Latest Economy News

South Asia is expected to grow by nearly 6% this year, making it the world's fastest-growing region

Oct. 03, 2023 06:31 AM EDT

NEW DELHI (AP) — South Asia is expected to grow by 5.8% this year, making it the fastest-growing region in the world even as the pace remains below pre-pandemic levels, the World Bank said on Tuesday. The latest South Asia Development Update from the World Bank projected growth in...

Fed's Powell gets an earful about inflation and interest rates from small businesses

Oct. 02, 2023 16:21 PM EDT

YORK, Pa. (AP) — Federal Reserve officials typically gather many of their insights and observations about the economy from some of the top Ph.D. economists in Washington. On a visit Monday to York, Pennsylvania, Chair Jerome Powell got an earful from a group with a decidedly...

Bank of Japan survey shows manufacturers optimistic about economy

Oct. 02, 2023 01:45 AM EDT

TOKYO (AP) — Business sentiment among big Japanese manufacturers improved in July-September for the second straight quarter, according to a central bank survey released Monday. The Bank of Japan's “tankan” quarterly survey measured business sentiment among major manufacturers...

Borrowers are reassessing their budgets as student loan payments resume after pandemic pause

Sep. 30, 2023 10:00 AM EDT

NEW YORK (AP) — Millions of Americans must start repaying their federal student loans again in October, with monthly payments averaging hundreds of dollars. To get ready, borrowers are cutting expenses, taking on additional work, and looking for options to reduce their monthly payments. ...

Cyprus hails Moody's two-notch credit rating upgrade bringing the country into investment grade

Sep. 30, 2023 05:27 AM EDT

NICOSIA, Cyprus (AP) — Cyprus on Saturday hailed a two-notch upgrade by credit ratings agency Moody’s to bring the east Mediterranean island nation back into investment-grade territory a decade after a financial crisis left the country on the brink of bankruptcy. President Nikos...

In a good sign for China's struggling economy, factory activity grows for the first time in 6 months

Sep. 30, 2023 03:37 AM EDT

BEIJING (AP) — China's factory activity in September recorded its first expansion in six months, an official survey said Saturday, providing another sign that the world's second-largest economy is gradually improving after its post-pandemic malaise. According to the government...

US government estimates economy grew last quarter at a 2.1% rate, unchanged from previous projection

Sep. 28, 2023 09:28 AM EDT

WASHINGTON (AP) — The U.S. economy grew at a 2.1% annual pace from April through June, extending its sturdy performance in the face of higher interest rates, the government said Thursday, leaving its previous estimate unchanged. The second-quarter expansion of the nation's gross...

US consumer confidence tumbles in September as American anxiety about the future grows

Sep. 26, 2023 10:31 AM EDT

WASHINGTON (AP) — The confidence of American consumers slipped this month, particularly about the future, as expectations persist that interest rates will remain elevated for an extended period. The Conference Board, a business research group, said Tuesday that its consumer...

Stock market today: Asian shares dip with eyes on China economy, US shutdown

Sep. 25, 2023 22:17 PM EDT

TOKYO (AP) — Asian shares mostly sank Tuesday over worries about a possible U.S. government shutdown and the troubled Chinese economy. Japan's benchmark Nikkei 225 index slipped 0.6% in morning trading to 32,469.85. Australia's S&P/ASX 200 dipped 0.5% to 7,042.50. South Korea's...

Interest rates will stay high 'as long as necessary,' the European Central Bank's leader says

Sep. 25, 2023 13:15 PM EDT

FRANKFURT, Germany (AP) — The head of the European Central Bank said Monday that interest rates will stay high enough to restrict business activity for “as long as necessary” to beat back inflation. Still, she sympathized with homeowners who have seen their mortgage payments jump. ...