PHARMACEUTICALS
Company asks FDA to approve new treatment for ADHD
A Japanese-owned biopharmaceutical company has asked the Food and Drug Administration to approve a new treatment for attention deficit hyperactivity disorder that company officials say won’t wear off between once-a-day doses and has less potential for abuse than other drugs for ADHD. Sunovion Pharmaceuticals Inc., a Marlborough-based subsidiary of Sumitomo Dainippon Pharma Co., said Thursday that the medicine, called dasotraline, would be a good option for children, adolescents, and adults. The new drug application was supported by data gathered in four placebo-controlled safety and efficacy studies, as well as two long-term studies that gauged the drug’s safety in patients with ADHD for up to one year. All told, about 2,500 patients with ADHD participated in the studies. Dasotraline is also being investigated for the treatment of binge eating disorder in adults. ADHD is a widespread disorder and affects people of all ages, according to Sunovion. Some 11 percent of children ages 4 to 17 have been diagnosed with the condition in the United States, and up to 60 percent of individuals with the disorder continue to experience symptoms as adults. It can impair individuals at any time of day, affecting the ability to work, socialize, and maintain relationships. Adults with ADHD are at greater risk for workplace injury and traffic accidents, and also face a higher rate of separation and divorce. — JONATHAN SALTZMAN
MORTGAGE
Rates fall for fifth week
Long-term mortgage rates fell this week. It was the fifth straight weekly decline for the benchmark 30-year rate, which again reached a new low for the year. Mortgage buyer Freddie Mac said Thursday the rate on 30-year, fixed-rate mortgages fell to 3.82 percent from 3.86 percent last week. A year ago, the rate stood at 3.46 percent. It averaged 3.65 percent for all of last year. The rate on 15-year, fixed-rate home loans dipped to 3.12 percent from 3.16 percent last week. Those loans are popular with homeowners refinancing their mortgages. — ASSOCIATED PRESS
Advertisement
CURRENCY
Mnuchin will not commit to Harriet Tubman on the $20 bill
Treasury Secretary Steven Mnuchin on Thursday would not commit to carry out the Obama administration’s plan to put Harriet Tubman on the $20 bill, saying he had not made a decision about the matter. Mnuchin said the decision would be based on how to design the currency in a way that prevents counterfeiting, rather than whose portrait was on the bill. “Ultimately we will be looking at this issue,’’ Mnuchin said in a CNBC interview. ‘‘It’s not something I’m focused on at the moment.’’ Mnuchin added that ‘‘the issues of why we change it will be primarily related to what we need to do for security purposes.’’ President Barack Obama and his then-Treasury Secretary Jacob Lew proposed last year to take President Andrew Jackson’s image off the $20 bill and replace it with Harriet Tubman. Tubman, a famous abolitionist who helped many enslaved people escape, would be the first woman on a US bill and she would also be the first African-American on a US bill. Under Lew’s plan, Tubman’s image would be on the front of the $20 bill and President Jackson’s image would appear on the reverse of the currency. The process was supposed to take several years. President Trump has said he is very fond of President Jackson, at times remarking that his election was reminiscent of the populist campaign that brought Jackson into power in 1829. Trump has a portrait of Jackson on the wall in the Oval Office. Last year, in an interview with NBC, Trump said Tubman was ‘‘fantastic’’ but said putting her on the $20 bill was an example of ‘‘pure political correctness.’’ — BLOOMBERG NEWS
Advertisement
COSMETICS
EEOC sues Estee Lauder over parental leave
The federal agency charged with stopping workplace discrimination has sued Estee Lauder, alleging that new fathers at the beauty products maker get lesser benefits than their female colleagues. The Equal Employment Opportunity Commission said in a federal lawsuit filed Wednesday in Philadelphia that Estee Lauder allows new fathers to take only two weeks of paid leave, but new mothers can take six weeks. The suit was filed on behalf of Christopher Sullivan, an Estee Lauder stock person in a Delaware store. It said Sullivan was denied six weeks of ‘‘child-bonding’’ leave. It seeks relief for men who work at the company who the EEOC said were denied equal parental leave benefits because of their gender. The New York City-based company didn’t immediately return a message Thursday seeking comment. — ASSOCIATED PRESS
Advertisement
FOOD
Campbell Soup sales expected to continue falling
Campbell Soup Co. said Thursday that it expects sales to keep falling over the next year as more people skip its canned soups and bottled juices in favor of fresher foods. Campbell Soup and other packaged food companies have been hurting as consumer tastes change. Morrison said more people are shopping in the produce sections of supermarkets and not picking up its unrefrigerated juice and soup. She also blamed falling sales on the increased number of stores with private food brands and the growth of ready-to-cook meal delivery companies. At its soup and juice division, Campbell Soup’s biggest business, sales fell 3 percent in the three months that ended July 30 from the same period a year ago. Sales at its biscuits and snacks business unit, which includes Pepperidge Farm cookies and Goldfish crackers, were flat from a year ago. And sales at its fresh food unit, which makes Bolthouse Farms carrots, salad dressings, and cold drinks, rose 1 percent. — ASSOCIATED PRESS
Advertisement
HOUSING
Fewer contracts to buy new homes in July
Fewer people signed contracts to buy homes in July, the fourth decline in the past five months. The decrease likely reflects the worsening shortage nationwide of homes being listed for sale. The National Association of Realtors said Thursday that its pending home sales index fell 0.8 percent in July to 109.1. The index has slipped 1.3 percent during the past 12 months. The decline suggests that home-buying has begun to stall because fewer homes are on the market. The dwindling number of properties for sale is causing prices to rise faster than wages, hurting affordability. Just 1.92 million existing homes were listed for sale in July, a 9 percent decline over the past 12 months. — ASSOCIATED PRESS
EMPLOYMENT
More seek jobless benefits last week
More Americans applied for unemployment benefits last week, but the numbers remained low and consistent with a healthy job market. The Labor Department said Thursday that 236,000 people filed claims for jobless aid, up from 235,000 a week earlier. The less volatile four-week average slipped by 1,250 to 236,750, the lowest since May. The number of Americans collecting unemployment checks fell slightly to 1.94 million, down 9.5 percent from a year ago. — ASSOCIATED PRESS
Advertisement
ECONOMY
Consumer spending increased in July
Consumer spending increased in July at the fastest pace in three months, while incomes grew by the largest amount since February, both encouraging signs for future economic growth. Consumer spending rose 0.3 percent in July, the best showing since April, the Commerce Department reported Thursday. It followed 0.2 percent advances in both May and June. Incomes in June grew 0.4 percent, the best showing since February. The strength came from a strong 0.5 percent rise in wages and salaries, reflecting the healthy 209,000 gain in employment in July. The report suggests that Americans are feeling confident enough to boost their spending, which accounts for 70 percent of the country’s economic activity. A key inflation gauge favored by the Federal Reserve posted a tiny 0.1 percent increase in July. During the past 12 months, it is up just 1.4 percent, still well below the Fed’s 2 percent target. — ASSOCIATED PRESS