OPENINGS

Workshop comes to Hudson

AR Workshop Hudson, a do-it-yourself home decor design and style shop, will celebrate its grand opening from 3-7 p.m. Sunday at 85 S. Main St., Suite B, in Hudson.

More than 85 locations have opened nationwide since the first Anders Ruff Workshop debuted in 2016 in Pineville N.C.

The Hudson workshop, co-owned by Susan Daniels and Mary Katherine Donnelly, will offer tours and hourly giveaways at Sunday’s event, and 200 guests will get to make a complimentary Ohio mini-sign. RSVPs are strongly encouraged; register at www.arworkshop.com/hudson.

ONLINE RETAIL

Amazon raises Prime fees

Amazon is raising the price of its annual Prime membership fee by 20 percent next month.

The company said Thursday that Prime members in the United States will now pay $119 a year, up from $99, starting May 11 for new members. The new price will apply to renewals starting on June 16.

The online retailer recently disclosed for the first time that it has more than 100 million Prime members worldwide.

MANUFACTURING

Durable goods orders rise

Orders for long-lasting manufactured goods rose 2.6 percent in March, but a key category that tracks business investment spending fell for the third month out of the past four.

The big rise in orders for durable goods, which followed an even bigger 3.5 percent advance in February, was driven by a surge in demand for commercial aircraft, the Commerce Department reported Thursday. Airplane orders shot up 44.5 percent last month. Excluding the volatile transportation category, orders would have been flat last month after a modest 0.9 percent rise in February.

American industry has benefited from stronger global growth and a drop in the dollar that makes U.S. products less expensive overseas. But a rebound in demand in the key investment category seems to have stalled so far this year.

The category that follows business investment plans edged down 0.1 percent in March after a 0.9 percent increase in February. It was also down in January and December, raising concerns about this important driver of economic growth.

LENDING

Mortgage rates move higher

Long-term U.S. mortgage rates continued to climb this week, reaching their highest level in more than four years and denting prospective home purchasers’ prospects amid the spring buying season.

It was the third straight week of increases for long-term mortgage rates. Mortgage buyer Freddie Mac said Thursday the average rate on 30-year, fixed-rate mortgages jumped to 4.58 percent from 4.47 percent last week. By contrast, the benchmark rate averaged 4.03 percent a year ago.

The average rate on 15-year, fixed-rate loans rose to 4.02 percent from 3.94 percent last week.

Spiking interest rates on U.S. Treasury bonds, driven by rising commodity prices that boosted inflation expectations, helped lift long-term mortgage rates to their highest level since August 2013.

Compiled from staff and wire reports.