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Business/Economy

  • 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.

  • Despite drop in jobless claims, unemployment remains at 9.6 percent

    WASHINGTON (AP) — Fewer people applied for unemployment aid last week, the third drop in four weeks and a sign that more employers are hiring while layoffs are falling.

    If the decline continues, it could signal more hiring in the near future. The report comes after the Labor Department said last week that private employers in October added the most jobs in six months.

  • Council green lights developer

    The long-awaited Trinity Site retail development became one step closer to fruition Tuesday night as the Los Alamos County Council gave the green light for county officials to begin negotiations with North American Development Group.

  • GM reports $2B 3Q profit ahead of stock offering

    DETROIT (AP) — Strong profits on new cars and trucks helped General Motors Co. earn $2 billion in the third quarter, enhancing the company's appeal as it nears next week's initial public stock offering.

    The third-quarter earnings of $1.20 per share nearly match what GM made in the first two quarters of the year combined, aided by profits from overseas and healthy revenue from North America, the company said Wednesday. The earnings were boosted by higher prices from newly introduced models such as the Buick LaCrosse, a midsize luxury sedan.

  • Companies in Oct. added most jobs since April

    WASHINGTON (AP) — Companies created more net new jobs in October than in any month since April, evidence that businesses are shedding their previously cautious attitude toward hiring.

    But the unemployment rate remained stuck at 9.6 percent for the third straight month.

  • Fed to spend $600B in latest bid to help economy

    WASHINGTON (AP) — The Federal Reserve will sink $600 billion into government bonds in a bold plan that it hopes will drive interest rates even lower than they already are and start the chain reaction that finally creates jobs and invigorates the economy.

    The Fed said Wednesday that it would buy the bonds at a rate of about $75 billion a month through the middle of next year. The idea is to encourage people to spend more money and stimulate hiring, both ways of accelerating economic growth.

  • Deal or punt decision on Bush tax cuts is Obama's

    WASHINGTON (AP) — Will Congress extend the Bush tax cuts into 2011 in the weeks after Tuesday's election or let the automatic increase start cutting into most people's paychecks early next year?

    It's really pretty much up to President Barack Obama.

    Despite the punishment his fellow Democrats are expected to take from voters, Obama has shown no sign of retreating from his insistence that families and small businesses with incomes above $250,000 return to higher, Bill Clinton-era tax levels starting Jan. 1.

  • AP survey: Painfully slow economic gains into 2011

    WASHINGTON (AP) — The job market and the economy will improve only slightly next year, according to an Associated Press survey of leading economists whose outlook for 2011 has dimmed over the past three months.

    The latest quarterly AP Economy Survey shows economists are pushing back their estimates of when key barometers of economic health — hiring, spending, expansion — will signal strength.

  • AP survey: Painfully slow economic gains into 2011

    WASHINGTON (AP) — The job market and the economy will improve only slightly next year, according to an Associated Press survey of leading economists whose outlook for 2011 has dimmed over the past three months.

    The latest quarterly AP Economy Survey shows economists are pushing back their estimates of when key barometers of economic health — hiring, spending, expansion — will signal strength.