LITTLE ROCK, Ark. (Arkansas Business) -- The stock market yesterday closed at its lowest level in a month as the U.S. government enters a second week of being partially shut down.
Investors fear the budget stalemate could prevent Congress from raising the government's borrowing limit by next week's deadline, bringing a threat of a debt default by the U.S.
Lawmakers have until Oct. 17 to reach a deal on increasing the nation's debt ceiling.
Failure to strike a deal could cause the United States to miss payments on its debt.
Last week, the Treasury warned that a default could push the economy into a downturn even worse than the Great Recession.
LM Wind Power to add hundreds of jobs
Good jobs news in the central and the northwest parts of the state.
First, LM Wind Power announced Monday that it is adding more than 850 jobs to its U.S. manufacturing operations, which will bring employment at its Little Rock plant to a "little more than 400" by the end of 2013.
The company said it's adding manufacturing capacity to its U.S. operations to meet increased demand from major customers after Congress extended a key tax credit last year for manufacturers who use wind energy.
In all, the company said it has doubled its domestic workforce in less than six months from 350 in April to a little more than 700 in August.
Last year, the company laid off 234 of its Little Rock workers, or about half its state workforce.
At the time, LM attributed the layoffs to a decrease in demand for its products as Congress failed to renew the tax credit.
Toymaker bringing jobs to northwest Arkansas
In Rogers, Wal-Mart executives and the governor on hand for an announcement by toy-maker Redman & Associates, which said it will establish a factory in Rogers that will employ 74 workers.
The 275,000-square-foot factory make 6-volt battery-powered ride-on toys that will feature Disney and Marvel characters.
The firm is investing $6.5 million in the operation.
Mel Redman, a retired Wal-Mart executive, owns Redman & Associated.
He said that by the end of 2016, all 600,000 toy vehicles now made in China would be built and shipped from Rogers.
Those 74 jobs, which will pay an average $18.55 per hour, will generate about $3 million for the northwest Arkansas economy.
Arkansas chipping in $2 million from the governor's quick action closing fund for the project.
The company is also eligible for income tax credits tied to the size of its payroll and sales tax refunds on equipment the plant needs.