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Thanks to consumers, economy is rising steadily if slowly

WASHINGTON (AP) — The U.S. economy slowed in the spring, and most analysts expect it to weaken further in the months ahead. Yet the main driver of growth — consumer spending — remains vigorous enough to keep the economy growing steadily if still modestly. Spending by households, which accounts for about 70% of economic growth, accelerated in the April-June quarter to its fastest pace in nearly five years. Eventually, President Donald Trump’s tariffs on hundreds of billions of dollars in imports could bring higher prices and lower consumer spending. But for now, household ...

Business Briefs for Aug. 26

Avera Marshall announces new board member Avera Marshall Regional Medical Center welcomes Stephen Crim to its board of directors. Crim is the director of operational strategy for Avera@Home. Prior to joining Avera, he spent 32 years working with Morrell/Smithfield Foods in Sioux Falls. He also served in the United States Army and was an Infantry Reconnaissance Leader in Vietnam for two years. His previous board and leadership experience includes serving on boards for the Sioux Falls Chamber of Commerce, the Sioux Falls Development Foundation, Washington Pavilion, United Way, and ...

This means trade war: Is Trump’s economic team up for it?

WASHINGTON (AP) — Facing a trade war against China that has shaken the global economy, President Donald Trump gathered his most trusted economic aides in the Oval Office. The assembled brain trust for Friday’s urgent consultations included an economics chief best known for his stint as a cable TV commentator; a trade adviser whose pro-tariff views are outside the economic mainstream; and a treasury secretary (joining by phone on his way back from vacation) who made millions off the housing crisis and then turned to financing Hollywood movies. Where past presidents have relied on ...

US stocks tumble as US-China trade war rattles investors

The Dow Jones Industrial Average plunged more than 600 points Friday after the latest escalation in the trade war between the U.S. and China rattled investors. The broad sell-off sent the S&P 500 to its fourth straight weekly loss. Stocks tumbled after President Donald Trump responded angrily on Twitter following China’s announcement of new tariffs on $75 billion in U.S. goods. In one of his tweets he “hereby ordered” U.S. companies with operations in China to consider moving them to other countries — including the U.S. Trump also said he’d respond directly to the tariffs — ...

Walmart to revamp, reopen El Paso store after mass shooting

EL PASO, Texas (AP) — Walmart plans to reopen the El Paso store where 22 people were killed in a shooting earlier this month, the retail giant said Thursday, but the entire interior of the building will first be rebuilt. The renovated store will include an on-site memorial honoring the victims of the shooting, many of whom were Latino, and recognizing the “binational relationship between El Paso and Ciudad Juarez” just across the border in Mexico, Walmart spokesman Randy Hargrove said. The project is expected to take three to four months. Nearly all of the 400 employees at the ...

Trump, G-7 leaders to open summit focused on economy

WASHINGTON (AP) — President Donald Trump and other leaders of the world's most industrialized nations will open their annual G-7 summit over the weekend by discussing the global economy. White House officials said Thursday that the session was added to Sunday’s schedule at the last minute at Trump’s request. Trump insists the U.S. economy is strong despite fears that a recession may be on the horizon. At the same time, global economic growth has slowed due to weakness in Germany, Europe’s largest economy, and a pronounced slowdown in China, the world's second-largest economy, ...