Latest Economy News
'Dollarization' of North Korean economy, once vital, now potential threat to Kim's rule
SEOUL, South Korea (AP) — Before fleeing North Korea in 2014, Jeon Jae-hyun kept U.S. dollars as a store of value and used Chinese yuan to make everyday purchases at markets, restaurants and other places. He used the domestic currency, the won, only occasionally. “There were not...
Europe's economy shrank. For households that are hurting, it's just numbers
LONDON (AP) — The European economy contracted slightly at the end of last year and beginning of 2023, revised figures showed Thursday, underlining the impact of the loss of Russian natural gas and high inflation on consumer spending. Economic output in the 20 countries that use the...
US applications for jobless benefits highest since October 2021
The number of Americans applying for unemployment benefits last week rose to its highest level since October 2021, but the labor market remains one of the healthiest parts of the U.S. economy. The Labor Department reported Thursday that U.S. applications for jobless claims were...
Persistent inflation, higher interest rates will weigh on global economy, OECD predicts
FRANKFURT, Germany (AP) — The global economy must steer through a precarious recovery this year and next as inflation keeps dragging on household spending and higher interest rates weigh on growth, banks and markets. That was the takeaway Wednesday from the latest economic outlook...
China trade tumbles in May, adding to signs economic recovery is slowing
BEIJING (AP) — China’s exports fell 7.5% from a year earlier in May and imports were down 4.5%, adding to signs an economic rebound following the end of anti-virus controls is slowing as global demand weakens under pressure from higher interest rates. Exports slid to $283.5...
Stock market today: Asian stocks mixed as Wall St inches toward bull market
BANGKOK (AP) — Asian shares were mixed Wednesday after a day of listless trading on Wall Street in the absence of market-moving data. China reported its exports fell 7.5% from a year earlier in May and imports were down 4.5%, adding to signs of a slowing of its economic recovery...
Saudi Arabia is slashing oil supply. It could mean higher gas prices for US drivers
FRANKFURT, Germany (AP) — Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher. The Saudi...
World Bank offers dim outlook for the global economy in face of higher interest rates
WASHINGTON (AP) — The global economy is likely slowing sharply this year, hobbled by high interest rates, the repercussions of Russia's invasion of Ukraine and the lingering effects of the coronavirus pandemic. That's the latest outlook of the World Bank, a 189-country anti-poverty...
German factory orders dipped again as 2nd quarter started
BERLIN (AP) — German factory orders, an important indicator for Europe's biggest economy, dipped in April after a big drop in March, official figures showed Tuesday. The data pointed to a disappointing start to the second quarter. The Economy Ministry said orders were down 0.4%...
Stock market today: Asian stocks rise after Wall St retreats on concern economy weakening
BEIJING (AP) — Asian stock markets rose Tuesday after Wall Street fell on concern the U.S. economy may be weakening following a report that showed growth in service industries slowing. Shanghai, Tokyo and Hong Kong rose. Sydney retreated. Oil prices declined. Wall...
