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Business/Economy

  • US poverty on track to rise to highest since 1960s

    WASHINGTON (AP) — The ranks of America's poor are on track to climb to levels unseen in nearly half a century, erasing gains from the war on poverty in the 1960s amid a weak economy and fraying government safety net.

    Census figures for 2011 will be released this fall in the critical weeks ahead of the November elections.

    The Associated Press surveyed more than a dozen economists, think tanks and academics, both nonpartisan and those with known liberal or conservative leanings. 

  • Fed Chief Says U.S. Economy Has Lost Strength

    Chairman Ben Bernanke offered a sour assessment of the U.S. economy Tuesday and said the Federal Reserve is ready to take further action if growth doesn't pick up.

  • Yahoo turns to former nemesis to be its CEO savior--Video Extra

    SUNNYVALE, Calif. (AP) — As a top executive at Google for the past 13 years, Marissa Mayer played an instrumental role in developing many of the services that have tormented Yahoo as its appeal waned among Web surfers, advertisers and investors.

    Now, Yahoo is turning to its longtime nemesis to fix everything that has gone wrong while Google Inc. has been cementing its position as the Internet's most powerful company.

  • US economy remains in a funk as June retail sales slump

    WASHINGTON (AP) — The outlook for the U.S. economy appeared dimmer Monday after a report that Americans spent less at retail businesses for a third straight month in June.

    The report led some economists to downgrade their estimates for economic growth in the April-June quarter. Many now think the economy grew even less than in the first quarter of the year, when it expanded at a sluggish 1.9 percent annual rate.

  • New Mexico Finance Authority faked 2011 audit

    ALBUQUERQUE, N.M. (AP) — The New Mexico Finance Authority, which makes billions of dollars in loans for public projects, faked its annual audit that was sent to creditors and investors for 2011, the state auditor said Thursday.

    The revelation shocked state officials and raised questions about both the potential fallout and what the false document might have been trying to hide.

  • More homes enter the foreclosure process in June

    LOS ANGELES (AP) — Banks are increasingly placing homes with unpaid mortgages on a countdown that could deliver a swell of new foreclosed properties onto the market by early next year, potentially weighing further on home values.

    June provided the latest evidence of this trend, as the number of U.S. homes entering the foreclosure process for the first time increased on an annual basis for the second month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday.

  • FOMC: More Help for Economy May Be Needed

    Most Federal Reserve policymakers agreed last month that they might need to take more action to support growth if the U.S. economy loses momentum.

  • US employers add 80,000 jobs as economy struggles--Video Extra

    WASHINGTON (AP) — U.S. employers added only 80,000 jobs in June, a third straight month of weak hiring that shows the economy is still struggling three years after the recession ended.

    The unemployment rate was unchanged at 8.2 percent, the Labor Department said in its report Friday.

    The economy added an average of just 75,000 jobs a month in the April-June quarter. That's one-third of the 226,000 a month created in the first quarter. Through the first six months of the year, job creation is also trailing last year's pace.

  • Ala. Gov.: Airbus Plant Will 'Shape the Future'

    Alabama Governor Robert Bentley and other officials joined Airbus executives in Mobile on Monday to announce that the port city is home to the company's first aircraft assembly plant in America.

  • Health care ruling leaves NM to decide on Medicaid

    SANTA FE, N.M. (AP) — The governor and Legislature face a critical policy choice in the wake of Thursday's U.S. Supreme Court ruling on a federal health care overhaul and must decide whether to expand the state's biggest health care program to cover an estimated 170,000 uninsured New Mexicans.

    The court ruled the federal government couldn't force New Mexico and other states to expand Medicaid eligibility in 2014 by threatening to withhold federal aid received for the program.