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Federal Reserve policymakers are worried that recent strong gains in hiring could fizzle if U.S. economic growth doesn’t pick up.

Minutes of the Fed’s March 13 meeting show that members expressed those concerns before sticking with a plan to keep interest rates at record lows until at least late 2014.

A couple of members said they want to take further steps to boost the economy if conditions worsen or inflation remains tame, according to the minutes, which were released Tuesday.

Stocks fell further after the minutes were released. The Dow Jones industrial average dropped 105 points to 13,159.

The Fed sketched a slightly sunnier view of the economy after its last meeting, largely because of the best three months of hiring in two years. But members noted that there have been similar bursts of hiring in the past two years that ended up fading.

The readout from the Fed’s last meeting largely echoed a speech Fed Chairman Ben Bernanke delivered last week to a gathering of economists.

The Fed is concerned that the recovery could falter, as it did last year. Americans aren’t receiving meaningful pay increases. Gas prices are high. And Europe’s debt crisis could weigh on the U.S. economy.

As long as inflation remains tame, analysts think the Fed will likely hold interest rates down to give the economy more support. Most economists don’t think Fed officials will change their interest-rate policy at their next meeting on April 24-25 and will ease credit only if the economy slows further.

Still, the outlook for the economy is improving.

Employers added an average of 245,000 jobs a month from December through February pay day loans. The unemployment rate has fallen nearly a full percentage point since summer, to 8.3 percent.

The government will report Friday on the job market in March. Many economists believe that report will show another strong month of job creation with a net gain of 210,000 jobs. They expect the unemployment rate will hold steady at 8.3 percent.

U.S. consumers boosted their spending in February by the most in seven months, raising expectations for stronger growth at the start of the year.

Americans spent more even as their income barely grew. To make up the difference, many saved less.

Many people are more confident in the economy, despite stagnant wages and higher gas prices. The University of Michigan Consumer Sentiment Survey index rose last month to its highest level since February 2011.

The economy grew at an annual pace of 3 percent in the October-December quarter. Most economists expect slightly slower growth in the current January-March quarter.

Bernanke said the combination of modest economic growth and rapid declines in unemployment is something of a puzzle. Normally, it takes growth of roughly 4 percent annual growth to lower the rate by 1 percentage point over a year.

Bernanke cautioned that he doesn’t expect the unemployment rate to keep falling at its current pace without much stronger growth and more robust hiring.

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Dubai’s DryDocks World has secured support from a significant majority of creditors to implement its $2.2 billion debt restructuring, the state-owned shipyard operator said Saturday.

The company, a division of the emirate’s debt-laden Dubai World conglomerate, has been in talks with lenders for months to hammer out new terms on the debt. It didn’t provide details of the revised repayment terms or say how many lenders agreed to the deal.

While it has sufficient support to implement the restructuring, a “small minority” of lenders have not signed on to the plan, the company said.

“The group has always sought the support of all its syndicated lenders and its proposals were designed to achieve that,” Chairman Khamis Juma Buamim said in a statement. “The group remains confident the absence of support from this minority will have no impact on the … restructuring.”

DryDocks’ debt talks were complicated by a lawsuit by one of its creditors, Monarch Alternative Capital, which was seeking about $45 million it was owed on line pay day loans. A British court ruled in Monarch’s favor earlier this year.

DryDocks World operates the Middle East’s largest shipyard in Dubai, where it builds and repairs ships and oil drilling rigs. It also owns shipyards in Singapore and Indonesia, and other Asian businesses including a fleet of more than 100 vessels, including tankers, cargo ships, tugboats and barges.

Its parent company, Dubai World, sent markets reeling in 2009 when it acknowledged it couldn’t pay back billions it owed. It signed an agreement to restructure some $25 billion in debt last March. Subsidiary companies such as DryDocks World have since tried to retool the terms on their own piles of debt.

Credit rating firm Moody’s Investors Service in December estimated that Dubai and its many state-linked companies owe creditors at least $101.5 billion.

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Stock futures are rising with little economic data or major corporate earnings on tap, but Wall Street is tuned in to an address from the Fed Chairman.

Federal Reserve Chairman Ben Bernanke told the National Association for Business Economics that the U.S. job market remains weak despite three months of strong gains.

The Dow Jones industrial average is up 40 points to 13,072 while the Standard & Poor’s 500 index is up 3.6 points to 1,3097 cash advance payday loan.70. The Nasdaq composite index is up 12.5 points to 2,741.25.

Lions Gate Entertainment Corp. is among the stock standouts. The studio’s “The Hunger Games” had a huge opening weekend, with a windfall of $155 million. Lions Gate shares are up 5 percent at $15.25.

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Canadian Finance Minister Jim Flaherty plans to include new measures to expedite environmental approvals for energy projects in next week

Australia

Oil prices fell below $108 a barrel Tuesday in Asia as a weak demand picture offset fears of a potential supply disruption should tensions explode between the West and Iran over its nuclear program.

Benchmark oil for April delivery was down 58 cents to $107.98 at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell by $1.21 to $108.56 per barrel in New York on Monday.

Brent crude fell 69 cents to $123.48 per barrel in London.

Western nations fear that Iran is building a nuclear weapon and have been trying to get international inspectors into its facilities. Iran denies the claim and has threatened to disrupt oil supplies in response to any threats.

Despite those headwinds, some analysts said crude prices should weaken because Iran was unlikely to make good on its threat to block the Strait of Hormuz, through which one-fifth of the world’s oil tankers pass each day. Another factor _ the ongoing economic fragility in Europe _ will reduce future demand and help rein in price hikes payday advance.

“We therefore continue to expect oil prices to drop back sharply this year as weakening demand more than offsets concerns over Iran, which are likely to fade too,” analysts at Capital Economics said in a report.

The possible release of oil by the International Energy Agency or the U.S. could also help drive prices down, it said. The IEA embarked on a similar release of emergency crude stocks in June 2011 to ease the strain of high oil prices on the global economy.

“Either way, assuming a larger and earlier stock release than in 2011, the price of Brent crude could then quickly fall by as much as $10 per barrel,” the report said.

In other energy trading, heating oil fell 1 cent to $3.27 per gallon and gasoline futures were steady at $3.30 per gallon. Natural gas was unchanged at $2.45 per 1,000 cubic feet.

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In a ruling that appears headed toward appeal, a federal judge has ruled that Washington state cannot force pharmacies to sell Plan B or other emergency contraceptives.

The state’s true goal in adopting the rules at issue was not to promote the timely access to medicine, but to suppress religious objections by druggists who believe that such drugs can have an effect tantamount to abortion, U.S. District Judge Ronald Leighton said in his ruling Wednesday.

Washington’s rules require that pharmacies stock and dispense drugs for which there is a demand. The state adopted the dispensing regulations in 2007, following reports that some women had been denied access to Plan B, which has a high dose of medicine found in birth-control pills and is effective if a woman takes it within 72 hours of unprotected sex.

State lawyers argued that the requirements are legal because they apply neutrally to all medicines and pharmacies, and because they promote a government interest _ the timely delivery of medicine, including Plan B, which becomes less effective as time passes.

But a pharmacy and two pharmacists sued, saying the rules infringed on their religious freedom, and the judge agreed.

The state allows all sorts of business exemptions to the rules, he noted. Pharmacies can decline to stock a drug, such as certain painkillers, if it’s likely to increase the risk of theft, or if it requires an inordinate amount of paperwork, or if the drug is temporarily unavailable from suppliers, among other reasons.

“The most compelling evidence that the rules target religious conduct is the fact the rules contain numerous secular exemptions,” the judge said. “In sum, the rules exempt pharmacies and pharmacists from stocking and delivering lawfully prescribed drugs for an almost unlimited variety of secular reasons, but fail to provide exemptions for reasons of conscience.”

The decision comes as contraception has been debated in political and health care circles around the nation. A controversy erupted this month when religious groups protested a new federal rule that required church-affiliated universities, hospitals and nonprofits to include birth control without co-pays or premiums in their insurance plans.

The outcry prompted President Barack Obama to change the rule to shift the burden from religious organizations to insurance companies. Lawmakers in a few conservative states have taken up the fight with proposals that serve as direct challenges to Obama’s ruling.

Leighton, in his decision Wednesday, did not strike down Washington’s rules, but said simply that the way they were applied to the plaintiffs in this case was unconstitutional.

The state remains free to try to enforce the law against other pharmacies that violate the stocking and dispensing rules, whether for Plan B or other drugs; it remains unclear whether courts would reach a similar conclusion if pharmacies objected to selling other drugs for religious reasons.

“I remain concerned about the impacts on patients if pharmacies are allowed to refuse to dispense lawfully prescribed or lawful medications to patients,” said Gov. Chris Gregoire, who insisted on the dispensing rule’s adoption. “I am especially concerned about those living in rural areas, many of whom may have few alternatives and could suffer lengthy delays in receiving medication or go without entirely.”

The judge, an appointee of President George W. Bush, first blocked the state’s dispensing rule in 2007. But a 9th U.S. Circuit Court of Appeals panel overruled him, saying the rules did not target religious conduct. It sent the case back to Leighton, who held an 11-day trial before reaffirming his original decision.

Further appeals were expected, both from the state and from groups that intervened on the state’s behalf. Before taking more than an hour to read his 48-page opinion in court, Leighton acknowledged that he crafted it for the benefit of a “skeptical” appeals court.

The interveners included women who were denied timely access to Plan B when they needed it _ one of whom cut short a vacation in central Washington to return home to Bellingham, where she knew she could obtain Plan B from her regular pharmacy _ as well as HIV patients, who argued that if druggists could refuse to dispense Plan B for religious reasons, some might also refuse to dispense time-sensitive HIV medications.

“The question really is whether the patient’s rights come first or the pharmacist’s rights come first,” said Andrew Greene, a lawyer for the interveners.

Assistant Attorney General Rene Tomisser said Leighton’s ruling was “more detailed” but made the same mistake he made in 2007.

Margo Thelen, of Woodland, one of the pharmacists who sued over the rules, said she had to leave one job because she refused to dispense Plan B _ and now she can continue working at her new job without fear of being fired.

“Speak to anyone who shops in a pharmacy,” she said. “Their product isn’t always available.”

Two Supreme Court cases guide judges in determining whether laws that infringe upon the free exercise of religion are legal.

In one, the court held that the state of Oregon could outlaw the use of the hallucinogenic peyote for everyone, even though some groups might use it in religious conduct.

In the other, the court held that a city in Florida could not outlaw animal sacrifices for religious purposes, while allowing the slaughter of animals for food, hunting and pest eradication.

Leighton said Washington’s rules are akin to the Florida case. Though they appear to be neutral by their plain language, the state allows pharmacies not to stock or sell drugs for various business reasons, he said.

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During the last three years, state Rep. Steve Webb, the ranking Democrat on the House utilities committee, has accepted more in free gifts from Ameren than any Missouri public official has accepted from any single lobbying group.

In 2011, he also received more in meals and event tickets from AT&T — $1,674 worth — than any other Missouri politician received from the telecommunications giant, according to data from the Missouri Ethics Commission.

Missouri is one of a few states that places no limit on lobbyist gifts to lawmakers, and by no means is Webb, who represents Florissant, the only politician who gets into ballgames and concerts for free.

But from 2009 to 2011, Webb received tickets to 51 separate events — from the World Series to shows at the Fox Theatre to professional wrestling — with 40 of the events coming courtesy of utility companies. Twenty-eight sets of tickets came from Ameren and, in all, the utility spent $8,094 on Webb and his family during the three-year span.

“It’s not a conflict of interest,” Webb said. “First, I’m the ranking Democrat on the utilities committee. I work closely with these different utility companies on pending or upcoming legislation.”

Webb said going to events and dinners with lobbyists gives him a chance to form a relationship and discuss issues with them, and that the gifts don’t affect his views. He said he gives away some of the tickets.

And while Webb isn’t the only member of the utilities committee who’s received gifts from Ameren, he has accepted far more than any other members. Republican Jeannie Riddle of Callaway County comes in a distant second, with $1,799 in gifts accepted by her and her family and staff during the past three years.

The utilities committee oversees legislation related to the development and regulation of utilities, communication and technology, and energy-related matters.

Excluding Webb, 17 of the committee’s 25 other members have accepted gifts from Ameren. Combined, they have received $6,502 in gifts, about $1,600 less than Webb.

In 2010, Webb also accepted $777.50 worth of tickets and food for Rams and Cardinals games and a Jay-Z concert from Laclede Gas Co. In November 2011, he received $279 in concert tickets from Kansas City Power & Light Co.

“I think it’s obvious that they have no influence on how I may feel on any particular issue,” he said, citing his strong opposition to a bill that would change discrimination workplace laws, a measure supported by the St. Louis Regional Chamber and Growth Association, of which Ameren and AT&T are members. Ameren CEO Tom Voss is chairman of the RCGA.

And if Ameren’s spending on politicians is so influential, Webb said, why haven’t large pieces of legislation involving the company — such as last year’s proposal to charge consumers to obtain a site permit for a second nuclear plant near Fulton, Mo. — been passed by the Legislature?

A bill similar to last year’s legislation was referred to the House utilities committee last month. Webb is one of several dozen co-sponsors of the bill, which would allow an electrical utility seeking an early site permit to recover up to $45 million in costs from ratepayers. The bill also would reduce the share of utilities’ operating revenues that can go to fund the Public Service Commission, the state’s utility regulator.

“I’m a minority in the minority party,” Webb said. “We don’t push the legislation. We don’t decide what legislation comes to the floor.”

George Connor, a political science professor at Missouri State University, said it was nearly impossible to prove that lobbyist gifts have an impact on how a legislator votes. But typically, he said, “They’re not giving you gifts to get you to vote a certain way, they’re giving you gifts because you vote a certain way.”

The most important thing for a lobbyist to have is access, Connor said, and handing out tickets is one way to achieve that.

While gifts may not influence a politician, he said, “The appearance of impropriety is just as bad as impropriety, as far as I’m concerned.”

Webb said that lobbyist gifts were not nearly as significant as the unlimited campaign donations Missouri allows. Free tickets and meals are ’small potatoes compared to someone getting a $100,000 check,” he said.

Ameren, which has raised its rates four times during the last five years, recently proposed a 15 percent rate increase. Webb said he was concerned about the proposed hike and had discussed the matter with Ameren’s lobbyists. “We don’t want any unfair rate increases,” he said.

It’s up to the state’s utility regulator to decide whether the increase is fair, Webb said.

“Ameren has some of the lowest rates in the nation,” he said. “We want to keep it that way.”

Webb said that it might not be necessary for his meetings with lobbyists to take place at concerts and baseball games but maintained that gifts from utilities weren’t a problem.

“Some may have a difference in opinion on whether or not you should be taking tickets,” he said. “My opinion is, there’s nothing wrong with it.”

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Robert Zoellick plans to step down from his post at the head of the World Bank when his current term ends on June 30.

Zoellick, 58, informed the bank’s board of his decision on Wednesday. The World Bank, a multinational organization, provides financial assistance to developing countries — $247 billion during his five-year term.

"I’m honored to have led such a world-class institution," he said in his statement. "When the world needed the bank to step up, our shareholders responded with expanded resources and support for key reforms that made us quicker, more effective and more open." (The world’s 10 largest economies)

The bank said it had its first general capital increase in more than 20 years under Zoellick’s term. He emphasized that the bank’s health made it a "natural time to move on."

Zoellick previously served as international vice chairman at Goldman Sachs (, Fortune 500) and in various government positions, including U.S. trade representative. He was also an executive vice president of Fannie Mae from 1993 to 1997.

The World Bank and the International Monetary Fund were the two major multinational organizations started in the wake of World War II to provide assistance and economic stability to troubled nations in an effort to help maintain global economic growth.

Zoellick is the 11th head of the World Bank since its founding in 1946. Historically, the World Bank has been headed by an American, while the IMF has been headed by a European.

But last year, when the IMF was looking for a new managing director, there were calls for a non-European in the position, due to the IMF’s role in backstopping emerging economies. Given the World Bank’s similar focus, there could also be a push for a non-American as its next president.

Despite those calls, French finance minister Christine Lagarde won the IMF job, which opened up due to Dominique Strauss-Kahn’s resignation in the wake of sexual assault charges that were later dropped.  

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Sales at U.S. retailers rose less than forecast in January, reflecting an unexpected drop in purchases of automobiles.

The 0.4 percent gain reported by the Commerce Department today in Washington was half the 0.8 percent rise median forecast of economists surveyed by Bloomberg News. Sales excluding cars climbed 0.7 percent, more than projected and the biggest gain since March.

Chains like Target Corp. (TGT) and Limited Brands Inc. topped analysts