Latest Economic growth News

A China COSCO Shipping container ship sails past the skyline of Qingdao in eastern China's Shandong Province, on July 28, 2020. China's exports rose 7.2% in July over a year earlier despite the coronavirus pandemic. Sales to the United States rose 12.5% despite lackluster U.S. economic activity and lingering tariff war with Washington. (Chinatopix via AP)

China's July exports rise despite coronavirus, US tariff war

Aug. 7, 2020 1:58 AM EDT

BEIJING (AP) — China's exports rose by an unexpectedly strong 7.2% in July as the world's second-largest economy recovered from the coronavirus pandemic. Sales to the United States jumped 12.5% despite a plunge in U.S. economic activity and a lingering tariff war with Washington, customs data showed...

Oklahoma City Thunder guard Chris Paul (3) handles the ball against Denver Nuggets forward Torrey Craig (3) during the third quarter of an NBA basketball game Monday, Aug. 3, 2020, in Lake Buena Vista, Fla. (Kim Klement/Pool Photo via AP)

NBA Foundation created, pledges $300 million to Black growth

Aug. 5, 2020 7:15 PM EDT

LAKE BUENA VISTA, Fla. (AP) — The NBA's Board of Governors and the National Basketball Players Association have finalized plans to create the first NBA Foundation that will work to spur economic growth in the Black community, announcing Wednesday that the initial contribution will be $300 million over the...

A stock trader, left, adjusts his mask as he enters the New York Stock Exchange, Thursday, July 30, 2020.  Strong gains for Big Tech stocks are helping to prop up Wall Street in early Friday trading following blowout profit reports from some of the market’s most influential companies.  (AP Photo/Mark Lennihan)

Tech giants lead gains as S&P 500 closes 4th winning month

Jul. 31, 2020 5:22 PM EDT

NEW YORK (AP) — Big Tech continues to steamroll through the pandemic, and strong gains for some of the market’s most influential companies on Friday helped Wall Street close out its fourth straight winning month. The S&P 500 rose 24.90 points, or 0.8%, to 3,271.12 following blowout profit...

President Donald Trump, Treasury Secretary Steven Mnuchin, White House Chief of Staff Mark Meadows talk before Trump speaks with reporters on the South Lawn of the White House, Wednesday, July 29, 2020, in Washington. Trump is en route to Texas. (AP Photo/Alex Brandon)

Trump offers, Democrats reject fix for $600 jobless benefit

Jul. 31, 2020 12:59 PM EDT

WASHINGTON (AP) — With aid expiring, the White House offered a short-term extension Thursday of a $600 weekly unemployment benefit that has helped keep families and the economy afloat during the COVID-19 pandemic, but Democrats rejected it, saying President Donald Trump’s team failed to grasp the...

FILE - In this June 1, 2020, file photo, waiters prepare the terrace of a restaurant in order to respect distancing measures in Paris as France gradually lifts its lockdown due to the coronavirus. France's economy shrank by nearly 14% in the second quarter when the country was in coronavirus lockdown, a third consecutive quarter of negative growth in a worsening recession, the national statistics agency said Friday, July 31, 2020. (AP Photo/Christophe Ena, File)

Eurozone economy suffers record drop during lockdown months

Jul. 31, 2020 8:33 AM EDT

PARIS (AP) — The economy of the 19-country eurozone shrank by a devastating 12.1% in the April-June period from the quarter before - the largest drop on record - as coronavirus lockdowns shut businesses and hampered consumer spending. Economists say the worst of the downturn is past as many restrictions...

A man lifts his arm as he walks by the New York Stock Exchange, Thursday, July 30, 2020. Stocks are falling on Wall Street Thursday after reports showed that layoffs are continuing at a stubborn pace and that the U.S. economy contracted at a nearly 33% annual rate in the spring. (AP Photo/Mark Lennihan)

Asian benchmarks tumble, looking to earnings, central banks

Jul. 31, 2020 12:16 AM EDT

TOKYO (AP) — Asian shares tumbled Friday as reports showed layoffs of American workers are persisting at high levels after the U.S. economy contracted at a nearly 33% annual pace in the spring, the worst quarter on record. Earnings reports, a gauge of how well businesses are managing the fallout from the...

A shopper passes a display window with mask covered mannequins at a dress store, Thursday, July 30, 2020, in McAllen, Texas. (AP Photo/Eric Gay)

Record economic plunge, bleak jobs numbers reveal virus toll

Jul. 30, 2020 5:37 PM EDT

WASHINGTON (AP) — The coronavirus pandemic sent the U.S. economy plunging by a record-shattering 32.9% annual rate last quarter and is still inflicting damage across the country, squeezing already struggling businesses and forcing a wave of layoffs that shows no sign of abating. The economy's collapse in...

Government revisions show slightly slower 2019 GDP growth

Jul. 30, 2020 11:55 AM EDT

WASHINGTON (AP) — The government says the U.S economy grew a bit more slowly last year than it had previously estimated and slightly faster in 2018. Those changes emerged Thursday in the government's annual revisions to its estimates of the gross domestic product, the economy's total output of goods and...

FILE - In this March 3, 2020 file photo, Federal Reserve Chair Jerome Powell speaks during a news conference to discuss an announcement from the Federal Open Market Committee, in Washington.  Federal Reserve officials are grappling this week with the timing and scope of their next policy moves at a time when the raging viral pandemic has weakened the U.S. economy. No major changes are likely when the Fed releases a statement Wednesday, July 29,  after its two-day policy meeting ends and just before Powell holds a news conference.  (AP Photo/Jacquelyn Martin, File)

Fed sees dim economic outlook as virus squeezes economy

Jul. 29, 2020 5:28 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell warned Wednesday that the viral epidemic is endangering the modest economic recovery that followed a collapse in hiring and spending this spring. As a result, he said, the Fed plans to keep interest rates pinned near zero well into the future. That...

FILE - In this July 13, 2020 file photo, a For Rent sign hangs on a closed shop during the coronavirus pandemic in Miami Beach, Fla.  Having endured what was surely a record-shattering slump last quarter, the U.S. economy faces a dim outlook as a resurgent coronavirus intensifies doubts about the likelihood of any sustained recovery the rest of the year. (AP Photo/Lynne Sladky)

US is expected to report a record-breaking economic plunge

Jul. 29, 2020 2:33 PM EDT

WASHINGTON (AP) — Having endured what was surely a record-shattering slump last quarter, the U.S. economy faces a dim outlook as a resurgent coronavirus intensifies doubts about any sustained recovery the rest of the year. A huge plunge in consumer spending as people stayed home and avoided shopping,...