Latest Economic outlook News

Cashier Druhan Parker, right, works behind a plexiglass shield Thursday, Nov. 19, 2020, as he checks out shoppers Cassie Howard, left, and Paris Black at an in Chicago. The accelerating surge of coronavirus cases across the U.S. is causing an existential crisis for America’s retailers and spooking their customers just as the critically important holiday shopping season nears. (AP Photo/Charles Rex Arbogast)

Retailers brace as virus bears down on consumers and economy

Nov. 21, 2020 10:45 AM EST

WASHINGTON (AP) — LaTonya Story is every retailer’s worst fear. With the viral pandemic re-surging through the country and the economy under threat, Story has decided to slash her holiday shopping budget. She'll spend less than $2,000 this season, down from several thousand dollars in 2019. Worried...

In this photo provided by the New York Stock Exchange, a trader works on the floor during the IPO of Omnichannel Acquisition Corporation, Friday, Nov. 20, 2020. U.S. stocks are pulling a bit lower in midday trading Friday as worries about the worsening pandemic weigh on rising optimism about a coming coronavirus vaccine. (Courtney Crow/New York Stock Exchange via AP)

Wall Street slips amid worries about worsening pandemic

Nov. 20, 2020 4:57 PM EST

Stocks closed broadly lower on Wall Street Friday following another choppy day of trading as worries about the worsening pandemic undercut growing optimism about a coming coronavirus vaccine. The S&P 500 fell 0.7%, erasing its gains from a day earlier. The benchmark index, which climbed to an all-time high on...

The Parthenon temple is illuminated atop of the Acropolis hill as a ferry approaches the port of Piraeus as another one departs in Athens, Monday, Oct. 26, 2020. (AP Photo/Thanassis Stavrakis)

Barely out of crisis, Greek economy hammered by new lockdown

Nov. 20, 2020 11:21 AM EST

Greece has downgraded its forecasts for the economy this year to include the impact of a second lockdown, and says the national debt is now expected to exceed 200% of annual output. The Finance Ministry on Friday said that it expects the economy to contract by 10.5% in 2020 and rebound by a modest 4.8% next year,...

In this photo, provided by the New York Stock Exchange, specialist Dilip Patel, left, works with a trader on the floor of the NYSE, Thursday, Nov. 19, 2020. U.S. stocks are drifting in mixed trading on Thursday, as Wall Street's tug of war continues between worries about the worsening pandemic in the present and optimism that a vaccine will come in the future. (Courtney Crow/New York Stock Exchange via AP)

Asian shares mostly climb amid tug of war between hope, fear

Nov. 19, 2020 9:26 PM EST

TOKYO (AP) — Asian shares mostly rose in muted trading Friday after Wall Street eked out modest gains amid a tug of war between worries about the worsening pandemic in the present and optimism that a vaccine will rescue the economy in the future. Japan's benchmark Nikkei 225 slipped 0.5% in morning...

FILE - This May 7, 2020, file photo shows a man wearing a mask while walking under a Now Hiring sign at a CVS Pharmacy during the coronavirus outbreak in San Francisco.  On Thursday, Nov. 12, the number of people seeking unemployment benefits fell last week to 709,000, the fourth straight drop and a sign that the job market is slowly healing. The figures coincide with a sharp resurgence in confirmed viral infections to an all-time high above 120,000 a day.  (AP Photo/Jeff Chiu, File)

US jobless claims rise to 742,000; millions to lose aid

Nov. 19, 2020 9:48 AM EST

WASHINGTON (AP) — The number of Americans seeking unemployment aid rose last week to 742,000, the first increase in five weeks and a sign that the resurgent viral outbreak is likely slowing the economy and forcing more companies to cut jobs. The worsening pandemic and the arrival of cold weather could...

A woman walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Tuesday, Nov. 18, 2020. Asian stock markets were mixed Wednesday after Wall Street declined as worries about the long-term impact of the coronavirus pandemic tempered enthusiasm about possible vaccine development. (AP Photo/Vincent Yu)

Asian stocks mixed after Wall Street fall on virus worries

Nov. 17, 2020 11:04 PM EST

BEIJING (AP) — Asian stock markets were mixed Wednesday after Wall Street declined as worries about the long-term impact of the coronavirus pandemic tempered enthusiasm about possible vaccine development. Benchmarks in Tokyo and Hong Kong declined while Shanghai and Seoul advanced. Announcements that two...

People walk past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Tuesday, Nov. 17, 2020. Asian shares rose Tuesday, after the Dow Jones Industrial Average hit a record high on optimism that a vaccine may soon control the coronavirus and the economic destruction it’s caused. (AP Photo/Vincent Yu)

Asian shares rise buoyed by news on coronavirus vaccine

Nov. 16, 2020 10:27 PM EST

TOKYO (AP) — Asian shares rose Tuesday, after the Dow Jones Industrial Average hit a record high on optimism that a vaccine may soon control the coronavirus and the economic destruction it’s caused. Moderna said its COVID-19 vaccine appears to be 94.5% effective, according to preliminary data....

President-elect Joe Biden, accompanied by Vice President-elect Kamala Harris, speaks about economic recovery at The Queen theater, Monday, Nov. 16, 2020, in Wilmington, Del. (AP Photo/Andrew Harnik)

'More people may die': Biden urges Trump to aid transition

Nov. 16, 2020 6:44 PM EST

WILMINGTON, Del. (AP) — President-elect Joe Biden on Monday warned of dire consequences if President Donald Trump and his administration continue to refuse to coordinate with his transition team on the coronavirus pandemic and block briefings on national security, policy issues and vaccine plans. The...

German Chancellor Angela Merkel, right, and German Finance Minister Olaf Scholz arrive at the weekly cabinet meeting of the German government at the chancellery in Berlin, Germany, Wednesday, Nov. 11, 2020. (AP Photo/Markus Schreiber, pool)

Germany sees slightly better tax income, more business aid

Nov. 12, 2020 10:20 AM EST

BERLIN (AP) — The German government's tax income this year is expected to be a bit higher than previously forecast after the economy, Europe's biggest, performed relatively well in the third quarter. An updated forecast by tax experts for the government released Thursday predicted a tax take of 728.3...

People walk past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Thursday, Nov. 12, 2020. Stocks fell back across Asia on Thursday after gains for big technology shares pushed most Wall Street benchmarks higher. (AP Photo/Eugene Hoshiko)

Asian shares slip on faltering hopes for COVID vaccines

Nov. 11, 2020 11:21 PM EST

Stocks fell back across Asia on Thursday after gains for big technology shares pushed most Wall Street benchmarks higher. News of potentially effective vaccines for COVID-19 has been countered by concerns over the logistical challenges of ensuring access to billions of people and over rising caseloads that are...