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Business/Economy

  • 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.

  • Expiring tax cuts hit taxpayers at every level

    WASHINGTON (AP) — Here's some pressure for lawmakers: If they don't reach agreement on extending soon-to-expire Bush-era tax cuts, nearly all their constituents back home will get big tax increases.

    A typical family of four with a household income of $50,000 a year would have to pay $2,900 more in taxes in 2011, according to a new analysis by Deloitte Tax LLP, a tax consulting firm. The same family making $100,000 a year would see its taxes rise by $4,500.

  • Smith's Union: Earnings uptick belies cuts

    Kroger’s latest earnings report has triggered another attack by the union that represents employees at Smith’s Food & Drug centers.
    In a written statement Wednesday, the union said that Smith’s parent company “revealed strong growth in an allegedly hurting economy.”

  • US homes lost to foreclosure up 25 pct.

    LOS ANGELES (AP) — Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis.
    The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday.
    In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said.

  • FedEx 1Q profit doubles; will cut 1,700 jobs

    NEW YORK (AP) — FedEx Corp. indicated Thursday that the global economic recovery isn't as strong as previously thought, and moved to fix the weak spot in its operations: its money-losing truck business.

    FedEx did raise its financial outlook after its first-quarter net income doubled. But the projections for the second quarter and full year fell shy of Wall Street expectations, and the stock dropped 2.6 percent in premarket trading.

  • August retail sales up 0.4 pct., best in 5 months

    WASHINGTON (AP) — Retail sales rose in August by the largest amount in five months, adding to evidence that a late spring economic swoon was temporary and not the start of another recession.

    Retail sales rose 0.4 percent last month, the Commerce Department said Tuesday. It was the second straight monthly increase and the biggest gain since March.

    Excluding a decline in autos, retail sales increased 0.6 percent. That followed two relatively flat months and a sharp drop in May.

  • Obama says voters may blame him for economy

     

    WASHINGTON (AP) — President Barack Obama insisted Friday that the U.S. economy is digging itself out of the deepest recession in decades but conceded that "progress has been painfully slow" and many voters in November's elections may blame him.

    Facing a rising jobless rate, Obama told a White House news conference: "For all the progress we've made, we're not there yet. And that means the people are frustrated and that means people are angry."

  • New Mexico’s public pension plan going broke

    Analysis by professors at the University of Chicago and Northwestern University predicts that New Mexico will be one of the states to suffer a collapse of its public pension plan in the next two decades.  
    They predict that New Mexico will run out of pension revenue in 2023, and the following year be required to pay out $2.6 billion in public employee pensions, a sum representing 46 percent of the entire state annual budget revenue.