Latest Economy News

GM strike pushed US factory output down 0.5% in September

Oct. 17, 2019 9:57 AM EDT

WASHINGTON (AP) — U.S. factory output slumped 0.5% in September, as a strike at General Motors caused a steep decline in auto production amid broader struggles for manufacturers. The Federal Reserve said Tuesday that manufacturing production has fallen 0.9% over the past 12 months, a reflection of the...

Economic slowdown drags Union Pacific 3Q profit down 2%

Oct. 17, 2019 9:53 AM EDT

OMAHA, Neb. (AP) — The slowing economy and ongoing trade disputes are dragging railroad profits down in the second half of the year. Union Pacific and CSX railroads both reported declining profit and revenue as they hauled less grain, imported goods and other products. Union Pacific said volume fell 8% in...

Markets Right Now: Solid earnings power early stock gains

Oct. 17, 2019 9:44 AM EDT

NEW YORK (AP) — The latest on developments in financial markets (all times local): 9:40 a.m. Stocks are opening broadly higher on Wall Street as investors applauded solid earnings from a number of U.S. companies. Investors were also encouraged Thursday by news that Britain had reached a tentative deal to...

Dubai bets billions that Expo 2020 won't be a desert mirage

Oct. 17, 2019 9:29 AM EDT

DUBAI, United Arab Emirates (AP) — It rises out of what were once rolling sand dunes stretching toward the horizon, a feverish construction site by tempo and temperature that has tens of thousands of workers building what looks like a new city in the desert of Dubai. This is the site of Expo 2020, a...

US home construction fell 9.4% last month

Oct. 17, 2019 9:01 AM EDT

WASHINGTON (AP) — U.S. home building fell last month, driven by a sharp decline in the construction of new apartments. The Commerce Department said Thursday that housing starts dropped 9.4% to a seasonally adjusted annual rate of 1.26 million. The construction of new apartments plunged 28.3% to an annual...

Global shares rally on tentative Brexit deal

Oct. 17, 2019 8:07 AM EDT

BANGKOK (AP) — Global markets were boosted Thursday by news that Britain and the European have agreed on an outline Brexit deal after days of intense negotiations. Benchmarks in London and Frankfurt rallied and Wall Street was positioned for gains when the market opens in New York. Although news of a...

China appeals to Washington for quick end to trade war

Oct. 17, 2019 6:28 AM EDT

BEIJING (AP) — China appealed to Washington for a quick end to their trade war but gave no indication Thursday what additional steps Beijing might want before carrying out what President Donald Trump says is a promise to buy up to $50 billion of American farm goods. Trump agreed Friday to delay a tariff...

Apple economy latest casualty in strife-torn Kashmir

Oct. 17, 2019 5:03 AM EDT

SHOPIAN, India (AP) — Kashmir's apple orchards, backbone of the economy and livelihood for nearly half the people living there, are deserted with fruit rotting on the trees at a time when they should be bustling with harvesters. Losses are mounting as insurgent groups pressure pickers, traders and drivers...

Asian shares mixed on caution over China-US trade deal

Oct. 17, 2019 1:01 AM EDT

BANGKOK (AP) — Asian shares were mixed Thursday after officials signaled work remains to be done on an agreement for a truce in the tariff war between the U.S. and China. Hong Kong led regional gains after its chief executive, Carrie Lam, announced help for the property sector. The semi-autonomous city's...

Mounting Venezuela exodus sparks fears of rising xenophobia

Oct. 17, 2019 12:03 AM EDT

LIMA, Peru (AP) — Freddy Brito had just finished belting out tunes on a bus in Peru's capital and was crossing a street on his one good leg when the driver of a blue taxi sped up and veered toward the singer. "Veneco!" the man yelled, using a derogatory word for Venezuelans. "Get out of here!" Brito...