Latest Economy News

This photo from video provided by the Office of the Governor shows California Gov. Gavin Newsom during a virtual briefing from his home in Sacramento, Calif., Monday, Nov. 30, 2020. California could see a tripling of hospitalizations by Christmas and is considering stay-home orders for areas with the highest case rates as it tries to keep severe coronavirus cases from overwhelming intensive care beds. Gov. Gavin Newsom warned Monday that without more restrictions the current nearly 7,800 patients hospitalized with the coronavirus could double or triple in a month. But the biggest concern is intensive care cases, which increased by 67% in the last two weeks. (Office of the Governor via AP)

The Latest: California may see tripling of hospitalizations

Nov. 30, 2020 6:42 PM EST

SACRAMENTO, Calif. — California could see a tripling of hospitalizations by Christmas and is considering stay-home orders for areas with the highest case rates as it tries to head off concerns that severe coronavirus cases could overwhelm intensive care beds, officials said Monday. “The red flags...

FILE - In this May 6, 2020, file photo, a sign stands outside the Department of Labor's headquarters in Washington. A government watchdog has found that the Labor Department’s widely watched weekly unemployment benefits data are providing an inaccurate reading on the number of newly laid off workers because of flaws in the government’s data collection. (AP Photo/Patrick Semansky, File)

GAO says weekly unemployment benefits report flawed

Nov. 30, 2020 6:24 PM EST

WASHINGTON (AP) — A government watchdog has found that the Labor Department’s widely watched weekly unemployment benefits data are providing an inaccurate reading on the number of newly laid off workers because of flaws in the government’s data collection. The Government Accountability Office...

FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. (AP Photo/Andrew Harnik, File)

Biden names liberal econ team as pandemic threatens workers

Nov. 30, 2020 6:12 PM EST

WILMINGTON, Del. (AP) — With unemployment still high and the pandemic threatening yet another economic slump, President-elect Joe Biden is assembling a team of liberal advisers who have long focused on the nation’s workers and government efforts to address economic inequality. Janet Yellen,...

File-This Sept. 24, 2020, file photo Federal Reserve Board Chairman Jerome Powell testifies during a Senate Banking Committee hearing, on Capitol Hill in Washington. In remarks released by the Fed on Monday, Nov. 30, 2020, Powell said that the increase in new COVID-19 cases both in the United States and abroad was “concerning and could prove challenging for the next few months.  (Drew Angerer/Pool via AP, File)

Powell says pace of economic improvement has moderated

Nov. 30, 2020 5:50 PM EST

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says that the pace of improvement in the economy has moderated in recent months with future prospects remaining “extraordinarily uncertain.” In remarks released by the Fed on Monday, Powell said that the increase in new COVID-19 cases...

Shoppers walk in a rainstorm, Monday, Nov. 30, 2020 in New York. With people staying home as virus cases surge, Cyber Monday is expected to be the biggest online shopping day yet, bringing in nearly $13 billion in one day. (AP Photo/Mark Lennihan)

This holiday season, everyone is shopping from home

Nov. 30, 2020 5:42 PM EST

NEW YORK (AP) — The viral pandemic is accelerating a transformation of America's holiday shopping season. Few people showed up at the mall this weekend, with millions of pandemic-wary shoppers staying home to shop online. The result? Overall holiday sales are projected to rise a slight 0.9% in November...

Canadian Prime Minister Justin Trudeau speaks at a bi-weekly news conference outside Rideau cottage on the COVID-19 pandemic in Ottawa, Ontario, Friday, Nov. 27, 2020. (Adrian Wyld/The Canadian Press via AP)

Canada to add to record deficit in pandemic recovery attempt

Nov. 30, 2020 5:29 PM EST

TORONTO (AP) — Canadian Prime Minister Justin Trudeau’s government vowed Monday to spend billions more to help the country recover from the pandemic. Deputy Prime Minister and Finance Minister Chrystia Freeland said the country is facing its most severe challenge since World War II, the worst...

FILE - In this Nov. 23, 2020 file photo, a street sign is displayed at the New York Stock Exchange in New York. Stocks are falling in the early going on Wall Street as traders return from the Thanksgiving holiday, but major indexes are still on track for hefty monthly gains. The S&P 500 slipped 0.3% shortly after the opening bell Monday, Nov. 30 weighed down by losses in energy companies and banks.  (AP Photo/Seth Wenig, File)

Stocks slip, but S&P 500 still logs best month since April

Nov. 30, 2020 5:27 PM EST

Stocks pulled back slightly from their record levels Monday as Wall Street put a quiet coda on one of its most rocking months in decades. The S&P 500 fell 0.5%, but the benchmark index still clocked a surge of 10.8% for the month, its biggest monthly gain since April. The Dow Jones Industrial Average, which...

How major US stock indexes fared Monday

Nov. 30, 2020 5:02 PM EST

Stocks ended lower Monday, giving back some of their recent gains, but the S&P 500 still closed out November with its biggest monthly rise since April. The Dow Jones Industrial Average, which has far less impact on 401(k) accounts than the S&P 500 does, had its best month since 1987. In recent weeks,...

Fed chair Powell says economic improvement has moderated in recent months with outlook 'extraordinarily uncertain'

Nov. 30, 2020 4:31 PM EST
WASHINGTON (AP) — Fed chair Powell says economic improvement has moderated in recent months with outlook 'extraordinarily uncertain.'
Indian farmers protesting new agriculture laws hold a meeting at the Delhi-Haryana state border, Monday, Nov. 30, 2020. Indian Prime Minister Narendra Modi tried to placate thousands of farmers protesting new agriculture laws Monday and said they were being misled by opposition parties and that his government would resolve all their concerns. (AP Photo/Rishi Lekhi)

India's govt. invites protesting farmers to talks Tuesday

Nov. 30, 2020 3:36 PM EST

NEW DELHI (AP) — India's government has moved up talks to Dec. 1 with the leaders of farm groups protesting new agricultural laws in the country's biggest farmer protests in years that have entered their fifth day. Agriculture Minister Narendra Singh Tomar said on Monday he decided to advance the meeting...