Business

Summer at the Spa — a ritual nearly 200 years strong — started early in Saratoga Springs, N.Y., with the third leg of the Triple Crown, the Belmont Stakes, being held on Saturday for the first time at Saratoga Race Course, a revered relic where the elite and otherwise mingle, but the horses rule.Broadway, the city’s central thoroughfare, bustled. Lines for picnic tables at the track formed before dawn. A new color — Belmont green — blended with the track’s signature red-and-white trimmings. Owners, trainers, horseplayers and the cooler-toting faithful all hailed the break from tradition for the race’s 156th running.A roar rose from the old wooden grandstand as the horses entered the starting gate for the main event. It did not disappoint. The 17-1 longshot Dornoch, ridden by Luis Saez and ...

The U.S. economy keeps throwing curveballs, and the May employment report is the latest example.Employers added 272,000 jobs last month, the Labor Department reported on Friday, well above what economists had expected as hiring had gradually slowed. That’s an increase from the 232,000-job average over the previous 12 months, scrambling the picture of an economy that’s relaxing into a more sustainable pace.Most concerning for the Federal Reserve, which meets next week and again in July, wages rose 4.1 percent from a year ago — a sign that inflation might not yet be vanquished.“For those who may have thought they would see a July rate cut, that door has largely been shut,” said Beth Ann Bovino, chief U.S. economist for U.S. Bank. Although wage gains are good for workers, she noted, persisten...

There were glitches with its propulsion system, but Boeing’s Starliner spacecraft and the two NASA astronauts it carried successfully docked at the International Space Station on Thursday afternoon.The docking, at 1:34 p.m. Eastern time, was more than an hour later than planned, after the troubleshooting of several malfunctioning thrusters.Starliner’s arrival came one day after the vehicle launched from Cape Canaveral Space Force Station in Florida. The docking was a major milestone for the test flight, which is to provide a final check that Starliner is ready to begin once-a-year operational flights to ferry NASA crews for six-month stays at the space station.NASA hired Boeing to build the spacecraft as one of a pair of replacements for its retired space shuttles, but the company experien...

Europe’s share of the global economy is shrinking, and fears are deepening that the continent can no longer keep up with the United States and China.“We are too small,” said Enrico Letta, a former Italian prime minister who recently delivered a report on the future of the single market to the European Union.“We are not very ambitious,” Nicolai Tangen, head of Norway’s sovereign wealth fund, the world’s largest, told The Financial Times. “Americans just work harder.”“European businesses need to regain self-confidence,” Europe’s association of chambers of commerce declared.The list of reasons for what has been called the “competitiveness crisis” goes on: The European Union has too many regulations, and its leadership in Brussels has too little power. Financial markets are too fragmented; pub...

From the bridge of the three-masted windjammer, the Sea Cloud Spirit, the captain called out the words we’d all been waiting for.“Let’s set the sails!” he cried, after turning off the engines, while maneuvering to maintain an optimum angle for his 18 deckhands to climb into the shrouds and unfurl the ship’s 44,132 square feet of sails by hand.Like acrobats, the crew scurried up the masts to the upper topgallant sails that rose nearly 200 feet above us. The ship’s captain, Vukota Stojanovic, later insisted that none of it was for show. “Whenever there is an opportunity to sail, we sail,” he said.For the next hour, the crew hauled the ropes until the 28 sails were billowing in the wind, propelling the 452-foot-long ship — the world’s largest passenger sailing vessel on which the sails are ra...

Long before people develop dementia, they often begin falling behind on mortgage payments, credit card bills and other financial obligations, new research shows.A team of economists and medical experts at the Federal Reserve Bank of New York and Georgetown University combined Medicare records with data from Equifax, the credit bureau, to study how people’s borrowing behavior changed in the years before and after a diagnosis of Alzheimer’s or a similar disorder.What they found was striking: Credit scores among people who later develop dementia begin falling sharply long before their disease is formally identified. A year before diagnosis, these people were 17.2 percent more likely to be delinquent on their mortgage payments than before the onset of the disease, and 34.3 percent more likely ...