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Business/Economy

  • Census: No change in NM median household income

    SANTA FE, N.M. (AP) — The Census Bureau reports that New Mexico didn't see a drop in household income like most states as the nation's economy deteriorated.

    The agency's American Community Survey found that New Mexico had a median household income of about $43,000 in 2009. Half of the state's households had income above that and half were below.

    The Census Bureau said 34 states had a decline, but North Dakota's household income increased from 2008 to 2009.

  • Economy loses speed in spring; more weakness ahead

    WASHINGTON (AP) — The nation's economic growth tailed off sharply in the spring and probably isn't faring any better now.

    The Commerce Department reported Thursday that gross domestic product — the broadest measure of the economy's health — expanded at a feeble 1.7 percent annual rate in the April-to-June quarter.

  • Consumer, business confidence both weaken

    NEW YORK (AP) — Americans' view of the economy turned grimmer in September amid escalating job worries, falling to the lowest point since February.

    The downbeat report was released Tuesday on the same day a survey of CEOs was released that showed dimming optimism about business. The Business Roundtable's poll indicated that executives weren't as optimistic about sales growth as they were in June, suggesting some are putting plans to hire more workers on hold.

  • Southwest Airlines to buy AirTran for $1.4B

    NEW YORK (AP) — Southwest agreed to buy AirTran in a $1.4 billion deal that will combine two of the country's largest low-fare airlines and give Southwest a bigger slice of the market in the Northeast and in Atlanta, the busiest hub in the nation.

    The acquisition announced Monday moves Southwest, which already carries more passengers than any other American airline, into 37 new cities.

  • New FDIC rules require banks to share some risk

    WASHINGTON (AP) — Federal regulators are insisting that banks share some risk when issuing the type of asset-backed securities that nearly toppled the financial system two years ago.

    The Federal Deposit Insurance Corp. is requiring banks hold at least 5 percent of the securities on their books, as part of new rules the regulator adopted Monday that were required under the new financial overhaul law. Banks would be required to purchase their share of the securities beginning Jan. 1.

  • Comedian's testimony on immigration deemed an embarrassment

    WASHINGTON (AP) - The House's No. 2 Democratic leader said Sunday that comedian Stephen Colbert's testimony last week on immigration was "inappropriate" and "an embarrassment."

    Democratic Rep. Zoe Lofgren of California invited Colbert to appear before the House Judiciary Committee. But other Democrats weren't happy about her decision.

  • Still waiting for Abu Ghraib amends

    WASHINGTON (AP) - Fending off demands that he resign over the Abu Ghraib prison scandal, then-Defense Secretary Donald H. Rumsfeld told Congress in 2004 that he had found a legal way to compensate Iraqi detainees who suffered "grievous and brutal abuse and cruelty at the hands of a few members of the United States armed forces."

  • NM jobless rate hits 8.3 percent in August

    ALBUQUERQUE, N.M. (AP) — New Mexico's unemployment rate rose slightly in August to 8.3 percent, up from 8.2 percent in July.

    New Mexico's jobless rate was 7.6 percent in August 2009.

    State labor officials say New Mexico has lost 9,900 jobs since then.

    The national unemployment rate in August was 9.6 percent.

    The New Mexico Department of Workforce Solutions says more industries in the state are losing jobs than gaining them.

  • Stocks waver as traders move into Treasurys, gold

    NEW YORK (AP) — Traders put their September stock rally on hold and moved into Treasurys and gold Wednesday, a day after the Federal Reserve said it was ready to take more action to boost the economy.

    The Dow Jones industrial average fell 21 points in afternoon trading.

  • Obama says pain of recession continues although report says it's over

    WASHINGTON (AP) — President Barack Obama said Monday he doesn't care that the Great Recession has been declared over by a group of economists. For the millions of people who are out of work or otherwise struggling, he said, "it's still very real for them."

    Obama denied that he was anti-business or anti-Wall Street in his economic proposals, commenting under close questioning during a town hall-style meeting broadcast live on CNBC.