Business category, Page 191
U.S. service sector grows, albeit slightly slower in June
SILVER SPRING, Md. — Growth in the services sector, where most Americans work, slowed in June following record expansion in May. The Institute for Supply Management said Tuesday that its monthly survey of service industries retreated to a reading of 60.1, following an all-time high reading of 64 in May....
Heinz launches campaign targeting hot dog, bun mismatched packaging
Heinz has had it. Tired of seeing hot dogs and buns sold in mismatched quantities — wieners in packages of 10, buns in packs of eight — the world-famous condiment maker launched a campaign Tuesday to encourage manufacturers to finally get on the same page. The ketchup king started a...
John Dorfman: Thor and KB Home are on the casualty list
You might think only a bumbling company could see its stock decline in the second quarter. After all, the Standard & Poor’s 500 Index returned 8.55% for the three months through June. But it isn’t so. About a third of all stocks were down in the quarter. Some are good...
Amazon begins new chapter as Jeff Bezos hands over CEO role
NEW YORK — Amazon founder Jeff Bezos stepped down as CEO on Monday, handing over the reins as the company navigates the challenges of a world fighting to emerge from the coronavirus pandemic. Andy Jassy, who ran Amazon’s cloud-computing business, replaced Bezos, a change the company announced in February. Bezos,...
Used car prices jump as new car production dropsVideo
Those looking to buy a late-model car, truck or sport utility vehicle may suffer from sticker shock when they see the price of used vehicles, which the U.S. government’s consumer price index calculates have risen by about 30% since May 2020. “It’s all about the inventory. There’s a high demand...
Ransomware hits hundreds of U.S. companies, security firm says
WASHINGTON — A ransomware attack paralyzed the networks of at least 200 U.S. companies on Friday, according to a cybersecurity researcher whose company was responding to the incident. The REvil gang, a major Russian-speaking ransomware syndicate, appears to be behind the attack, said John Hammond of the security firm Huntress...
Richard Branson plans 1st space trip days before Jeff Bezos blasts off
Richard Branson plans to fly to space on July 11, days before a similar journey by fellow billionaire Jeff Bezos. The shares of Branson’s Virgin Galactic Holdings Inc. surged. The VSS Unity spacecraft will also carry three Virgin Galactic employees and two pilots from the launch site in New Mexico,...
Stocks climb on Wall Street following encouraging jobs data
NEW YORK — Stock indexes are ticking higher on Wall Street Friday after a report showed the nation’s job market was even stronger last month than expected. The S&P 500 was up 0.3% in morning trading and on pace for its seventh straight gain, though slightly more stocks were falling...
Wall Street hits another record; energy stocks, banks gain
Stocks finished broadly higher Thursday on Wall Street, adding to the gains that helped the market close out its best first half of a year since the dotcom bubble. The S&P 500 rose 0.5%, marking its sixth straight gain and fourth consecutive record high. The price of U.S. crude oil...
CBO projects federal deficit will hit $3 trillion this year
The Congressional Budget Office says that the federal budget deficit will again hit $3 trillion this year, $745 billion more than its estimate five months ago, as it takes into account the cost of President Joe Biden’s $1.9 trillion coronavirus rescue plan. In an updated forecast Thursday, the CBO said...
Construction spending fell 0.3% in May, housing slowing
WASHINGTON — Construction spending fell 0.3% in May. Growth in housing, the economy’s standout performer, slowed while activity in areas most directly impacted by the pandemic showed further weakness. The Commerce Department reported Thursday that the May decline followed a slight 0.1% rise in April and left overall construction spending...
U.S. jobless claims fall to 364,000, a new pandemic low
WASHINGTON — The number of Americans applying for unemployment aid fell again last week to the lowest level since the pandemic struck last year, further evidence that the job market and the broader economy are rebounding rapidly from the coronavirus recession. The Labor Department reported Thursday that jobless claims dropped...
Council, business leaders say Pittsburgh Downtown Partnership’s work is needed amid pandemic recovery
The shutdown caused by the coronavirus pandemic proved the importance of the Pittsburgh Downtown Partnership to the city’s business district, its members and administrators told city council members Tuesday. “Everything came crashing down,” said Casey Henderlong, describing how it hurt businesses like the Richard Deshantz Restaurant Group, where Henderlong is...
U.S. agency orders automated vehicle makers to report crashes
DETROIT — The U.S. government’s highway safety agency has ordered automakers to report any crashes involving fully autonomous vehicles or partially automated driver assist systems. The move Tuesday by the National Highway Traffic Safety Administration indicates the agency is taking a tougher stance on automated vehicle safety than in the...
United orders 270 jets to replace old ones, plan for growth
United Airlines is making one of the largest orders ever for commercial airplanes in an aggressive bet that air travel will rebound strongly from the pandemic. United said Tuesday that it will buy 200 Boeing Max jets and 70 planes from Europe’s Airbus so that it can replace many of...
GM recalls old SUVs; suspension problem can affect steering
DETROIT — General Motors is recalling more than 380,000 older SUVs in the U.S., many for a second time, to fix a suspension problem that can cause them to sway at highway speeds. GM decided on the recall after the U.S. National Highway Traffic Safety Administration opened an investigation last...
John Dorfman: What Edson Gould would say about stocks, if he were alive
People who are fretting about the Federal Reserve’s latest comments probably never heard of Edson Gould. Gould, a famed stock analyst from the 1940s into the 1970s, tried to devise an answer to investors’ perennial question: When should you take defensive measures if the Fed is tightening credit conditions? He...
Judge dismisses government antitrust lawsuits against Facebook
WASHINGTON — A federal judge on Monday dismissed antitrust lawsuits brought against Facebook by the Federal Trade Commission and a coalition of state attorneys general, dealing a significant blow to attempts by regulators to rein in tech giants. U.S. District Judge James Boasberg ruled Monday that the lawsuits were “legally...
Tech gains nudge S&P 500, Nasdaq further into record heights
NEW YORK — Strength for tech stocks nudged U.S. indexes a bit further into record heights Monday, more than making up for losses across much of the rest of Wall Street. The S&P 500 rose 9.91 points, or 0.2%, to 4,290.61 after drifting between small gains and losses for much...
Appraising the situation, Michelle Bradley went to great lengths to deal with pandemic
Real estate appraiser Michelle Czekalski Bradley went above and beyond during the pandemic in her quest to follow covid-related safety protocols. Bradley, 54, created her own custom covid prevention outfit to wear while appraising properties. “I scoured the internet every night for gloves, booties, rain ponchos and anything that would...
Alle-Kiski Valley restaurateurs contend with new challenges as they struggle to survive pandemic
Restaurants were hit hard by the pandemic and restrictions meant to curb the spread of covid-19 — and, for many restaurateurs, the struggles aren’t over yet. Navigating a pandemic — and the related rules and restrictions — has been a challenge April Platt never imagined she’d have to overcome. Platt...
Overcoming challenges, Alle-Kiski Valley businesses continue to recover
Alle-Kiski Valley businesses are beginning to emerge from the incredible challenges caused by last year’s covid-19 pandemic. Many small-business owners said they’ve experienced a significant loss of income, stress and hardship during the shutdown and subsequent covid restrictions placed on their businesses. A 2020 U.S. Census Bureau Small Business Survey...
Westmoreland County restaurants lean on combination of self, government helpVideo
After eight years of co-owning and operating J&M Export Deli, Michelle Gilson feels like it’s her first year all over again. Gilson, with co-owner Jennifer Minnick, was forced to make several cost-saving changes to the Export-based deli over the past year — like reducing the staff by three employees and...
Hiring still a problem across most industries
Despite inventive ways to lure new job candidates, owners and managers in many industries have been striking out for months on filling open spots. There was 20 openings in late May at Charley Family Shop ‘n Save stores in Murrysville, Hempfield and Greensburg. Co-owner Tom Charley said the grocer started...
Pandemic business survival a question of help, perseverance
Some relied on government funding to get through. In other cases, employees pitched in, volunteering their time instead of taking a paycheck. Others switched gears entirely, revamping their business plan. Whatever the means, local businesses found a way to survive months fraught with government-mandated shutdowns, capacity restrictions and headaches brought...
