Unemployment rate jumps. As expected, unemployment claims jumped last week, mostly due to seasonal factors. The increase followed a loss the previous week and resulted in the biggest increase in unemployment claims since April 2011. However, analysts believe the recent gyrations are only statistical noise that will settle soon.[7]

Fed survey shows slowing economic growth. The most recent Beige Book survey indicated that several regions had experienced weaker growth in June and early July. While its regions reported gains in housing, job growth was tepid. These numbers formed the base of Bernanke's report to Congress last week.[8]

Congress members reconsidering 2013 budget cuts. Despite campaign promises to shrink the deficit, members of congress are analyzing the potential fallout of cutting government spending at a time when the economy is stalling. Consequences could include significant job losses, defense cuts, and reductions in domestic programs.[9]

Earnings reports lackluster. Out of the 116 of the S&P 500 companies who have reported, 67% had better-than-expected earnings but 57% missed revenue forecasts, indicating soft demand. However, strong profits amid weak revenue could leave equities poised for growth when the economy picks up.[10]

- Vince Lombardi

Tomato and Mozzarella Quesadillas with Basil

Use fresh summer tomatoes for a seasonal treat. Recipe from RealSimple.com.

 

Ingredients:

8 8-inch flour tortillas

12 ounces grated or sliced mozzarella

2 tomatoes, cut into 1/4-inch-thick slices

1/2 teaspoon plus 1/8 teaspoon kosher salt

1/2 teaspoon freshly ground black pepper

1 bunch fresh basil, leaves picked

1/4 cup pine nuts, toasted

4 teaspoons extra-virgin olive oil

1) Heat grill to medium. Place 4 of the tortillas on a cutting board and top with the mozzarella and tomatoes, leaving a 1-inch border.
2) Season with ½ teaspoon of the salt and the pepper and top with the remaining tortillas. 
3) In a medium bowl, combine the basil, pine nuts, oil, and remaining salt; set aside.
4) Cook the quesadillas around the perimeter of the grill until the cheese melts and the tortillas are crisp and golden, about 2 minutes per side.

5) Immediately cut the quesadillas into wedges and serve with the basil salad.

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