In today's news: Job growth is slowing, manufacturing is slowing, tax identity theft is soaring, car sales are falling, and Groupon is blowing up.
The private sector is still growing, but it’s slowing. “Private-sector payroll growth slowed sharply in May, coming in far below expectations and falling to the lowest level in eight months,” MSNBC reports. While 38,000 jobs were added last month, “Economists surveyed by Reuters had forecast a gain of 175,000 jobs for May.”
Everyone knows manufacturing is drying up in America. But China too? “Manufacturing took a dive in China, the United States and across the eurozone in May,” CNN reports. “Economists blamed the slowdown on rising energy prices and Japan’s natural disasters.”
If someone told you the IRS was hit with 51,702 cases of tax identity theft in 2008, that sounds like a lot – until you learn that in 2010, there were 248,357 incidents. Even worse, “Many identity thieves don’t get prosecuted,” MSNBC reports.
Rising gas prices are finally hurting auto makers. “Gasoline that has exceeded $3.50 a gallon since early March led some buyers to defer purchases,” Bloomberg reports. “GM deliveries dropped 1.2 percent. Ford light-vehicle deliveries fell 2.6 percent.”
The super-hot coupon company Groupon has launched its mobile app in two more cities: New York and San Francisco, only a month after it debuted in Chicago. Groupon Now “connects customers with real-time coupons for retailers,” CNN reports. “The next phase of a gradual nationwide roll-out.”