Latest Economy News

Biz group floats work grant; federal aid higher than thought

May. 10, 2021 20:47 PM EDT

LANSING, Mich. (AP) — Michigan's biggest local chamber of commerce floated a plan Monday in which $400 million in federal COVID-19 relief money would be spent on incentivizing people to return to the workforce and to get vaccinated, while officials learned the state's overall aid package...

Decades later, California's 'Gann limit' back in spotlight

May. 10, 2021 20:37 PM EDT

SACRAMENTO, Calif. (AP) — If California Gov. Gavin Newsom avoids getting recalled from office later this year, he could owe a debt of gratitude to a conservative Republican political activist from the 1970s and 1980s. It was Paul Gann who led the 1979 campaign that...

Australia to reveal big-spending plan for next fiscal year

May. 10, 2021 20:26 PM EDT

CANBERRA, Australia (AP) — The Australian government will release its big-spending economic plan for the next fiscal year on Tuesday designed to create jobs and repair pandemic damage and with an eye toward winning votes at looming general elections. Treasurer Josh...

EXPLAINER: Why the Colonial Pipeline hack matters

May. 10, 2021 19:50 PM EDT

NEW YORK (AP) — A cyberattack on a critical U.S. pipeline is sending ripple effects across the economy, highlighting cybersecurity vulnerabilities in the nation's aging energy infrastructure. The Colonial Pipeline, which delivers about 45% of the fuel used along the Eastern seaboard, shut...

Feds to send more than $2.1B to Kentucky state government

May. 10, 2021 19:33 PM EDT

FRANKFORT, Ky. (AP) — State government in Kentucky will receive more than $2.1 billion from the latest round of federal coronavirus aid — a smaller-than-projected amount due to the state's improving economic performance, Gov. Andy Beshear said Monday. The U.S....

States push jobless from virus recession to return to work

May. 10, 2021 18:18 PM EDT

STOWE, Vt. (AP) — Eduardo Rovetto is hoping the state of Vermont's reinstated requirement that people who are collecting unemployment benefits must seek work to qualify will help him hire enough staff for his restaurant in the resort town of Stowe. After more than a...

Alabama to end $300 federal unemployment benefit boost

May. 10, 2021 18:12 PM EDT

MONTGOMERY, Ala. (AP) — Alabama Gov. Kay Ivey announced Monday that Alabama will be the latest state to halt pandemic-related unemployment boosts, including the additional $300 benefit from the federal government. Ivey cited an increase in job postings and complaints...

Treasury sends $12B in COVID-19 relief to Ohio governments

May. 10, 2021 16:52 PM EDT

COLUMBUS, Ohio (AP) — The Treasury Department on Monday said Ohio will receive nearly $5.4 billion in aid as part of Democratic President Joe Biden's larger $1.9 trillion coronavirus relief package, with another nearly $6.6 billion going directly to counties, cities and townships. ...

Tech sell-off drags stocks lower, pulling market below highs

May. 10, 2021 16:47 PM EDT

A sell-off in technology companies dragged stocks lower on Wall Street Monday, pulling the major indexes back from their recent all-time highs. The S&P 500 fell 1% after wobbling between small gains and losses the first half of the day. The decline broke a three-day...

New Mexico awaits $1.75B in federal pandemic relief

May. 10, 2021 16:40 PM EDT

SANTA FE, N.M. (AP) — New Mexico's state government will receive $1.75 billion in pandemic relief from the federal government under the economic recovery plan from the Biden administration and Congress, the U.S. Treasury Department announced on Monday. The relief funds...