Latest Economic outlook News

FILE - In this Tuesday, March 10, 2020, file photo, specialists James Denaro, left, and Mario Picone work on the floor of the New York Stock Exchange. Global stock markets and Wall Street futures rose Thursday, July 2, 2020, on hopes for the development of a coronavirus vaccine and ahead of the release of monthly U.S. jobs data. (AP Photo/Richard Drew, File)

Stocks rise on jobs data, S&P 500 nears week-long sweep

Jul. 2, 2020 1:46 PM EDT

NEW YORK (AP) — Wall Street is rising Thursday after a report showed the U.S. job market continues to climb out of the crater created by the coronavirus pandemic. The S&P 500 was 1% higher in afternoon trading and on pace for its fourth-straight gain. Stocks also rose across Europe and Asia, while oil...

FILE - In this Monday, June 29, 2020, file photo, Bigard Ogbonna, right, checks a customer's temperature before they enter a store at the Garden State Plaza mall in Paramus, N.J., as New Jersey's indoor shopping malls reopened from their COVID-19 pause. U.S. employers likely rehired several million more workers in June, thereby reducing a Depression-level unemployment rate, but the most up-to-date data suggests that a resurgent coronavirus will limit further gains. (AP Photo/Seth Wenig, File)

US unemployment falls to 11%, but new shutdowns are underway

Jul. 2, 2020 1:39 PM EDT

WASHINGTON (AP) — U.S. unemployment fell to 11.1% in June as the economy added a solid 4.8 million jobs, the government reported Thursday. But the job-market recovery may already be faltering because of a new round of closings and layoffs triggered by a resurgence of the coronavirus. While the jobless rate...

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, July 2, 2020. Asian stock markets followed Wall Street higher Thursday as hopes for development of a coronavirus vaccine competed with concern about rising U.S. infections. (AP Photo/Ahn Young-joon)

Asian stocks follow Wall Street higher on vaccine hopes

Jul. 2, 2020 12:04 AM EDT

Asian stock markets followed Wall Street higher Thursday as hopes for development of a coronavirus vaccine competed with concern about rising U.S. infections. Benchmarks in Shanghai, Tokyo, Hong Kong and Australia all advanced. Investors were encouraged after Pfizer and BioNtech announced preliminary data from a...

Pigeons take flight in an empty Plaza Vieja in Havana, Cuba, Tuesday, June 23, 2020. Nearly three months of a near-total shutdown of commerce, transportation, and public spaces, combined with health monitoring and virus testing has led to the virtual elimination of COVID-19 in Cuba. (AP Photo/Ismael Francisco)

Report: Tourism to Latin America hammered by COVID

Jul. 1, 2020 5:32 PM EDT

MIAMI (AP) — With the coronavirus keeping Americans at home during the summer, countries south of the U.S. border are bracing for an economic reckoning from a decline in tourism. A new repor t Wednesday by the Inter-American Development Bank estimates that some of the most tourism-dependent economies in...

A Saudi vendor is seen through a bracelet as a woman buys jewels at the gold market a day before the expected increase of VAT from 5% to 15%, in Jiddah, Saudi Arabia, Tuesday, June 30, 2020. (AP Photo/Amr Nabil)

Saudi shoppers rush to buy gold before taxes triple

Jul. 1, 2020 3:57 AM EDT

JIDDAH, Saudi Arabia (AP) — Saudi shoppers have rushed to buy big-ticket items such as gold, appliances and electronics ahead of the announced tripling of taxes on basic goods on Wednesday as the government tries to shore up revenue for its economy battered by the coronavirus and low oil prices. The...

A woman wearing a mask passes the New York Stock Exchange, Tuesday, June 30, 2020, during the coronavirus pandemic. (AP Photo/Mark Lennihan)

Asian shares up after Wall St closes best quarter since 1998

Jul. 1, 2020 12:00 AM EDT

TOKYO (AP) — Asian shares were mostly higher Wednesday after Wall Street capped its best quarter since 1998, shrugging off continued signs of global economic damage from the coronavirus pandemic. Japan's benchmark Nikkei 225 slipped 0.2% to 22,187.27. South Korea's Kospi rose 1.0% to 2,130.14. Australia's...

A woman wearing a face mask walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Tuesday, June 30, 2020. Asian shares are rising, cheered by a rally on Wally Street that underlined some optimism about global business performance despite the ongoing coronavirus pandemic. (AP Photo/Vincent Yu)

Asian shares rise after Wall St rally, strong housing data

Jun. 29, 2020 11:28 PM EDT

TOKYO (AP) — Asian shares rose Tuesday, cheered by a rally on Wally Street reflecting some optimism over stronger than expected economic data, despite widening coronavirus outbreaks. Japan's benchmark Nikkei 225 gained 1.8% in morning trading to 22,380.02. South Korea's Kospi gained 1.5% to 2,123.85,...

FILE - In this March 3, 2020 file photo Federal Reserve Chair Jerome Powell speaks during a news conference in Washington. Powell says the outlook for the U.S. economy is “extraordinarily uncertain” and the success of the recovery effort will depend in large part on the country’s ability to contain the spread of the coronavirus.
“A full recovery is unlikely until people are confident that it is safe to re-engage in a broad range of activities,” Powell says in testimony he is scheduled to deliver Tuesday, June 30, 2020 in an appearance with Treasury Secretary Steven Mnuchin before the House Financial Services Committee. (AP Photo/Jacquelyn Martin, file)

Powell says US economy facing heightened uncertainty

Jun. 29, 2020 5:17 PM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says the outlook for the U.S. economy is “extraordinarily uncertain” and the success of the recovery effort will depend in large part on the country’s ability to contain the spread of the coronavirus. “A full recovery is...

This Week: Consumer confidence, Macy’s earns, June hiring

Jun. 29, 2020 1:10 AM EDT

A look at some of the key business events and economic indicators upcoming this week: REGAINING CONFIDENCE? The Conference Board issues its June snapshot of U.S. consumer confidence Tuesday. The index, which reflects consumers’ assessments of present conditions and their expectations about the future,...

In this undated photo provided by the Federal Reserve Bank of Richmond, Tom Barkin, president of the Federal Reserve Bank of Richmond,  poses for a portrait. (Federal Reserve Bank of Richmond via AP)

Richmond Fed chief: With outlook hazy, economy needs support

Jun. 28, 2020 10:20 AM EDT

WASHINGTON (AP) — As president of the Federal Reserve Bank of Richmond since 2018, Tom Barkin is a member of the Fed's powerful committee that sets interest rates. The committee has been engaged this year in an extraordinary drive to support the economy and the financial system through ultra-low rates and...