TOPICS > Economy

Other News: Worker Productivity Soars Most in 6 Years

September 2, 2009 at 12:00 AM EST
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In other news, the Labor Department reported worker productivity jumped last spring by the most in six years, and an SEC investigation concluded that agency flaws enabled Bernie Madoff.
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JIM LEHRER: In other news today: Two new government reports showed worker productivity rose sharply during the spring by the most in six years. But factory orders rose less than expected in July.

And, on Wall Street, the economic news undermined attempts at a rally. The Dow Jones industrial average lost nearly 30 points, to close at 9280. The Nasdaq fell more than one point, to close at 1967.

The Securities and Exchange Commission repeatedly bungled its investigations of Bernard Madoff. The agency’s inspector general issued that finding today. There were six substantive complaints about Madoff’s investment operation from 1992 through 2008. But the review found the agency never did a proper examination. Madoff is currently serving 150 years in federal prison for running a giant Ponzi scheme.

A Pacific Ocean hurricane came ashore on Mexico’s Baja California coast today, and it lost some of its power along the way. Many streets on parts of the peninsula were flooded, but Los Cabos, the largest resort town in the area, appeared to escape major damage. The hurricane is expected to weaken over the next two days, as it travels farther north.