Economy

The average rate on the 30-year fixed mortgage held steady this week, staying slightly above the lowest level on record. Low mortgage rates have aided a modest housing recovery.

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Dow Jones industrial futures are up 38 points to 13,331. The broader S&P futures have gained 5.2 points to 1,435.80. Nasdaq futures tacked on 13 points to 2,792.25.

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Moody's Investors Service said Tuesday that it would likely cut its "AAA" rating on U.S. government debt, probably by one notch, if budget negotiations fail.

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Stocks are opening slightly higher on Wall Street. Investors are waiting to see how critical developments in both the U.S. and Europe turn out later this week.

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The price of oil is falling on an unexpectedly weak economic report from China and warnings of a further slowdown. Benchmark crude is down 53 cents to $95.87 Monday morning.

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In a statement, Alan Krueger notes that 103,000 jobs were added in the private sector in the last month for the 30th straight month. He pointed to improvement in particular for the leisure, business services and health care sectors.

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Average U.S. rates on fixed mortgages changed little this week and remained slightly above record lows reached earlier this year. The low rates have aided a modest housing recovery.

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The South Dakota Department of Tourism says visitor numbers to the state's private and public attractions are up this summer compared to last summer.

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U.S. companies got more output from their workers this spring than initially thought. The modest gain may mean that hiring could stay sluggish this year.

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U.S. stock market futures are slipping after FedEx Corp. cut its profit outlook for the quarter ended last week, while the world waits for the latest move to stem Europe's debt crisis.

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