Description
Entrepreneurship Takes The Stage
Page: Money_f Pub. date: Saturday, December 8 Last user: cci Edition: 1st Section, zone: Business, Herald Last change at: 20:16:19 December 7
MONEY
SATURDAY, DECEMBER 8, 2012 | EDITOR: JANE WOOLDRIDGE [email protected] | 305-376-3629
C
H1
The latest twist from
the Federal Reserve, 2C
Tax breaks
If you haven’t paid your property taxes
yet, you still have time to get a dis-
count. Pay in December and save 3
percent, in January and save 2 percent
or in February and save 1 percent.
Business Monday
? Cover Story: AutoNation is in the
fast lane with rising profits and
revenues.
? Industry spotlight: Intellectual
property lawyers are finding new niche
in the digital world.
CONSUMER TIP COMING UP
By Teresa Mears
South Florida
Lifestyle Costs
THE WEEK
AHEAD
By Tom Hudson of the
Nightly Business Report
FLAMINGO
INDEX
Mojitos
$15
Average of three SoBe bars
One by one, representatives from
six startup companies walked onto
the wooden stage and presented
their products or services to a full
house of about 200 investors, men-
tors, and other supporters Thurs-
day at Incubate Miami’s DemoDay
in the loft-like Grand Central in
downtown Miami. With a large
screen behind them projecting their
graphs and charts, they set out to
persuade the funders in the room to
part with some of their green and
support the tech community.
Just 24 hours later, from an elab-
orate “dojo stage,” a drummer
warmed up the crowd of several
hundred before a “Council of El-
ders” entered the ring to share wis-
dom as the all-day free event
opened. Called TekFight, part edu-
cation, part inspiration, and part en-
tertainment, the tournament-style
program challenged entrepreneurs
to earn points to “belt up” through-
out the day to meet with the “mas-
ters” of the tech community.
The two events, which kicked
off Innovate MIA week, couldn’t
be more different. But in their own
ENTREPRENEURSHIP
Entrepreneurship takes the stage
AT TEKFIGHT: Sunny Singh opens the all-day entrepreneurship
event Friday at Miami Dade College’s Wolfson Campus.
MARICE COHN BAND/MIAMI HERALD STAFF RENTJIFFY FOUNDER: Jonathan
Addison makes a pitch for his
company at Incubate Miami.
C.W. GRIFFIN/MIAMI HERALD STAFF
? Kickoff events for Innovate MIA week showcase tech
startup ventures in traditional and innovative ways.
BY NANCY DAHLBERG
[email protected]
MiamiHerald.com/business
See more photos from
Innovate MIA week
•TURN TO TECHNOLOGY, 8C
DALLAS — Pilots at American
Airlines approved a new labor
contract, which could clear the
way for consideration of a merger
with US Airways.
The pilots’ union announced
Friday that 74 percent of its mem-
bers voted to ratify the contract.
Pilots rejected a similar offer in
August, but union leaders lobbied
hard for passage the second time
around.
Under the contract, pilots will
get pay raises and own 13.5 percent
of American Airlines’ parent
AMR Corp. after it emerges from
bankruptcy protection.
Union officials and analysts say
the vote gives AMR creditors cer-
tainty about the company’s labor
costs, making it easier for them to
weigh which gives them more
money — American on its own, or
getting bigger through a merger
with US Airways.
“This contract represents a
bridge to a merger with US Air-
ways,” said union spokesman
Dennis Tajer. He said the vote
“should not in any way be viewed
as support for the American
stand-alone plan or for this cur-
rent management team.”
American also hailed the vote
as a key step in its turnaround af-
ter years of heavy losses.
The pilots’ vote “gives us the
certainty we need for American to
successfully restructure,” said De-
nise Lynn, American’s senior vice
president of people, in a state-
ment. She added that “the mod-
ernization of our company is well
under way, and we remain focused
on emerging as a competitive,
world-class airline.”
American employs 9,000 work-
ers at its Miami International Air-
port hub.
“The members of the unions
and other employees are relieved
this part of the process is over,”
Sidney Jimenez, president of
Transport Workers Union 568,
said in an email to The Miami Her-
AIRLINES
Pilots at
American
approve
new labor
contract
? The last piece of American
Airlines’ labor puzzle fell into
place when 74 percent of the
pilots voted to ratify a 6-year
contract. Up next: Merger
talks with US Airways.
BY DAVID KOENIG
Associated Press
•TURN TO CONTRACT, 4C
By this time of year, Libby Winslow usually
doesn’t have a penny left in her healthcare Flex-
ible Spending Account. But this year, she has
been so busy at her Miami accounting firm job
that she has put off some annual check-ups and
doctor visits. Now Winslow has $300 to $400
left of her Flexible Spending Account money to
spend by year’s end, or she will lose it.
“I usually spend it all by the end of the year,
but I’ve been procrastinating things like going
to the dentist,” she said.
Winslow is not alone.
Healthcare Flexible Spending Accounts are
an employee benefit that allows workers to set
aside a certain amount to use pre-tax for
healthcare costs. But there is a “use it or lose
it” rule: Any dollars left in FSAs at the end of
the plan year are forfeited. (Some employers
allow a grace period of 2 months and 15 days
after the plan year to use up the money.)
About 20 percent of people who don’t use
up all their FSA money forfeit $500 or more,
according to the Employers Council on Flex-
ible Compensation. About 40 percent of par-
ticipants forfeit at least $1.
“I like having the FSA because I go to holis-
tic and alternative doctors, who are not cov-
ered by health insurance,” Winslow said. “But
I can deduct them from my FSA account.”
If you have a pot of money left to spend in
your healthcare Flexible Spending Account,
you’re probably biting your nails as the year
draws to a close. But you don’t have to wave
goodbye to your hard-earned cash yet. Here
are some last-minute tips from the experts on
how you can best manage and spend the rest
of your FSA money:
KNOW WHEN YOUR PLAN YEAR ENDS
Some are calendar year, but plans can end at
•TURN TO FSA, 4C
YOUR MONEY NOW
HOW TO USE FLEXIBLE
SPENDING ACCOUNTS
? Most Flexible Spending Accounts
have rules that all the money must be
used or it will be forfeited.
BY JULIE LANDRY LAVIOLETTE
Special to The Miami Herald
/MCT FILE
With only a few weeks left in
the year, now is an ideal time to
review your investment portfolio
and take advantage of any poten-
tial tax breaks by Dec. 31. It’s a
good idea to sit down with your
financial advisor before the holi-
day season gets into full swing
and look for ways to help reduce
your 2012 income taxes.
That tax-planning strategy is
particularly important this year,
since it’s possible
that some rates
may go up on Jan.
1. That’s when the
so-called Bush
tax cuts are
scheduled to ex-
pire, unless Presi-
dent Barack Oba-
ma and Congress agree to extend
those lower rates before year
end.
Regardless of what happens in
Washington, there are steps you
can take to help improve your fi-
nancial situation. Here are some
strategies to consider.
1. Maximize your contribu-
tions to a retirement plan.
Whether you have a 401(k) plan
at work, a traditional individual
retirement account (IRA) or a
SEP-IRA for the self-employed,
add up your 2012 contributions to
date. Then, see whether you can
add to that total before year-end.
Also, check to see if your employ-
er will match those contribu-
tions, putting even more money
into your account.
Remember that every dollar
you put into these types of retire-
ment plans can potentially re-
duce your current income by the
same amount. If you contribute
$10,000 this year, you may be able
to subtract that from your adjust-
ed gross income on your 2012 re-
turn. Your tax advisor can help
you determine the deductibility
•TURN TO INVESTING, 3C
INVESTING
5 strategies to consider for year-end tax planning
MENACHEM
BY ANDREW MENACHEM
Special to The Miami Herald
Page: BizPlus Pub. date: Saturday, December 8 Last user: timwhite Edition: 1st Section, zone: Business, Herald Last change at: 19:55:26 December 7
MONEY
THE MIAMI HERALD | MiamiHerald.com H1 SATURDAY, DECEMBER 8, 2012 | 3C
FLORIDA BRIEFS
• RETAIL
H&M to open in
Aventura on Friday
For South Florida fashionistas who haven’t yet
gotten their fill, H&M will open its second Miami-
area store on Friday, Dec. 14, at Aventura Mall.
The store will open at noon. The first 250 shop-
pers in line will get an H&M T-shirt and an Access to
Fashion Pass discount coupon, valued anywhere
from $10 to $300.
The new store will be two floors with more than
20,000 square feet of space, located in the former
Zara space. H&M opened its first Miami-area store
last month on Lincoln Road. The Aventura store will
have a children’s department, which the Miami
Beach store does not have.
ELAINE WALKER
? Survey says S. Fla. leads in financial securi-
ty: According to an AIG Life and Retirement survey
released this week, 49 percent of Miami-area resi-
dents 55 and older say they feel less financially se-
cure now than they did a year ago, which is the low-
est percentage among eight metro areas surveyed.
In addition, 34 percent of Miami-area residents
feel very financially prepared to achieve financial
independence in retirement, which is the highest
percentage among the eight areas surveyed, accord-
ing to the findings from the AIG Retirement Re-Set
Survey, conducted in partnership with Age Wave, a
research firm that studies aging issues.
Among other findings: 75 percent of Miami-area
residents say the recent economic uncertainty has
provided a financial wake-up call and 80 percent
said they were taking a more cautious approach to
investing.
Overall, AIG said the latest survey shows that
despite an improving economy and rebounding stock
market, Americans are sticking to a new strategy
that embraces caution in spending and saving for
their retirement.
INA PAIVA CORDLE
? Walgreens store sold for $30 million: Marcus
& Millichap Real Estate Investment Services said
Friday that it has arranged a $30 million sale of a
22,857-square-foot Walgreens drugstore at 5th Street
and Collins Avenue in Miami Beach. The price,
which equates to $1,312 per square foot, is the second
highest paid for a drugstore in the United States this
year, the real estate firm said.
Trans World Entertainment Corp. was the seller of
the property, which was purchased by an unnamed
international investor, who paid all cash, Marcus &
Millichap said.
Walgreens will continue to lease the property,
through a 60-year, triple-net lease that began in July
2008, with 25 years firm, the company said.
INA PAIVA CORDLE
? Armani Jeans opens: The first Armani Jeans
store in the U.S. opened this week on Lincoln Road.
Launched in 1981, the Armani Jeans brand features
not just jeans, but a range of casual clothing, acces-
sories, shoes, and small leather goods for men and
women. Prices start at around $125 and go up to $650
for limited-edition products.
The 2,100-square-foot store is located at 741 Lin-
coln Road. The company has 33 Armani Jeans stores
in London, China, and Japan. But until now in the
U.S., the Armani Jeans brand has typically been sold
at select Emporio Armani stores.
NATIONAL/INTERNATIONAL
Dow, S&P end week
higher; Nasdaq falls
Stocks rose in early trading because of an encour-
aging headline number from the government’s
monthly jobs report but ended the day mixed. By the
end of the day, a big decline in Apple held back the
Standard & Poor’s 500 and the Nasdaq composite,
both of which include Apple. Apple isn’t included in
the Dow.
The Dow Jones industrial average rose 81.09, or 0.6
percent, to 13,155.13. The S&P rose 4.13, or 0.3 percent,
to 1,418.07. The Nasdaq composite index fell 11.23, or
0.4 percent, to 2,978.04.
For the week: The Dow rose 129.55, or 1 percent.
The S&P rose 1.89, or 0.1 percent. The Nasdaq fell
32.20, or 1.1 percent.
MIAMI HERALD STAFF AND WIRE REPORTS
Pe- Stk of pay-
riod rate record able
IRREGULAR
D.R. Horton x .15 12-17 12-21
x- Paying all of 2013 regular amounts in
Dec.
Marchex x .14 12-18 12-31
x- Paying all of 2013 regular amounts in
Dec.
Seaboard Corp x 12.00 12-17 12-28
x- Paying $3 per year covering 2013-2016
Tri-Continen Crp Q .19 12-18 1-2
Washington Post x 9.80 12-17 12-27
x- Paying all of 2013 regular amounts in
Dec.
STOCK
JA Solar Hldgs x * * *
x- 1 for 5 reverse split, effective 12-10.
INCREASED
AG Mtge Inv Tr Q .80 12-18 1-28
Assoc Estat Rlty Q .19 1-5 2-1
C.H. Robinson Q .35 12-17 12-31
Ecolab Q .23 12-18 12-28
Emcor Group Q .06 12-18 12-28
Graco Inc Q .25 1-22 2-6
Hanover Insur Q .33 12-17 12-28
J.B. Hunt Transp Q .15 12-17 12-28
Linear Tech Q .26 12-17 12-28
Morningstar Inc Q .125 12-17 12-28
Univ Hlth Rlty Q .62 12-17 12-31
REVISION
Cohu Inc x Q .06 11-23 12-28
Ill Tool Wks x Q .38 12-18 12-31
Kaydon Corp x Q .20 12-10 12-28
RPM Intl x Q .225 12-17 12-28
x- Above previously announced regular
distributions will be paid in Dec. rather
than Jan.
SPECIAL
Abaxis Inc * 1.00 12-17 12-28
Cantrb Prk Hldg * .25 12-17 12-31
Einstein Noah * 4.00 12-17 12-27
Emcor Group * .25 12-18 12-28
Evolving System * .15 12-20 12-26
Expedia * .52 12-17 12-28
Friedman Inds * .50 12-18 12-28
GlobalScape * .07 12-17 12-27
HCA Holdings * 2.00 12-17 12-21
Heritage Fincl * .20 12-17 12-27
Hyster-Yle Matls * 2.00 12-17 12-27
Innovative Solu * 1.50 12-17 12-28
Insteel Inds * .25 12-19 12-28
PAM Transport * 1.00 12-17 12-28
Shoe Carnival * 1.00 12-17 12-28
Syntel * 2.25 12-18 12-28
Tower Financial * .50 12-20 12-27
REGULAR
Amer Greetings Q .15 12-19 12-28
Arcos Dorados Q .0597 12-20 12-26
Atlantic Tel-Net Q .25 12-20 12-31
Bank Nova Sct g Q .57 1-2 1-31
DTE Energy Q .62 12-19 1-15
Essex Prop Tr Q 1.10 1-2 1-15
GFI Group Q .05 12-17 12-27
Hersha Hosp Tr Q .06 12-31 1-15
Idex Corp Q .20 1-11 1-31
Ingles Markets Q .165 12-21 12-31
Interval Leisure Q .10 12-17 12-27
Jefferies Group Q .075 12-21 12-31
Kilroy Realty Q .35 12-31 1-15
Knoll Inc Q .12 12-17 12-31
Lakeland Finan Q .17 12-18 12-31
Lennox Intl Q .20 12-17 12-28
Lithia Motors Q .10 12-17 12-28
Meta Financial Q .13 12-17 1-1
Micrel Inc Q .0425 12-18 12-27
Packag Corp Am Q .25 12-17 12-28
Pembina Ppln g Q .135 12-31 1-15
Potlatch Corp Q .31 12-17 12-28
Prospect Capital M .11 12-31 1-23
Prospect Capital M .11 1-31 2-20
Ralph Lauren Q .40 12-17 12-28
River Valley Bcp Q .21 12-17 12-31
Ryland Group Q .03 1-15 1-30
Shoe Carnival Q .05 12-17 12-28
Simm First Natl Q .20 12-17 12-31
Steelcase Inc Q .09 12-17 12-28
Syntel Q .06 12-18 12-28
Trinity Inds Q .11 1-15 1-31
UNS Energy Q .43 12-17 12-28
Ventas Q .62 12-17 12-28
g- Payable in Canadian funds.
DIVIDENDS
of any contribution. In addi-
tion, that money can be in-
vested for years, earning in-
terest or dividends with no
income taxes due until you
withdraw the money later
in life.
2. Consider municipal
bonds. Unlike most types of
bonds, the income you re-
ceive from municipal bonds
is typically not subject to
federal income taxes and
may be generally free from
state and local taxes.
That means you may be
able to buy high-quality
bonds issued by states,
counties, cities or other
government agencies with-
out impacting your 2013 tax
return. If taxes go up next
year, it’s possible that those
municipal bonds may rise
in value, providing an even
bigger potential boost to
your investment portfolio.
But be aware that local
governments have differing
credit ratings, so some mu-
nicipal bonds may be a bit
more risky than others. Al-
so, municipal bonds gener-
ally have lower rates than
corporate bonds, reflecting
those tax advantages. You
should review the after-tax
returns on both types of
bonds for a true “apples to
apples” comparison.
3. Review your capital
gains situation. One of the
biggest tax questions facing
investors is whether capital
gains taxes will rise from
the current 15 percent rate
to 20 percent next year.
That could mean a substan-
tial increase in the taxes you
pay on the appreciated val-
ue of your stocks, bonds
and other assets when it’s
time to sell.
Talk with your financial
and legal advisors about
whether it makes sense to
sell some of those assets be-
fore year-end, in order to
take advantage of the poten-
tially lower capital gains
rate. You may also want to
consider selling assets that
have lost value in the past
year to help offset any real-
ized capital gains you may
have.
4. Reduce dividend in-
come. If the Bush-era tax
cuts do expire, dividend in-
come could be taxed at a
much higher rate — possi-
bly more than twice the cur-
rent level for high-income
earners. Therefore, you
may want to review your
portfolio and consider
shifting money away from
assets that pay dividends,
such as many blue-chip
stocks, and into other
sectors.
However, it’s still very
important to retain a diver-
sified investment portfolio,
with assets that can poten-
tially grow in value and help
protect against inflation
risk.
So, don’t let tax consider-
ations be the only driver in
your investment strategy.
For example, you may want
to hold onto some divi-
dend-paying stocks in order
to help stay diversified or
help meet your income
needs.
5. Review your estate
plans. Next year, estate and
gift taxes are scheduled to
go up significantly. There-
fore, you may want to con-
sider transferring some of
your assets to your heirs be-
fore year end in order to
lock in those lower rates.
Again, talk with your finan-
cial or tax advisor, since ev-
eryone’s situation is
different.
So, take the time to re-
view your investment port-
folio with a close look at
your tax situation. After all,
cutting your 2012 tax bill
might be the best holiday
present you could give to
your family.
Andrew Menachem, CI-
MA, CWS is a wealth advi-
sor at the Menachem Group
at Morgan Stanley Smith
Barney in Miami and Aven-
tura and teaches at the Uni-
versity of Miami.
INVESTING
Strategies for year-end tax planning
•INVESTING, FROM 1C
The Veterans Administra-
tion and Miami Jewish
health systems announced a
partnership Friday to lower
government costs in a way
that many experts say is
needed for the feds to avoid
the approaching fiscal cliff.
The arrangement by the
Miami Veterans Healthcare
System is intended to keep
aging vets out of expensive
nursing homes and keep
them living at home with the
support of a coordinated
care network provided by
Miami Jewish Health
Systems.
The cost difference: In-
stead of $80,000 a year per
vet for a nursing home, the
Jewish system will provide
care that will keep the vets
living at home for not more
than $30,000 a year.
Jeffrey Freimark, chief
executive of the Jewish sys-
tem, said the partnership is
“absolutely” an example of
new strategies that can help
lower the nation’s health-
care costs, which are the
highest in the world — al-
most twice as high per cap-
ita as most European
countries.
“There’s no doubt this
program is a triple win,” said
Freimark because it cuts
costs, provides better coor-
dinated care, and makes vets
happy because they don’t
have to abandon their
homes.
The program is open to
Miami area vets who qualify
for Medicare and are classi-
fied as needing nursing-
home care. They will be en-
rolled in the Jewish system’s
Florida Program of All In-
clusive Care for the Elderly
(PACE), which serves pa-
tients through centers in
Northeast Miami and Hiale-
ah. A third PACE center is
scheduled to open early next
year in the Westchester area.
Nurses will visit patients
in their homes — and so will
doctors if necessary, said
Cliff Bauer, the Jewish sys-
tem’s executive director of
community services. But
most of the treatment focus-
es on vans transporting pa-
tients to the PACE centers.
There, patients get primary
care — with a full-time doc-
tor, nurse practitioner, dieti-
cian, and social worker. Re-
habilitation, dental care, and
podiatry care are also avail-
able, along with adult day-
care social activities.
Most patients go the cen-
ters about three times a
week. “We believe very
strongly in the need to con-
tinue socialization” to keep
the elderly active in mind
and body, Bauer said.
The PACE model empha-
sizes the importance of a
“medical home” that offers
“highly coordinated care,”
said Bauer. The Affordable
Care Act emphasizes the
need for such models as a
way to avoid duplication of
services and unnecessary
care. Veterans will continue
to see specialists at the VA
Medical Center in Miami.
HEALTHCARE
VA does deal to cut vet costs
? The Miami Jewish
Health Systems and the
VA announced a deal to
control costs and keep
patients living in their
homes longer.
BY JOHN DORSCHNER
[email protected]
WORLD WAR II VETERAN: Nathan Blond, a member of a new program with Miami
Jewish Health Systems, chats with PACE site administrator Adriana Suarez.
MIAMI JEWISH HEALTH SYSTEMS
WASHINGTON — A sur-
prise drop in the jobless rate
and a new measurement
showing a sharp slide in
consumer sentiment under-
score what’s at stake for a
sluggish economic recovery
threatened by the coming
political showdown in the
nation’s capital.
Employers added a bet-
ter-than-expected 146,000
jobs in November and the
unemployment rate tum-
bled two-tenths of a per-
centage point to 7.7 percent,
the Labor Department said
Friday in a report that sug-
gested the economy is gain-
ing a bit more steam.
But weighing against the
positive numbers, the Uni-
versity of Michigan released
its monthly measurement of
consumer confidence Fri-
day and found that it had
plunged by more than eight
points. It’s a clear indicator
that Washington’s squab-
bling over possible tax in-
creases and steep govern-
ment spending cuts in 2013
is affecting shoppers and
can serve either to kick-start
or hurt growth.
“Bottom line is that the
job market is holding firm
despite rising worries over
the fiscal cliff. If Washing-
ton can get it together rea-
sonably soon, the job market
will kick into a higher gear,”
said Mark Zandi, the chief
economist for forecaster
Moody’s Analytics.
In an investor note, Bank
of America Merrill Lynch
economist Michelle Meyer
said that “businesses have
cut back investment in cap-
ital in the face of the cliff,
they have yet to do so with
labor. This shows some sta-
bility heading into
year-end.”
‘DEEPLY DIVIDED’
Still, worries over bitter
partisan political battles
may affect American shop-
pers’ behavior. On Friday, fi-
nancial and insurance giant
Allstate released its latest
Heartland survey, which al-
so found flagging sentiment.
Asked whether the coun-
try is moving in the right di-
rection, 75 percent of Demo-
crats surveyed said the
economy would improve in
the next year, while 63 per-
cent of Republicans queried
said it would get worse.
“That’s what we’ve seen
consistently in our polls: a
pretty even split, deeply di-
vided,” said Joan Walker, an
Allstate executive vice
president.
The measures of senti-
ment help explain why the
political parties remain so
dug in to their positions as
the “fiscal cliff” approaches.
Missing from Friday’s
jobs report, it seemed, were
the effects of Superstorm
Sandy, which devastated the
East Coast as it made land-
fall on Oct. 29. The Bureau
of Labor Statistics, part of
the U.S. Labor Department,
felt compelled to say as
much when it released the
monthly report.
“Our analysis suggests
that Hurricane Sandy did
not substantively impact the
national employment and
unemployment estimates
for November,” the BLS
said, noting that response
rates to its survey from busi-
nesses were within normal
ranges. Statisticians revised
down the previous employ-
ment estimates for Septem-
ber and October by a com-
bined 49,000 jobs. Friday’s
report included an unusual-
ly large revision to Octo-
ber’s government hiring
numbers. The agency said
there were 51,000 fewer gov-
ernment jobs than first re-
ported for October.
Revisions have become
political issues, in part be-
cause former General Elec-
tric chief Jack Welch made
unfounded allegations last
month that the BLS was ma-
nipulating data to favor
President Barack Obama’s
reelection.
Friday’s revision to Octo-
ber government hiring esti-
mates is because of incom-
plete data sent by local
school systems nationwide
that month, said Kara Sulli-
van, the BLS economist who
compiles jobs data on the
government and healthcare.
The revisions were made
when more complete data
from schools became avail-
able, she said, noting a surge
of local hiring for education
in August and September
that tailed off in October.
NOT AN ANOMALY
More surprising than the
stronger numbers was the
drop in the jobless rate to
the lowest it’s been since
December 2008. The White
House and many econo-
mists no longer think the
rate is a statistical anomaly.
“Over the last 12 months,
the unemployment rate has
decreased by 1.0 percentage
point as a result of growing
employment, and the labor
force participation rate has
been essentially un-
changed,” Alan Krueger, the
head of the White House
Council of Economic Advis-
ers, said in a blog posting on
the jobs report.
ECONOMY
Data: More jobs, but fears linger
? Employers added
146,000 jobs in
November, bringing the
unemployment rate to 7.7
percent, but shoppers are
still nervous, data show.
BY KEVIN G. HALL
McClatchy News Service
doc_877442265.pdf
Entrepreneurship Takes The Stage
Page: Money_f Pub. date: Saturday, December 8 Last user: cci Edition: 1st Section, zone: Business, Herald Last change at: 20:16:19 December 7
MONEY
SATURDAY, DECEMBER 8, 2012 | EDITOR: JANE WOOLDRIDGE [email protected] | 305-376-3629
C
H1
The latest twist from
the Federal Reserve, 2C
Tax breaks
If you haven’t paid your property taxes
yet, you still have time to get a dis-
count. Pay in December and save 3
percent, in January and save 2 percent
or in February and save 1 percent.
Business Monday
? Cover Story: AutoNation is in the
fast lane with rising profits and
revenues.
? Industry spotlight: Intellectual
property lawyers are finding new niche
in the digital world.
CONSUMER TIP COMING UP
By Teresa Mears
South Florida
Lifestyle Costs
THE WEEK
AHEAD
By Tom Hudson of the
Nightly Business Report
FLAMINGO
INDEX
Mojitos
$15
Average of three SoBe bars
One by one, representatives from
six startup companies walked onto
the wooden stage and presented
their products or services to a full
house of about 200 investors, men-
tors, and other supporters Thurs-
day at Incubate Miami’s DemoDay
in the loft-like Grand Central in
downtown Miami. With a large
screen behind them projecting their
graphs and charts, they set out to
persuade the funders in the room to
part with some of their green and
support the tech community.
Just 24 hours later, from an elab-
orate “dojo stage,” a drummer
warmed up the crowd of several
hundred before a “Council of El-
ders” entered the ring to share wis-
dom as the all-day free event
opened. Called TekFight, part edu-
cation, part inspiration, and part en-
tertainment, the tournament-style
program challenged entrepreneurs
to earn points to “belt up” through-
out the day to meet with the “mas-
ters” of the tech community.
The two events, which kicked
off Innovate MIA week, couldn’t
be more different. But in their own
ENTREPRENEURSHIP
Entrepreneurship takes the stage
AT TEKFIGHT: Sunny Singh opens the all-day entrepreneurship
event Friday at Miami Dade College’s Wolfson Campus.
MARICE COHN BAND/MIAMI HERALD STAFF RENTJIFFY FOUNDER: Jonathan
Addison makes a pitch for his
company at Incubate Miami.
C.W. GRIFFIN/MIAMI HERALD STAFF
? Kickoff events for Innovate MIA week showcase tech
startup ventures in traditional and innovative ways.
BY NANCY DAHLBERG
[email protected]
MiamiHerald.com/business
See more photos from
Innovate MIA week
•TURN TO TECHNOLOGY, 8C
DALLAS — Pilots at American
Airlines approved a new labor
contract, which could clear the
way for consideration of a merger
with US Airways.
The pilots’ union announced
Friday that 74 percent of its mem-
bers voted to ratify the contract.
Pilots rejected a similar offer in
August, but union leaders lobbied
hard for passage the second time
around.
Under the contract, pilots will
get pay raises and own 13.5 percent
of American Airlines’ parent
AMR Corp. after it emerges from
bankruptcy protection.
Union officials and analysts say
the vote gives AMR creditors cer-
tainty about the company’s labor
costs, making it easier for them to
weigh which gives them more
money — American on its own, or
getting bigger through a merger
with US Airways.
“This contract represents a
bridge to a merger with US Air-
ways,” said union spokesman
Dennis Tajer. He said the vote
“should not in any way be viewed
as support for the American
stand-alone plan or for this cur-
rent management team.”
American also hailed the vote
as a key step in its turnaround af-
ter years of heavy losses.
The pilots’ vote “gives us the
certainty we need for American to
successfully restructure,” said De-
nise Lynn, American’s senior vice
president of people, in a state-
ment. She added that “the mod-
ernization of our company is well
under way, and we remain focused
on emerging as a competitive,
world-class airline.”
American employs 9,000 work-
ers at its Miami International Air-
port hub.
“The members of the unions
and other employees are relieved
this part of the process is over,”
Sidney Jimenez, president of
Transport Workers Union 568,
said in an email to The Miami Her-
AIRLINES
Pilots at
American
approve
new labor
contract
? The last piece of American
Airlines’ labor puzzle fell into
place when 74 percent of the
pilots voted to ratify a 6-year
contract. Up next: Merger
talks with US Airways.
BY DAVID KOENIG
Associated Press
•TURN TO CONTRACT, 4C
By this time of year, Libby Winslow usually
doesn’t have a penny left in her healthcare Flex-
ible Spending Account. But this year, she has
been so busy at her Miami accounting firm job
that she has put off some annual check-ups and
doctor visits. Now Winslow has $300 to $400
left of her Flexible Spending Account money to
spend by year’s end, or she will lose it.
“I usually spend it all by the end of the year,
but I’ve been procrastinating things like going
to the dentist,” she said.
Winslow is not alone.
Healthcare Flexible Spending Accounts are
an employee benefit that allows workers to set
aside a certain amount to use pre-tax for
healthcare costs. But there is a “use it or lose
it” rule: Any dollars left in FSAs at the end of
the plan year are forfeited. (Some employers
allow a grace period of 2 months and 15 days
after the plan year to use up the money.)
About 20 percent of people who don’t use
up all their FSA money forfeit $500 or more,
according to the Employers Council on Flex-
ible Compensation. About 40 percent of par-
ticipants forfeit at least $1.
“I like having the FSA because I go to holis-
tic and alternative doctors, who are not cov-
ered by health insurance,” Winslow said. “But
I can deduct them from my FSA account.”
If you have a pot of money left to spend in
your healthcare Flexible Spending Account,
you’re probably biting your nails as the year
draws to a close. But you don’t have to wave
goodbye to your hard-earned cash yet. Here
are some last-minute tips from the experts on
how you can best manage and spend the rest
of your FSA money:
KNOW WHEN YOUR PLAN YEAR ENDS
Some are calendar year, but plans can end at
•TURN TO FSA, 4C
YOUR MONEY NOW
HOW TO USE FLEXIBLE
SPENDING ACCOUNTS
? Most Flexible Spending Accounts
have rules that all the money must be
used or it will be forfeited.
BY JULIE LANDRY LAVIOLETTE
Special to The Miami Herald
/MCT FILE
With only a few weeks left in
the year, now is an ideal time to
review your investment portfolio
and take advantage of any poten-
tial tax breaks by Dec. 31. It’s a
good idea to sit down with your
financial advisor before the holi-
day season gets into full swing
and look for ways to help reduce
your 2012 income taxes.
That tax-planning strategy is
particularly important this year,
since it’s possible
that some rates
may go up on Jan.
1. That’s when the
so-called Bush
tax cuts are
scheduled to ex-
pire, unless Presi-
dent Barack Oba-
ma and Congress agree to extend
those lower rates before year
end.
Regardless of what happens in
Washington, there are steps you
can take to help improve your fi-
nancial situation. Here are some
strategies to consider.
1. Maximize your contribu-
tions to a retirement plan.
Whether you have a 401(k) plan
at work, a traditional individual
retirement account (IRA) or a
SEP-IRA for the self-employed,
add up your 2012 contributions to
date. Then, see whether you can
add to that total before year-end.
Also, check to see if your employ-
er will match those contribu-
tions, putting even more money
into your account.
Remember that every dollar
you put into these types of retire-
ment plans can potentially re-
duce your current income by the
same amount. If you contribute
$10,000 this year, you may be able
to subtract that from your adjust-
ed gross income on your 2012 re-
turn. Your tax advisor can help
you determine the deductibility
•TURN TO INVESTING, 3C
INVESTING
5 strategies to consider for year-end tax planning
MENACHEM
BY ANDREW MENACHEM
Special to The Miami Herald
Page: BizPlus Pub. date: Saturday, December 8 Last user: timwhite Edition: 1st Section, zone: Business, Herald Last change at: 19:55:26 December 7
MONEY
THE MIAMI HERALD | MiamiHerald.com H1 SATURDAY, DECEMBER 8, 2012 | 3C
FLORIDA BRIEFS
• RETAIL
H&M to open in
Aventura on Friday
For South Florida fashionistas who haven’t yet
gotten their fill, H&M will open its second Miami-
area store on Friday, Dec. 14, at Aventura Mall.
The store will open at noon. The first 250 shop-
pers in line will get an H&M T-shirt and an Access to
Fashion Pass discount coupon, valued anywhere
from $10 to $300.
The new store will be two floors with more than
20,000 square feet of space, located in the former
Zara space. H&M opened its first Miami-area store
last month on Lincoln Road. The Aventura store will
have a children’s department, which the Miami
Beach store does not have.
ELAINE WALKER
? Survey says S. Fla. leads in financial securi-
ty: According to an AIG Life and Retirement survey
released this week, 49 percent of Miami-area resi-
dents 55 and older say they feel less financially se-
cure now than they did a year ago, which is the low-
est percentage among eight metro areas surveyed.
In addition, 34 percent of Miami-area residents
feel very financially prepared to achieve financial
independence in retirement, which is the highest
percentage among the eight areas surveyed, accord-
ing to the findings from the AIG Retirement Re-Set
Survey, conducted in partnership with Age Wave, a
research firm that studies aging issues.
Among other findings: 75 percent of Miami-area
residents say the recent economic uncertainty has
provided a financial wake-up call and 80 percent
said they were taking a more cautious approach to
investing.
Overall, AIG said the latest survey shows that
despite an improving economy and rebounding stock
market, Americans are sticking to a new strategy
that embraces caution in spending and saving for
their retirement.
INA PAIVA CORDLE
? Walgreens store sold for $30 million: Marcus
& Millichap Real Estate Investment Services said
Friday that it has arranged a $30 million sale of a
22,857-square-foot Walgreens drugstore at 5th Street
and Collins Avenue in Miami Beach. The price,
which equates to $1,312 per square foot, is the second
highest paid for a drugstore in the United States this
year, the real estate firm said.
Trans World Entertainment Corp. was the seller of
the property, which was purchased by an unnamed
international investor, who paid all cash, Marcus &
Millichap said.
Walgreens will continue to lease the property,
through a 60-year, triple-net lease that began in July
2008, with 25 years firm, the company said.
INA PAIVA CORDLE
? Armani Jeans opens: The first Armani Jeans
store in the U.S. opened this week on Lincoln Road.
Launched in 1981, the Armani Jeans brand features
not just jeans, but a range of casual clothing, acces-
sories, shoes, and small leather goods for men and
women. Prices start at around $125 and go up to $650
for limited-edition products.
The 2,100-square-foot store is located at 741 Lin-
coln Road. The company has 33 Armani Jeans stores
in London, China, and Japan. But until now in the
U.S., the Armani Jeans brand has typically been sold
at select Emporio Armani stores.
NATIONAL/INTERNATIONAL
Dow, S&P end week
higher; Nasdaq falls
Stocks rose in early trading because of an encour-
aging headline number from the government’s
monthly jobs report but ended the day mixed. By the
end of the day, a big decline in Apple held back the
Standard & Poor’s 500 and the Nasdaq composite,
both of which include Apple. Apple isn’t included in
the Dow.
The Dow Jones industrial average rose 81.09, or 0.6
percent, to 13,155.13. The S&P rose 4.13, or 0.3 percent,
to 1,418.07. The Nasdaq composite index fell 11.23, or
0.4 percent, to 2,978.04.
For the week: The Dow rose 129.55, or 1 percent.
The S&P rose 1.89, or 0.1 percent. The Nasdaq fell
32.20, or 1.1 percent.
MIAMI HERALD STAFF AND WIRE REPORTS
Pe- Stk of pay-
riod rate record able
IRREGULAR
D.R. Horton x .15 12-17 12-21
x- Paying all of 2013 regular amounts in
Dec.
Marchex x .14 12-18 12-31
x- Paying all of 2013 regular amounts in
Dec.
Seaboard Corp x 12.00 12-17 12-28
x- Paying $3 per year covering 2013-2016
Tri-Continen Crp Q .19 12-18 1-2
Washington Post x 9.80 12-17 12-27
x- Paying all of 2013 regular amounts in
Dec.
STOCK
JA Solar Hldgs x * * *
x- 1 for 5 reverse split, effective 12-10.
INCREASED
AG Mtge Inv Tr Q .80 12-18 1-28
Assoc Estat Rlty Q .19 1-5 2-1
C.H. Robinson Q .35 12-17 12-31
Ecolab Q .23 12-18 12-28
Emcor Group Q .06 12-18 12-28
Graco Inc Q .25 1-22 2-6
Hanover Insur Q .33 12-17 12-28
J.B. Hunt Transp Q .15 12-17 12-28
Linear Tech Q .26 12-17 12-28
Morningstar Inc Q .125 12-17 12-28
Univ Hlth Rlty Q .62 12-17 12-31
REVISION
Cohu Inc x Q .06 11-23 12-28
Ill Tool Wks x Q .38 12-18 12-31
Kaydon Corp x Q .20 12-10 12-28
RPM Intl x Q .225 12-17 12-28
x- Above previously announced regular
distributions will be paid in Dec. rather
than Jan.
SPECIAL
Abaxis Inc * 1.00 12-17 12-28
Cantrb Prk Hldg * .25 12-17 12-31
Einstein Noah * 4.00 12-17 12-27
Emcor Group * .25 12-18 12-28
Evolving System * .15 12-20 12-26
Expedia * .52 12-17 12-28
Friedman Inds * .50 12-18 12-28
GlobalScape * .07 12-17 12-27
HCA Holdings * 2.00 12-17 12-21
Heritage Fincl * .20 12-17 12-27
Hyster-Yle Matls * 2.00 12-17 12-27
Innovative Solu * 1.50 12-17 12-28
Insteel Inds * .25 12-19 12-28
PAM Transport * 1.00 12-17 12-28
Shoe Carnival * 1.00 12-17 12-28
Syntel * 2.25 12-18 12-28
Tower Financial * .50 12-20 12-27
REGULAR
Amer Greetings Q .15 12-19 12-28
Arcos Dorados Q .0597 12-20 12-26
Atlantic Tel-Net Q .25 12-20 12-31
Bank Nova Sct g Q .57 1-2 1-31
DTE Energy Q .62 12-19 1-15
Essex Prop Tr Q 1.10 1-2 1-15
GFI Group Q .05 12-17 12-27
Hersha Hosp Tr Q .06 12-31 1-15
Idex Corp Q .20 1-11 1-31
Ingles Markets Q .165 12-21 12-31
Interval Leisure Q .10 12-17 12-27
Jefferies Group Q .075 12-21 12-31
Kilroy Realty Q .35 12-31 1-15
Knoll Inc Q .12 12-17 12-31
Lakeland Finan Q .17 12-18 12-31
Lennox Intl Q .20 12-17 12-28
Lithia Motors Q .10 12-17 12-28
Meta Financial Q .13 12-17 1-1
Micrel Inc Q .0425 12-18 12-27
Packag Corp Am Q .25 12-17 12-28
Pembina Ppln g Q .135 12-31 1-15
Potlatch Corp Q .31 12-17 12-28
Prospect Capital M .11 12-31 1-23
Prospect Capital M .11 1-31 2-20
Ralph Lauren Q .40 12-17 12-28
River Valley Bcp Q .21 12-17 12-31
Ryland Group Q .03 1-15 1-30
Shoe Carnival Q .05 12-17 12-28
Simm First Natl Q .20 12-17 12-31
Steelcase Inc Q .09 12-17 12-28
Syntel Q .06 12-18 12-28
Trinity Inds Q .11 1-15 1-31
UNS Energy Q .43 12-17 12-28
Ventas Q .62 12-17 12-28
g- Payable in Canadian funds.
DIVIDENDS
of any contribution. In addi-
tion, that money can be in-
vested for years, earning in-
terest or dividends with no
income taxes due until you
withdraw the money later
in life.
2. Consider municipal
bonds. Unlike most types of
bonds, the income you re-
ceive from municipal bonds
is typically not subject to
federal income taxes and
may be generally free from
state and local taxes.
That means you may be
able to buy high-quality
bonds issued by states,
counties, cities or other
government agencies with-
out impacting your 2013 tax
return. If taxes go up next
year, it’s possible that those
municipal bonds may rise
in value, providing an even
bigger potential boost to
your investment portfolio.
But be aware that local
governments have differing
credit ratings, so some mu-
nicipal bonds may be a bit
more risky than others. Al-
so, municipal bonds gener-
ally have lower rates than
corporate bonds, reflecting
those tax advantages. You
should review the after-tax
returns on both types of
bonds for a true “apples to
apples” comparison.
3. Review your capital
gains situation. One of the
biggest tax questions facing
investors is whether capital
gains taxes will rise from
the current 15 percent rate
to 20 percent next year.
That could mean a substan-
tial increase in the taxes you
pay on the appreciated val-
ue of your stocks, bonds
and other assets when it’s
time to sell.
Talk with your financial
and legal advisors about
whether it makes sense to
sell some of those assets be-
fore year-end, in order to
take advantage of the poten-
tially lower capital gains
rate. You may also want to
consider selling assets that
have lost value in the past
year to help offset any real-
ized capital gains you may
have.
4. Reduce dividend in-
come. If the Bush-era tax
cuts do expire, dividend in-
come could be taxed at a
much higher rate — possi-
bly more than twice the cur-
rent level for high-income
earners. Therefore, you
may want to review your
portfolio and consider
shifting money away from
assets that pay dividends,
such as many blue-chip
stocks, and into other
sectors.
However, it’s still very
important to retain a diver-
sified investment portfolio,
with assets that can poten-
tially grow in value and help
protect against inflation
risk.
So, don’t let tax consider-
ations be the only driver in
your investment strategy.
For example, you may want
to hold onto some divi-
dend-paying stocks in order
to help stay diversified or
help meet your income
needs.
5. Review your estate
plans. Next year, estate and
gift taxes are scheduled to
go up significantly. There-
fore, you may want to con-
sider transferring some of
your assets to your heirs be-
fore year end in order to
lock in those lower rates.
Again, talk with your finan-
cial or tax advisor, since ev-
eryone’s situation is
different.
So, take the time to re-
view your investment port-
folio with a close look at
your tax situation. After all,
cutting your 2012 tax bill
might be the best holiday
present you could give to
your family.
Andrew Menachem, CI-
MA, CWS is a wealth advi-
sor at the Menachem Group
at Morgan Stanley Smith
Barney in Miami and Aven-
tura and teaches at the Uni-
versity of Miami.
INVESTING
Strategies for year-end tax planning
•INVESTING, FROM 1C
The Veterans Administra-
tion and Miami Jewish
health systems announced a
partnership Friday to lower
government costs in a way
that many experts say is
needed for the feds to avoid
the approaching fiscal cliff.
The arrangement by the
Miami Veterans Healthcare
System is intended to keep
aging vets out of expensive
nursing homes and keep
them living at home with the
support of a coordinated
care network provided by
Miami Jewish Health
Systems.
The cost difference: In-
stead of $80,000 a year per
vet for a nursing home, the
Jewish system will provide
care that will keep the vets
living at home for not more
than $30,000 a year.
Jeffrey Freimark, chief
executive of the Jewish sys-
tem, said the partnership is
“absolutely” an example of
new strategies that can help
lower the nation’s health-
care costs, which are the
highest in the world — al-
most twice as high per cap-
ita as most European
countries.
“There’s no doubt this
program is a triple win,” said
Freimark because it cuts
costs, provides better coor-
dinated care, and makes vets
happy because they don’t
have to abandon their
homes.
The program is open to
Miami area vets who qualify
for Medicare and are classi-
fied as needing nursing-
home care. They will be en-
rolled in the Jewish system’s
Florida Program of All In-
clusive Care for the Elderly
(PACE), which serves pa-
tients through centers in
Northeast Miami and Hiale-
ah. A third PACE center is
scheduled to open early next
year in the Westchester area.
Nurses will visit patients
in their homes — and so will
doctors if necessary, said
Cliff Bauer, the Jewish sys-
tem’s executive director of
community services. But
most of the treatment focus-
es on vans transporting pa-
tients to the PACE centers.
There, patients get primary
care — with a full-time doc-
tor, nurse practitioner, dieti-
cian, and social worker. Re-
habilitation, dental care, and
podiatry care are also avail-
able, along with adult day-
care social activities.
Most patients go the cen-
ters about three times a
week. “We believe very
strongly in the need to con-
tinue socialization” to keep
the elderly active in mind
and body, Bauer said.
The PACE model empha-
sizes the importance of a
“medical home” that offers
“highly coordinated care,”
said Bauer. The Affordable
Care Act emphasizes the
need for such models as a
way to avoid duplication of
services and unnecessary
care. Veterans will continue
to see specialists at the VA
Medical Center in Miami.
HEALTHCARE
VA does deal to cut vet costs
? The Miami Jewish
Health Systems and the
VA announced a deal to
control costs and keep
patients living in their
homes longer.
BY JOHN DORSCHNER
[email protected]
WORLD WAR II VETERAN: Nathan Blond, a member of a new program with Miami
Jewish Health Systems, chats with PACE site administrator Adriana Suarez.
MIAMI JEWISH HEALTH SYSTEMS
WASHINGTON — A sur-
prise drop in the jobless rate
and a new measurement
showing a sharp slide in
consumer sentiment under-
score what’s at stake for a
sluggish economic recovery
threatened by the coming
political showdown in the
nation’s capital.
Employers added a bet-
ter-than-expected 146,000
jobs in November and the
unemployment rate tum-
bled two-tenths of a per-
centage point to 7.7 percent,
the Labor Department said
Friday in a report that sug-
gested the economy is gain-
ing a bit more steam.
But weighing against the
positive numbers, the Uni-
versity of Michigan released
its monthly measurement of
consumer confidence Fri-
day and found that it had
plunged by more than eight
points. It’s a clear indicator
that Washington’s squab-
bling over possible tax in-
creases and steep govern-
ment spending cuts in 2013
is affecting shoppers and
can serve either to kick-start
or hurt growth.
“Bottom line is that the
job market is holding firm
despite rising worries over
the fiscal cliff. If Washing-
ton can get it together rea-
sonably soon, the job market
will kick into a higher gear,”
said Mark Zandi, the chief
economist for forecaster
Moody’s Analytics.
In an investor note, Bank
of America Merrill Lynch
economist Michelle Meyer
said that “businesses have
cut back investment in cap-
ital in the face of the cliff,
they have yet to do so with
labor. This shows some sta-
bility heading into
year-end.”
‘DEEPLY DIVIDED’
Still, worries over bitter
partisan political battles
may affect American shop-
pers’ behavior. On Friday, fi-
nancial and insurance giant
Allstate released its latest
Heartland survey, which al-
so found flagging sentiment.
Asked whether the coun-
try is moving in the right di-
rection, 75 percent of Demo-
crats surveyed said the
economy would improve in
the next year, while 63 per-
cent of Republicans queried
said it would get worse.
“That’s what we’ve seen
consistently in our polls: a
pretty even split, deeply di-
vided,” said Joan Walker, an
Allstate executive vice
president.
The measures of senti-
ment help explain why the
political parties remain so
dug in to their positions as
the “fiscal cliff” approaches.
Missing from Friday’s
jobs report, it seemed, were
the effects of Superstorm
Sandy, which devastated the
East Coast as it made land-
fall on Oct. 29. The Bureau
of Labor Statistics, part of
the U.S. Labor Department,
felt compelled to say as
much when it released the
monthly report.
“Our analysis suggests
that Hurricane Sandy did
not substantively impact the
national employment and
unemployment estimates
for November,” the BLS
said, noting that response
rates to its survey from busi-
nesses were within normal
ranges. Statisticians revised
down the previous employ-
ment estimates for Septem-
ber and October by a com-
bined 49,000 jobs. Friday’s
report included an unusual-
ly large revision to Octo-
ber’s government hiring
numbers. The agency said
there were 51,000 fewer gov-
ernment jobs than first re-
ported for October.
Revisions have become
political issues, in part be-
cause former General Elec-
tric chief Jack Welch made
unfounded allegations last
month that the BLS was ma-
nipulating data to favor
President Barack Obama’s
reelection.
Friday’s revision to Octo-
ber government hiring esti-
mates is because of incom-
plete data sent by local
school systems nationwide
that month, said Kara Sulli-
van, the BLS economist who
compiles jobs data on the
government and healthcare.
The revisions were made
when more complete data
from schools became avail-
able, she said, noting a surge
of local hiring for education
in August and September
that tailed off in October.
NOT AN ANOMALY
More surprising than the
stronger numbers was the
drop in the jobless rate to
the lowest it’s been since
December 2008. The White
House and many econo-
mists no longer think the
rate is a statistical anomaly.
“Over the last 12 months,
the unemployment rate has
decreased by 1.0 percentage
point as a result of growing
employment, and the labor
force participation rate has
been essentially un-
changed,” Alan Krueger, the
head of the White House
Council of Economic Advis-
ers, said in a blog posting on
the jobs report.
ECONOMY
Data: More jobs, but fears linger
? Employers added
146,000 jobs in
November, bringing the
unemployment rate to 7.7
percent, but shoppers are
still nervous, data show.
BY KEVIN G. HALL
McClatchy News Service
doc_877442265.pdf