This week’s Business Minute brought to you by Minute Man Press in Beaver Falls

Stocks drift on Wall Street following latest run at record
By STAN CHOE AP Business Writer
NEW YORK (AP) — Wall Street is drifting Friday after a report showed that sales for U.S retailers strengthened again last month, but by less than economists expected. The S&P 500 was little changed in late morning trading as the market takes a pause after nearly erasing the last of the steep losses caused by the coronavirus pandemic. In each of the last two days, the index made a brief run above its record closing high, which was set in February, only to fade in the afternoon. It’s now 0.4% below the record. More stocks across Wall Street were rising than falling, but the moves were mostly modest.

 

HARRISBURG, Pa. (AP) — Gov. Tom Wolf says Pennsylvania doesn’t have the money to provide $100 a week as President Donald Trump pushes states to help pay for a new round of federal unemployment assistance. In a new letter to Pennsylvania’s congressional delegation, Gov. Tom Wolf Wolf urged them anew to extend the $600 per-week federal benefit, which ended last month. He also warned them that Trump’s plan is a convoluted and short-lived proposal that will delay payments to unemployed Pennsylvanians and create costly administrative burdens for states. States are deciding whether to sign onto Trump’s plan, a new $400 a week benefit that requires a state to commit to providing $100.

US retail sales rise for 3rd month but slowdown expected
By CHRISTOPHER RUGABER and ANNE D’INNOCENZIO AP Business Writers
WASHINGTON (AP) — Americans increased their retail purchases by 1.2% in July, with solid gains in appliances and clothing, restoring sales to their level before the viral pandemic erupted in March. Sales at retail stores and restaurants have now risen for three straight months, after enormous plunges in March and April, when the pandemic suddenly shuttered businesses and paralyzed the economy. Still, much of that spending has been fueled by government relief spending that had put more money in people’s pockets but has since expired. With Americans’ overall income likely shrinking, economists expect a potential drop in spending and a weakening of economic growth.

US industrial production up 3%; factory output up 3.4%
By PAUL WISEMAN AP Economics Writer
WASHINGTON (AP) — American industry continued to regain ground lost in the coronavirus recession last month but production remains well below where it was before the pandemic struck.The Federal Reserve reported Friday that industrial production — including output at factories, mines and utilities — climbed 3% in July after surging 5.7% in June. Still, production remains 8.4% below its level in February before the outbreak began to spread rapidly in the United States. Factory output rose 3.4% last month, pulled higher by a 28.3% gain in production of cars, trucks and auto parts. Mining production blipped up 0.8%, snapping five straight months of decreases, Utility output climbed 3.3% as hot weather forced many Americans to turn on the air conditioner.