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Business/Economy

  • Unemployment hits seven-month high

    NEW YORK (AP) — An rise in the U.S. unemployment rate pushed most stocks down Friday as investors moved money into safer assets.

    The unemployment rate climbed to a seven-month high in November as employers added just 39,000 jobs. Economists had expected a gain of 145,000.

    The unemployment rate climbed to 9.8 percent from 9.6 percent.

  • Obama, GOP call White House meeting 'productive'

    WASHINGTON (AP) — President Barack Obama and Republican congressional leaders agreed Tuesday to work out their differences over taxes and vowed after their first formal meeting since the elections to work harder on a more cooperative approach. There was no consensus on whether to keep Bush era tax cuts in place for the middle class and wealthy alike.

  • Citing deficit, Obama to freeze federal worker pay

    WASHINGTON (AP) — President Barack Obama will announce a two-year pay freeze for federal employees Monday, a move White House officials say is the first of many difficult decisions that must be made to reduce the nation's mounting deficit.

  • NM home sales, prices drop in October

    ALBUQUERQUE, N.M. (AP) — A Realtors group says home sales in New Mexico dropped by 7 percent in October from a month earlier.

    The median price of homes sold also dropped by nearly 3 percent from September to $175,000.

    The sales and price figures were released late Friday by the Realtors Association of New Mexico.

    Executive vice president Steven Anaya says the numbers in New Mexico mirror national trends.

  • NM unemployment fund faces insolvency next August

    SANTA FE, N.M. (AP) — Higher taxes on businesses and cuts in jobless benefits will be necessary to shore up New Mexico's unemployment program, lawmakers were told Wednesday.

    The ailing unemployment fund is among the challenges facing Republican Gov.-elect Susana Martinez, who takes office in January and has pledged not to increase taxes.

  • Consumer prices rise moderately but inflation tame

    WASHINGTON (AP) — Consumer prices rose moderately in October but there was little sign of inflation as the cost of autos, clothing and hotels fell.

    The Labor Department said Wednesday the Consumer Price Index rose by 0.2 percent last month, an increase from September's 0.1 percent rise. Wall Street analysts had expected a slightly larger increase. It was the fourth straight rise.

    Gasoline prices accounted for most of the increase, rising by 4.6 percent in October, the biggest gain since July.

  • ECONOMIC VITALITY CHIEF GONE AFTER 7 MONTHS ON THE JOB

    Los Alamos County's top economic development leader, Scott Frederick, is no longer employed with the county. The county and Frederick reportedly came to a parting of the ways last Friday afternoon, but details are not being released by officials because it is a personnel matter.

  • Autos drive rise in October retail sales

    WASHINGTON (AP) — Retail sales, helped by strong demand for autos, increased in October by the largest amount in seven months.

    The Commerce Department reported Monday that retail sales rose 1.2 percent last month. That was nearly double the gain that had been expected and the largest increase since March. Much of the strength came from a big rise in auto sales. Excluding autos, retail sales rose a more modest 0.4 percent.

  • NM budget deficit at $450M

    SANTA FE, N.M. (AP) — The top financial official in Gov. Bill Richardson's administration estimates New Mexico faces a budget shortfall of at least $450 million next year, which is larger than previously projected.

    The worsening budget outlook adds to the problems confronting Republican Gov.-elect Susana Martinez, who takes office in January.

  • Fed bond-buying plan is raising trade tensions

    WASHINGTON (AP) — The Federal Reserve's plan to buy more Treasury bonds has incited critics at home to complain of inevitable high inflation and financial turmoil.

    It turns out many foreigners are pretty angry, too. They say the Fed's $600 billion program is a scheme to give U.S. exporters an unfair edge — one that endangers the global economy.