing & internet technology, forex has become an investment opportunity that most people can be involved with in the comfort of their home as they control their own investment strategies.

Like I said, this is really just a light overview, but I urge you to give some attention to forex trading and discovering more about it. You may find it quite rewarding.

Finding a Forex Broker

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Foreign exchange is the largest financial market and everyday new investors plan to jump in when they learn of the benefits, that is, high returns on investment which is as high as 20% per month a month. However, inexperience and over enthusiasm can only do bad and bring in losses so, you'll need an experienced forex broker to help you put your money in the right place at the right time.

A forex broker with a cool head, preferably with a long list of satisfied clients and experience is the right guy. Once you've found the right forex broker, all that's to be done is, keep a regular check on your investments and it is advised to do it independently to avoid scams, because one can never know. So, how to find the right forex broker, is that the question? Well, good news, this article was written just for you.

In a market where cash flows faster than the F1 circuit, scams should come as no surprise even with reputed names and it's your responsibility to be aware of where the money is and keep a check on the movement and earnings. Different people prefer different levels of risk and depending on that factor you might like to check how different forex broker work and then select the one from them.

Even before you start the search, remember to strike down brokers promising windfalls, they are scams without doubt and same for brokers who are promising huge profits or no risk. Trading always involves some form of risk because of the nature of the market which you must be prepared to incur.

Make sure to check the spread of the forex broker as that's where they earn their money, read their terms of service carefully and check the services offered. There might be a lot of services being offered upfront at no cost but you might be billed for them later on, so make sure to sign up only for the services that are required.

A forex broker is a long term partner for financial success so, make sure to research their background well. All that's to be done is put in a little effort by checking the credibility of the forex broker or company upfront for peace of mind in long term.

It’s Time for a New Broker

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Every so often, a story so perfectly illustrates what can go wrong when you trust someone with your money that it serves as a kind of user’s manual for any investor who comes along afterward.

And so it is with the tale of Philip David Horn, the Wells Fargo broker who recently pleaded guilty to trading in clients’ accounts, canceling the trades and helping himself to the profits. He may very well end up in jail, just as soon as the federal judge can figure out how much money is at stake and how to make those clients whole.

All the juicy stuff is here, as my colleagues Jessica Silver-Greenberg and Susanne Craig laid out in a front-page article last month. There are the country club solicitations (and confrontations), the brokerage firm that finally figured out what was going on after more than two years and the chastened Mr. Horn putting 800 hours into volunteer work and begging the judge to keep him out of prison.

But on the other side of those trades were sophisticated clients, including a lawyer and retired pharmaceutical and aerospace executives. They didn’t notice what was going on, something that Wells Fargo’s lawyer pointed out four times in just a few minutes at a hearing last month in Los Angeles.

So should Mr. Horn’s clients have seen this coming? Perhaps not. But could they have? In hindsight, there were four signs that things weren’t quite right.

BROKER BRAGGING Mr. Horn reportedly bragged on the Braemar Country Club golf course in Tarzana, Calif., about his trades and then pulled paper records out of the trunk of his car in the country club parking lot to back up his boasts.

This is objectively odd behavior. Pitches should take place in an office or at a meeting spot of a potential client’s choosing, over a sober deck of PowerPoint slides perhaps.

And if financial advisers are going to toot their own horns about the good they’ve done for others, you should be hearing about how they persuaded clients not to sell all of their stocks in the first quarter of 2009 when stocks were at their nadir, even though they desperately wanted to. Or you should be hearing that the adviser regularly informs clients of perfectly legal tax-saving maneuvers that they never even knew about. And you should be looking for an emotionally intelligent counselor who can negotiate a truce between you and your spouse over spending disputes.

If brokers want to brag about past performance, however, ask them this: Can you show me audited, long-term results across every part of all of your clients’ portfolios? And can you guarantee that your good calls were related to skill and not luck?

BROKER TRADING The couple who suffered the most losses had multiple accounts with Mr. Horn, and their monthly statements, in aggregate, often ran more than 300 pages. Mr. Horn hid his in-and-out trading among all that verbiage.

Like it or not, if you’re putting your money in somebody else’s hands, you have the responsibility to read every line of your statements every month. People like Mr. Horn, who was a friend to many of his clients until he wasn’t, count on the fact that you won’t.

“I think the victims were picked because they weren’t paying attention to their accounts, because each and every trade was documented,” said Stephen Young, Wells Fargo’s outside counsel in this case, according to a court transcript of a sentencing hearing in January.

Then if there is a lot of trading going on, you have the right to ask why. In a 1999 paper in the American Economic Review titled “Do Investors Trade Too Much?” Terrance Odean, now a professor the Haas School of Business at the University of California, Berkeley, answered in the affirmative.

His 1999 research, which examined a group of discount brokerage customers, found that on average the things investors buy actually underperform the things they held in the first place. Their returns are reduced through trading.

In a 2009 paper that Mr. Odean wrote with three others, the group tried to figure out exactly how much individual investors lose by trading. Using data from Taiwanese investors, they determined that the answer was a whopping 3.8 percentage point penalty annually on overall portfolio performance. In an e-mail this week, Mr. Odean said that he believed that these conclusions could be extended to brokers trading actively for their clients, though he has never studied this explicitly.