C M Y K A16
DAILY 03-11-10 MD RE A16 CMYK
A16 R KLMNO THURSDAY, MARCH 11, 2010
WASHINGTON BUSINESS
In rising jobless rates,
Unemployment
Solid footing for the overdraft overhaul
The unemployment rates for
experts see good sign
the District, Maryland and
Virginia all rose in January,
while the U.S. rate decreased. I
’ve been noticing a lot of notice
fatigue lately. By now, you may
have become a bit
overwhelmed with
something,” said Ann D. Lang,
Monthly unemployment rates
correspondence from your bank
Bump signals that more
senior economist at the Virginia
12%
or credit union about mandated
people around D.C. are
Employment Commission. She 12% changes to your credit card
said the state’s labor force grew by District account.
looking for work again
30,000 in January, even though
9.7
Well, I’m sorry to tell you this,
MICHELLE SINGLETARY
10
the number of unemployed peo- but you’ve got to stay alert to even
The Color of Money
ple rose and the number of em-
U.S.
7.5 more changes concerning not just
by V. Dion Haynes ployed declined.
8
your credit card but also your
Officials in the District and in bank account.
Unemployment rates rose in Maryland say they also are seeing
6
The Federal Reserve has issued
the District, Maryland and Vir- early signs of recovery in the job new rules that will kick in July 1
6.9
ginia in January, a shift that econ- market.
Maryland
giving consumers additional
omists said could be a positive The District experienced the
4
options regarding overdraft
sign for the economy because it nation’s largest monthly increase
Virginia
protection. Financial institutions
suggests that discouraged job- — 1 percent — in the number of 2 won’t be able to sign you up for
seekers are feeling more optimis- jobs, according to the federal data. overdraft services automatically.
tic about their prospects and have That represents the addition of As with any such change, there’s
resumed looking for work. 6,700 jobs, mainly in the federal
0
J F M A M J J A S O N D J
always some confusion. So the
The District’s jobless rate in- government, according to the Fed has recently created an
2009 ’10
creased to 12 percent in January city’s Department of Employment online publication on the new
from 11.9 percent the previous Services.
SOURCE: Bureau of Labor Statistics
banking overdraft rules. I
THE WASHINGTON POST
month, according to data released Officials at the agency say the recommend, even in your
Wednesday by the federal Bureau city’s labor force grew by 3,300 information-overloaded state of
of Labor Statistics. Maryland’s from January 2009 to January The share of employers who are mind, that you take the time to
rate climbed to 7.5 percent from 2010, and they are seeing more job planning no changes in their staff read the publication, particularly
KEVIN LAMARQUE/REUTERS
7.4 percent, while in Virginia, the postings and job fairs held by levels — 73 percent — was the if you frequently use overdraft Banks won’t be able to charge overdraft fees unless you let them.
jobless rate rose to 6.9 percent large employers, including Safe- same in the first and second quar- protection.
from 6.8 percent. That same way and Pepco. ters. On
www.federalreserve.gov, you may have a line of credit or domino effect with her account,
month, the U.S. unemployment “It’s a sign of economic recov- “Perhaps people who dipped click on the link that says, “What link to your savings account. triggering the fees. She told the
rate dropped to 9.7 percent from ery: People are coming back into their foot in the hiring waters You Need to Know: New Before you sign anything from officer she was out of work, and
10 percent in December. the labor market looking for jobs,” didn’t [suffer] and will continue in Overdraft Rules for Debit and your financial institution, visit the fees — several of them — ate
“Maryland, Virginia and the said agency Director Joseph P. the hiring pace,” said Tim Namie, ATM Cards.” You will find a the Federal Reserve’s site and find into money she needed for other
District are where the labor mar- Walsh Jr. As they return, he add- Manpower’s managing director. summary of the new rules, out what you are agreeing to. necessary expenses. He would not
ket is advanced in terms of recov- ed, “they are counted brand new Maryland’s labor force grew by including a sample of the notice Here’s a synopsis of the new budge.
ery. Many people are beginning in the unemployment rate.” 1,400 in January, the first increase you should be getting in the mail rules: For this customer, it would
their job search, and as they be- A study released Tuesday by since May 2008, state officials from your bank or financial a71 If you open a new account on have been better if the bank had
gin, that rate gets higher,” said Manpower suggests that the said. The number of unemployed institution. or after July 1, your bank cannot just denied the transactions
Anirban Basu, chairman and chief Washington region will have one people rose by 5,100, but the num- If you haven’t received a notice, charge you overdraft fees for rather than hitting her with
executive of Sage Policy Group, a of the strongest job markets in the ber of people who lost their jobs you should expect it in the debit card and ATM transactions onerous overdraft fees.
Baltimore economic and policy nation, with hiring picking up totaled 3,700. State officials spec- coming months. The notice is unless you opt in. The ease of using a debit card
consulting firm. substantially in the second quar- ulate that the balance of 1,400 supposed to explain your choices a71 Starting Aug. 15, if you are an allows people to swipe first and
The Bureau of Labor Statistics, ter. were workers reentering the labor concerning your financial existing account holder and have balance their account later. But a
which revised the District’s De- Asked about their hiring plans, force. institution’s overdraft protection not opted in, your debit card and transaction of only a few dollars
cember rate down by 0.2 percent- 23 percent of D.C. area employers “If we have any optimism we’ve products, including fees. ATM transactions will be can end up costing quite a bit,
age points and the rates in Mary- surveyed said they plan to in- got to keep it tempered, because it The Fed’s final rules prohibit declined if you don’t have enough especially when a single overdraft
land and Virginia down by 0.1 crease staff in the second quarter, is a modest increase — but it’s a banks and others from charging money in your account. fee can be as high as $35.
points, counts only people work- compared with 14 percent who step in the right direction,” said overdraft fees on ATMs and a71 At any time, you can choose to Here’s what I would
ing or actively looking for work as said so in the first quarter. Only 3 Tim Bibo Jr., research analyst at one-time debit card transactions, opt in or out of overdraft recommend. Because you have
being in the labor force. percent said they plan to cut staff the Maryland Governor’s Work- unless a consumer opts in to the protection. the ability to opt out and then opt
Rising unemployment as a posi- in the second quarter, compared force Investment Board. overdraft service. If you have a banking account, back in, try running your
tive sign may sound counterintui- with 9 percent in the first quarter.
haynesd@washpost.com An overdraft occurs, of course, you have a decision to make. financial affairs for several
tive, but economists explain it this when you make a purchase Which way should you go? months without overdraft
way: The increase suggests that without enough money in your It depends on how disciplined protection. You may find that you
long-term unemployed people in account to pay for it. If you have you are. Having overdraft become a better money manager
the D.C. area who had given up overdraft protection, your protection for the occasional without the false sense that you
looking for work have restarted financial institution will cover the slip-up won’t break your bank. have a backup option.
their job hunt, perhaps because transaction but charge you a fee. For many people, an irregular fee
singletarym@washpost.com
they see evidence that the region’s When there are major changes is not a big deal. But for others,
economy is improving and that like this, I don’t just rely on what this overdraft protection racks up Readers can write to Michelle
employers are beginning to hire my institution says. I look for fees they can’t afford. Singletary at The Washington
again. On the other hand, the de- additional, unbiased information. I was at my bank not too long Post, 1150 15th St. NW,
clining national rate indicates The Fed’s online publication ago when I overheard the soft Washington, D.C. 20071.
that discouraged workers else- nicely explains the difference whimpering of a nearby
where have remained out of the between standard overdraft customer. Comments and questions are welcome, but
labor force because they do not services and overdraft protection The woman was begging a because of the volume of mail, personal
see any reason to look for work. plans. With a standard service, bank officer to reverse some responses are not always possible. Please note
“You do have people coming
MARVIN JOSEPH/THE WASHINGTON POST
your bank charges a flat fee each overdraft fees. She admitted that that comments or questions may be used in a
back thinking things are loos- As the area’s economy starts to recover, employment officials say they time you overdraw your account. she had made some small future column, with the writer’s name, unless a
ening up and they might get are seeing more job fairs and job postings. In an overdraft protection plan, purchases that had resulted in a specific request to do otherwise is indicated.
Monitor your investments at
washingtonpost.com/markets.
THE MARKETS
Data and graphics by
Daily Stock Market Performance S&P 500 Industry Group Snapshot Commodities
Daily YTD
Index
Daily Daily
Close % Chg % Chg
Daily
Industry Group % Chg
–2.5% 0 +2.5% Futures Close % Chg Close % Chg
Dow Jones Industrial Average 10,567.33 0.0 +1.3
Internet Software & Svcs 2.31
Copper $3.3550 –1.3 Orange Juice $1.4955 +0.3
10,900 Commercial Banks 2.20 Corn $3.5550 –0.9 Silver $16.99 –1.9
Semiconductors & Semi Eqp 1.76
Crude Oil $82.09 +0.7 Soybeans $9.5200 +1.1
9900
Divers Financial Svcs 1.67
Gold $1108.10 –1.3 Sugar $0.1969 –3.1
8900
Containers & Packaging 1.41
Natural Gas $4.56 +1.0 Wheat $4.7075 –1.6
Household Products –0.57
7900
Construction Materials –0.61
Value of $1000 invested for the past: day month
Daily
6900
Real Estate Mgmt & Dev –1.41
Exchange-Traded (Ticker) % Chg $800 $1000 $1200
Auto Components –1.70
Coffee (COFF.L) –0.4
Nasdaq Composite Index 2358.95 +0.8 +4.0
Gas Utilities –2.48
Copper (COPA.L) 0.1
2400 Corn (CORN.L) –1.2
International Stock Markets Cotton (COTN.L) –1.2
2000
Crude Oil (CRUD.L) 1.3
Daily YTD % Chg
Americas Close % Chg –9% 0% +9%
Gasoline (UGAS.L) 1.7
1600 Brazil (Bovespa) 69,979.28 0.6
Gold (BULL.L) –0.1
Canada (S&P/TSX Comp.) 11,961.06 0.4
Natural Gas (NGAS.L) –0.9
1200 Mexico
Silver (SLVR.L) 1.4
(Bolsa) 32,505.76 0.0
Europe
S&P 500 Index 1145.61 +0.5 +2.7
Eurozone
Gainers and Losers from the S&P 1500 Index
(DJ Stoxx 600) 258.24 0.6
1200
France (CAC 40) 3943.55 0.9
Daily Daily
Gainers Close % Chg Losers Close % Chg
1100 Germany (DAX) 5936.72 0.9
Psychiatric Sol $29.00 21.3 Cbeyond Inc $11.17 –8.9
1000
U.K. (FTSE 100) 5640.57 0.7
Vicor $12.17 17.5 Collective Brands $22.27 –7.2
900
Asia Pacific
Kinetic Concepts $49.50 14.3 Superior Well Svcs $15.92 –7.0
Australia (ASX 200) 4820.00 0.0 Digi International $12.30 11.8 EQT Corp $44.68 –5.7
800
China (CSI 300) 3279.69 –0.8
Zale Corp $3.23 11.0 J Crew Group Inc $44.96 –4.3
700
M A M J J A S O N D J F
Hong Kong (Hang Seng) 21,208.29 0.0
American Intl Group $36.24 10.6 Standard Register $6.21 –4.2
Japan
Sonic Corp $9.88 10.0 Compellent Tech $15.71 –3.9
(Nikkei) 10,563.92 0.0
Dow Jones 30 Industrials
Quiksilver $3.38 9.0 Cantel Medical Corp $19.74 –3.4
Helix Energy Sol $14.27 8.9 Fred's Inc $10.81 –3.4
Daily YTD Daily YTD
Cross Currency Rates
Nautilus Inc $4.35 8.5 Rewards Network $13.91 –3.3
Company Close % Chg % Chg Company Close % Chg % Chg
3M 81.56 –0.5 –1.3 IBM 125.62 0.1 –4.0
US $ EU
Brunswick Corp $15.84 8.0 Phase Forward Inc $12.08 –3.3
€ Japan ¥ Britain £ Brazil R$ Canada $ Mexico $
Alcoa 13.57 –0.7 –15.8 Intel 21.19 1.2 3.9
EthanAllenInteriors $21.78 7.5 Equity One $18.41 –3.2
AmExp 39.72 0.1 –2.0 J&J 64.29 0.0 –0.2
US $ per 1.3654 0.0110 1.4977 0.5654 0.9750 0.0794
Frontier Oil $14.45 7.4 Standex Intl Corp $26.82 –3.2
AT&T 25.52 –0.2 –9.0 JPMorgCh 42.93 1.2 3.0
EU € per 0.7324 0.0081 1.0969 0.4141 0.7141 0.0582
Williams-Sonoma $24.39 6.5 Boston Beer $50.10 –3.2
BoA 17.11 1.8 13.6 Kraft Foods 29.38 0.5 8.1
Boeing 70.01 3.3 29.3 McDonald's 64.94 –0.2 4.0 Japan ¥ per 90.5400 123.6100 135.5900 51.1875 88.2800 7.1880
ZionsBancorporation $20.49 6.4 QuanexBuildingProd $16.82 –3.1
Caterpillar 58.78 –0.7 3.1 Merck 36.67 –1.0 0.4 Holly Corp $29.62 6.4 Aerovironment Inc $23.06 –3.1
Chevron 73.96 –0.5 –3.9 Microsoft 28.97 0.6 –5.0
Britain £ per 0.6677 0.9117 0.0074 0.3775 0.6510 0.0530
MEMC Electronic $13.63 6.2 Meritage Homes Corp $22.81 –3.1
Cisco 25.87 –1.0 8.1 P&G Co 63.01 –0.5 3.9
Brazil R$ per 1.7688 2.4150 0.0195 2.6493 1.7246 0.1404
Coca-Cola 54.20 0.0 –4.9 Pfizer 17.15 –0.5 –5.7
Synovus Financial $2.90 6.2 Intl Speedway $27.28 –3.1
DuPont 35.20 –0.1 4.5 Travelers 52.89 –1.3 6.1 Canada $ per 1.0256 1.4003 0.0113 1.5360 0.5798 0.0814
Radiant Systems $13.06 6.2 Louisiana-Pacific $8.28 –2.9
Exxon Mobil 67.22 0.7 –1.4 United Tech 71.79 0.0 3.4
PrivateBancorp $13.80 6.2 Symmetricom $6.22 –2.7
GE 16.51 0.1 9.1 Verizon 29.75 –0.5 –10.2
Mexico $ per 12.5945 17.1967 0.1390 18.8627 7.1200 12.2801
Home Depot 31.71 0.1 9.6 Wal-Mart 53.63 –0.8 0.3
HP 51.78 –0.2 0.5 Walt Disney 33.33 0.1 3.3
Treasury Performance Over Past Three Months
Interest Rates
10-year note 2-year note
Other Measures
Consumer Rates
3.25% 5.00%
Yield: 3.72 Yield: 0.90
Index Close Daily % Chg YTD % Chg
Money market funds 0.81 Bank Prime 30-Year fixed mortgage
5-year note 6-month bill
DJ Total Stock Market Index 11,936.21 0.5 3.8
6-Month CDs 0.80
Yield: 2.38 Yield: 0.20
1-Year CDs 1.21
0.25% 4.35%
Russell 2000 674.93 0.8 7.9
5-Year CDs 2.60
Federal Funds 15-Year fixed mortgage
Post-Bloomberg DC Area Index 199.34 0.6 6.4
New car loan 6.64
0.26% 3.26%
Note: Bank prime is from 10 major banks. Federal Funds rate is the market rate, which can vary from the federal
target rate. LIBOR is the London Interbank Offered Rate. Consumer rates are from Bankrate. All figures as of
CBOE Volatility (VIX) 18.57 3.6 –14.3 Home-equity loan 7.89 LIBOR 3-Month 1-Year ARM
4:30 p.m. New York time.
C M Y K A16
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