Business in brief: White House says job data validates stimulus

Washington – Businesses reported creating or saving more than 30,000 jobs in the first months of President Barack Obama’s stimulus program, according to initial data released Thursday by a government oversight board. Military construction led the way, and states in the South and Southwest saw the biggest boost.

The new job numbers – in line with expectations for such an early accounting – offer the first hard data on effects of the $787 billion stimulus program.

The figures are based on jobs linked to less than $16 billion in federal contracts and represent just a sliver of the total stimulus package. But they represent a milestone of sorts for an administration that promised uprecedented real-time data on whether the program was working.

Until now, the White House has relied on economic models to argue that the program created jobs and eased the recession.

The White House said the new numbers were validation that the administration was on track to hit Obama’s goal of creating or saving 3.5 million jobs by the end of next year.

Associated Press

ConAgra announces plan to cut salt content

Milwaukee – ConAgra Foods Inc. will cut sodium from the food it manufactures by 20 percent in the next five years, the maker of Chef Boyardee and Hebrew National said Thursday.

CEO Gary Rodkin said the Omaha, Neb.-based food maker wants to make food healthier and lure health-conscious shoppers. Consumers are increasingly shopping with health in mind, even as they are trimming their budgets in the recession.

Food makers are responding by changing their products – or highlighting different health information – so consumers stick with their brands. Campbell Soup Co. has been trimming the amount of sodium in some of its soups, cereal makers have been cutting sugar and soft drink makers like Coca-Cola Co. and PepsiCo Inc. have been using new zero-calorie sweeteners.

Associated Press

30-year fixed rates are up slightly, Freddie Mac says

Washington – Rates for 30-year home loans have inched up, but remained below 5 percent for the third straight week.

The average rate on a 30-year fixed mortgage was 4.92 percent this week, up from 4.87 percent a week earlier, mortgage company Freddie Mac said Thursday. Rates, while above the record low of 4.78 percent hit in the spring, are still attractive for people looking to buy a home or refinance.

The average rate on a 15-year fixed-rate mortgage rose to 4.37 percent, from 4.33 percent last week, according to Freddie Mac.

Associated Press

All ‘SNL’ ad spots Saturday to feature a new Bud Light

St. Louis – Anheuser-Busch is buying all the national ads on this week’s edition of comedy mainstay “Saturday Night Live” to launch its new brew, Bud Light Golden Wheat.

The brewer – part of Anheuser-Busch InBev – and NBC Universal announced the sponsorship deal Thursday. This Saturday’s episode will mark the first time in the 35 seasons of “Saturday Night Live” that one advertiser has bought all of the national ads for the show.

Both Anheuser-Busch and NBC declined to say what the sponsorship, which includes airing 11 commercials, will cost. The sponsorship will mean an additional 6 to 7 minutes of extra show time, NBC said.

Associated Press