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A Michigan factory that made luxury yachts before the recession and diversified to add wind energy products when times got tough was touted by President Barack Obama at his State of the Union Address as an example of an industry creating forward-thinking jobs _ with a little help from the government.

In urging Congress to approve clean energy tax credits, Obama cited Energetx Composites LLC, a wind turbine blade manufacturer in Holland, Mich., that received millions in government assistance. Invited to sit in the first lady’s box during the speech Tuesday night was Bryan Ritterby, 58, who went to work for Energetx after being laid off from his furniture-making jobs three years ago.

“Some technologies don’t pan out; some companies fail,” Obama said. “But I will not walk away from the promise of clean energy. I will not walk away from workers like Bryan.”

Without mentioning it by name, Obama appeared to be defending his administration’s support of Solyndra LLC, the California solar panel maker that received a $528 million government loan but filed for bankruptcy court protection last year. Energetx is in a somewhat different situation than Solyndra but still must fend off skepticism from critics who contend government-assisted clean energy products often don’t produce enough high-wage jobs to make it worth the money.

“They must have had to look pretty hard to find someone working in alternative energy,” said Donald Grimes, a senior research specialist at University of Michigan. “I think the politics is what’s driving almost this delusion of where the jobs are. If you want to tout the future of where green energy jobs are going, it’s going to be garbage collection.”

Indeed, waste management and treatment is among the categories with the most “clean economy” jobs in the United States, according to a 2011 report by the Metropolitan Policy Program of the Brookings Institution, a Washington, D.C.-based nonprofit think tank. The category represented about 385,000 jobs in 2010; the wind industry employed 24,294 the same year, the report said.

In 2009, a state board announced a $27.3 million tax credit over 15 years to encourage Energetx to expand. The money is tied to the creation of about 1,000 jobs at the company, and won’t be awarded in cases where jobs don’t materialize. It also got a $3.5 million state award for “energy excellence” in 2010, which was expected to be matched by the U.S. Department of Energy.

The company is far short of its ultimate job target now _ with fewer than 50 employees currently making the turbine blades and other projects _ but it expects to hire roughly 100 more this year, mostly in composite manufacturing. The company would not release specific wage rages, but human resources director Steven Busch said pay will be competitive with similar manufacturing jobs in the Midwest.

U.S. Rep. Bill Huizenga, a Republican whose district includes Holland, said he doesn’t “see a Solyndra-type situation” with Energetx or other clean energy companies in southwest Michigan, such as those that produce batteries for alternative-fuel vehicles. Combined, the area around Holland has about 7.5 percent of its workforce employed in the broad category of “clean jobs,” compared with the national average of 2 percent.

“This isn’t our preferred route, but if this is the route that’s presented to us, we’re going to take it and make it as successful as we can make,” Huizenga said. “Ultimately, the business principles have to be sound. Whether it’s wind, solar, nuclear … these industries aren’t going to just be able to depend on government subsidies forever. At some point you’ve got to be able to stand on your own two feet.”

While Michigan remains stung by the decline in the auto industry, some officials see this new technology as an area where it can lead again.

“It’s communicating a message to people: This is a place on the cutting-edge of change and solving problems,” said John C. Austin, a Brookings senior fellow and visiting faculty member at University of Michigan. “That’s been our big problem in Michigan. We fought for years protecting the auto industry from change. Now we can be the leader in increasing the production of electric cars.”

Brookings officials acknowledge the alternative industry is hard to assess since such jobs pervade all parts of the economy, but its study last year aimed to provide a comprehensive, detailed snapshot of what the sector truly represents.

Erik Nordman, an assistant professor of renewable energy and lead investigator of the West Michigan Wind Assessment project, says the Energetx’s transition isn’t as far-fetched as it might seem because the keel of a yacht closely resembles the blade of a turbine.

With wind energy seemingly more marketable in the future, West Michigan economic developers envision a time Energetx will expand and have hundreds of workers.

“This is new product entry,” said Rick Chapla of The Right Place, a western Michigan economic development organization. “This is complex manufacturing. This is not something that has been done or will be done overnight. It won’t be done in one year. It will be done over a period of years.”

It’s fertile political ground for Obama too. Not only is Michigan considered a swing state in the November election, but he has made several trips to the area to tout clean energy projects, and his administration has provided $2.4 billion in federal grants to develop next-generation electric vehicles and batteries.

Grimes remains skeptical. He says it’s appropriate for the government to invest in research, but not in fledgling commercial enterprises. He cites Solyndra as an example but argues even “picking winners” can prove problematic, since “creative destruction” is a common byproduct of successful yet disruptive technologies.

“They don’t do well with innovation because it costs people jobs,” Grimes said.

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Associated Press writer Tim Martin contributed to this report.

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Ratings agency Standard & Poor’s has downgraded the government debt of France, Austria, Italy and Spain by one notch, but maintained Germany’s at the coveted ‘AAA’ level.

The cuts, which eliminated France and Austria’s triple-A status, deal a heavy blow to the currency union’s ability to fight off a worsening debt crisis.

Italy was lowered to BBB+ from A. Spain slipped to A from AA-.

The downgrades come as crucial talks on cutting Greece’s massive debt pile appeared close to collapse Friday.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

PARIS (AP) _ Ratings agency Standard & Poor’s has downgraded the government debt of France, Austria, Italy and Spain by one notch, but maintained Germany’s at the coveted ‘AAA’ level.

The cuts, which eliminated France and Austria’s triple-A status, deal a heavy blow to the currency union’s ability to fight off a worsening debt crisis.

Italy was lowered to BBB+ from A. Spain slipped to A from AA-.

The downgrades come as crucial talks on cutting Greece’s massive debt pile appeared close to collapse Friday.

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Grocery operator Supervalu Inc. said Wednesday that its fiscal third-quarter net loss widened due to costs related to a turnaround plan, continued high food prices and a cautious consumer.

The company, which operates Kirkwood-based Shop ‘n Save, Earth City-based Save-A-Lot and others, trimmed its yearly sales guidance for the second quarter in a row.

Supervalu, like most grocers, is trying to raise prices to offset high food costs without alienating shoppers that have cut spending due to worry over the economy and high unemployment. Supervalu is also facing costs related to a restructuring plan, begun well over a year ago, which has involved closing stores, selling off some businesses, lowering debt and tailoring its stores to meet local needs payday loan lenders.

Still, the company lowered its yearly sales guidance to $36.1 billion from prior guidance of $36.5 billion. Analysts expect revenue of $36.44 billion, according to Fact Set. It reaffirmed adjusted profit guidance of $1.20 to $1.30 per share. Analysts expect $1.24 per share.

For the quarter, Eden Prairie, Minn.-based Supervalu lost $750 million, or $3.54 per share, compared with a loss of $202 million, or 95 cents, last year.

Revenue fell 4 percent to $8.33 billion.

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Service industries in the U.K. grew at the fastest pace in five months in December and strengthened in the U.S., suggesting their economies are partly withstanding the euro-area debt crisis.

A gauge of U.K. services activity based on the survey of purchasing managers (PMITSUK) rose to 54 from 52.1 in November, Markit Economics and the Chartered Institute of Purchasing and Supply said today in London. A U.S. services index rose to 52.6 in December from 52 the previous month.

The data suggest the U.K. economy strengthened in December after surveys earlier this week showed construction and manufacturing improved. Still, the euro-area crisis is clouding the outlook for the global recovery. The Bank of England said today banks may toughen loan terms because of the debt turmoil, hampering growth, while some Federal Reserve officials have said prospective economic conditions may warrant

Companies added more workers than forecast in December, a sign that the U.S. labor market was gaining momentum heading into 2012, according to a private report based on payrolls.

The 325,000 increase was the highest in records going back to 2001 and exceeded the highest projection in a Bloomberg News survey after a revised 204,000 gain the prior month, the report from the Roseland, New Jersey-based ADP Employer Services showed today. The median estimate called for an advance of 178,000.

An acceleration in hiring may spur further gains in consumer spending, which accounts for about 70 percent of the world

Business orders for long-lasting manufactured goods fell for a second straight month in October.

While much of the weakness came from a big drop in demand for commercial aircraft, a key category that tracks business investment spending fell by the largest amount since January.

The Commerce Department says that orders for durable goods fell 0.7 percent in January following a September decline of 1.5 percent. Orders for core capital goods, considered a good proxy for business investment spending, dropped 1 payday loans for bad credit.8 percent, the biggest decline since a 4.8 percent fall in January.

Manufacturing has been one of the strongest sectors in the economy in this sub-par recovery, but this sector slowed this year as consumer demand faltered and auto factories had trouble getting parts following the March natural disasters in Japan.

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Egypt’s benchmark stock index tumbled more than 2 percent on Sunday as clashes between protesters and security forces entered their second day and rattled investor confidence in the country’s already stumbling economy.

The Egyptian Exchange’s EGX30 index was down 2.45 percent, or at 4,023 points, by 12:15 p.m. on the first day of the work week in the country. The slide built on a week of declines that have helped push the index’s year-to-date losses to almost 44 percent. The index had tumbled almost 3 percent earlier in the day, but recouped some of the losses.

Brokers attributed the drop to the clashes between rock-throwing protesters and security forces in Cairo’s iconic Tahrir Square, the epicenter of the uprising that ousted former President Hosni Mubarak in February.

The fighting had entered its second day, with the protesters demanding the country’s military rulers quickly announce a date when they plan to hand over power to a civilian government. The unrest comes days before the Nov. 28 parliamentary elections _ the first national vote in roughly 30 years that doesn’t include candidates from the former ruling National Democratic Party.

“These are bad times,” said Khaled Naga, a senior broker with Mega Investments, adding that even after a thousands-strong demonstration on Friday went relatively peacefully, there were expectations that the market would decline.

“All things considered, this is a reasonable decline,” said Naga. “We were expecting worse _ maybe 5 percent.”

Shares of Commercial International Bank were down almost 2.2 percent to 23.22 Egyptian pounds while Orascom Construction Industries’ shares were off 3.24 percent to 220.2 Egyptian pounds.

The Jan. 25 revolution that toppled Mubarak and ended nearly three decades of authoritarian rule has battered the country’s economy.

Foreign investment and tourism, which are two of the country’s economic pillars, are reeling from the unrest, while frequent labor strikes and other mass protests have disrupted daily life and forced the government to adopt populist policies that have widened the deficit and added to expenses.

Already, Egypt has run through almost 40 percent of its net international reserves since December.

Brokers said continued unrest in the capital would likely only add to the drop and expected that the market’s support point _ where it could bounce back _ could be around 3,800 points. But hitting that level would involve a number of days of heavy losses and so far the Egyptian market has shown a surprising ability to bounce back despite the continuing unrest and tension in the nation.

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Stocks slid Thursday after reports that a meeting planned for the weekend between European leaders to fend off a credit crisis may be delayed. The reports overshadowed an unexpected recovery in manufacturing in the Northeast.

The Dow Jones industrial average fell 63 points, or 0.5 percent, to 11,441 at 11:20 a.m. Eastern.

Investors are concerned that differences between the leaders of Germany and France may hold up an agreement on how to protect European banks from the likelihood of a default by the Greek government.

Officials from the 17 countries that share the euro are scheduled to meet at a summit this Sunday to discuss ways to contain the damage. A messy default by Greece could to huge losses for European banks that hold Greek bonds. If that leads them to pull back on lending to each other, investors fear it could cause another freeze in global credit markets like the one in late 2008 after Lehman Brothers collapsed.

The S&P 500 fell 7, or 0.6 percent, to 1,202. The Nasdaq lost 30, or 1.2 percent, to 2,573.

U.S. indexes had edged higher in early trading after the Federal Reserve Bank of Philadelphia said regional manufacturing was “showing signs of recovery.” Its index of manufacturing, shipments and new orders was far better than economists had forecast quick payday loan.

Other economic reports were mixed. The Labor Department said new applications for unemployment benefits dropped to 403,000 last week, a sign that layoffs are easing. On the down side, sales of previously-occupied homes fell 3 percent last month.

Several large companies reported earnings before the market opened. Union Pacific Corp., the nation’s largest railroad, surged after its earnings came in well ahead of analysts’ estimates. The company gained 5.3 percent after reporting that its income jumped 16 percent, more than analysts had forecast. It also said it expects the growth to continue. .

Southwest Airlines rose 3.2 percent after reporting income that was a penny per share higher than analysts predicted. AT&T Inc. lost 1 percent after reporting that the number of new iPhones activated last quarter was the lowest in a year and a half.

The New York Times jumped 4 percent after the company reported higher profits than expected.

Microsoft Corp. will report earnings after the market closes.

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The leaders of Germany and Greece met in Berlin on Tuesday, buoying stock markets around the world with hopes they were finally preparing a comprehensive solution to the European debt crisis.

Greece must receive an euro8 billion ($11 billion) rescue loan before mid-October to stave off bankruptcy, a collapse that would send shock waves through financial markets in Europe and the world. But creditors have demanded more efforts to raise revenue.

In response, Greek lawmakers approved a controversial new property tax Tuesday evening, passing it 154 votes to 143 against in the 300-member parliament.

Chancellor Angela Merkel’s government downplayed speculation of bold new moves ahead of her meeting Tuesday with Greek Prime Minister George Papandreou but the simple gathering itself buoyed spirits in financial markets.

The current plan is to have Greece implement painful debt-reduction measures in exchange for rescue loans. Greece relies on funds from last year’s euro110 billion ($149 billion) package, and European leaders have also agreed on a second euro109 billion bailout, although some details of that remain to be worked out.

Greek Finance Minister Evangelos Venizelos said his country will get the money. “The disbursement will be decided in time, in line with the course of our funding needs,” he said Tuesday.

Speaking over chants from protesting ministry employees and tax office workers outside his department, Venizelos said Greek had made great efforts to achieve its fiscal targets, but that a “hyper-effort” was necessary to fully meet its commitments.

Experts, however, say the current course of austerity is untenable.

There is growing speculation in the markets that Greece’s bailout creditors will look to impose bigger losses on Greece’s private bondholders as well as recapitalizing Europe’s banks and boosting the size of the eurozone’s rescue fund. Talk of such a comprehensive package has helped turn sentiment around in stock markets this week following last week’s turmoil.

So far, there’s been no confirmation from Europe’s capitals that such a comprehensive solution is being planned Payday Loan for Bad Credit.

Venizelos said representatives from the International Monetary Fund, European Commission and European Central Bank will return to Athens this week. The so-called troika suspended their review in early September amid talk of missed targets and budget shortfalls.

In Berlin, Papandreou told a conference of the Federation of German Industries that “we are borrowing to repay” _ but also stressed that Europe needs to show it can get its act together.

“I can guarantee that Greece will live up to all its commitments,” Papandreou said ahead of the evening meeting with Merkel.

The Greek government recently announced new austerity measures, including pension cuts and tax hikes.

The new property tax will be charged through electricity bills to make it easier for the state to collect, instead of going through Greece’s unwieldy and inefficient tax system. Those who refuse to pay risk having their power cut off.

But the extra charge has deeply angered Greeks, who have already been through more than a year of sharp austerity that has seen salary and pension cuts and increased taxes across the board. State electricity company unionists have threatened not to collect the tax.

Speaking before the vote, Venizelos acknowledged the new tax was harsh on some, but stressed the government had no choice but to impose it as it fought to reduce its budget deficit.

“Clearly there will be categories of people who will not be able to pay this housing charge and this is a situation that will be resolved,” he said. “But the most important thing is that we achieve the targets agreed to in 2011 and 2012.”

Greeks have been outraged by the new measures after a year of austerity, and unions have responded with strikes and protests. Public transport workers walked off the job Tuesday for two days, and were to be joined by taxi drivers on Wednesday. Tax office and customs workers were also on strike.

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There is a certain curmudgeonly segment of the population that seems to despise new, attention-grabbing technologies, particularly those that hold the potential to make the world a better place.

Electric vehicles fit all three categories, and this is probably why they have been criticized so much over the past two years