Latest Gross domestic product News

A stock trader, left, adjusts his mask as he enters the New York Stock Exchange, Thursday, July 30, 2020.  Strong gains for Big Tech stocks are helping to prop up Wall Street in early Friday trading following blowout profit reports from some of the market’s most influential companies.  (AP Photo/Mark Lennihan)

Tech giants lead gains as S&P 500 closes 4th winning month

Jul. 31, 2020 5:22 PM EDT

NEW YORK (AP) — Big Tech continues to steamroll through the pandemic, and strong gains for some of the market’s most influential companies on Friday helped Wall Street close out its fourth straight winning month. The S&P 500 rose 24.90 points, or 0.8%, to 3,271.12 following blowout profit...

President Donald Trump, Treasury Secretary Steven Mnuchin, White House Chief of Staff Mark Meadows talk before Trump speaks with reporters on the South Lawn of the White House, Wednesday, July 29, 2020, in Washington. Trump is en route to Texas. (AP Photo/Alex Brandon)

Trump offers, Democrats reject fix for $600 jobless benefit

Jul. 31, 2020 12:59 PM EDT

WASHINGTON (AP) — With aid expiring, the White House offered a short-term extension Thursday of a $600 weekly unemployment benefit that has helped keep families and the economy afloat during the COVID-19 pandemic, but Democrats rejected it, saying President Donald Trump’s team failed to grasp the...

FILE - In this June 1, 2020, file photo, waiters prepare the terrace of a restaurant in order to respect distancing measures in Paris as France gradually lifts its lockdown due to the coronavirus. France's economy shrank by nearly 14% in the second quarter when the country was in coronavirus lockdown, a third consecutive quarter of negative growth in a worsening recession, the national statistics agency said Friday, July 31, 2020. (AP Photo/Christophe Ena, File)

Eurozone economy suffers record drop during lockdown months

Jul. 31, 2020 8:33 AM EDT

PARIS (AP) — The economy of the 19-country eurozone shrank by a devastating 12.1% in the April-June period from the quarter before - the largest drop on record - as coronavirus lockdowns shut businesses and hampered consumer spending. Economists say the worst of the downturn is past as many restrictions...

A man lifts his arm as he walks by the New York Stock Exchange, Thursday, July 30, 2020. Stocks are falling on Wall Street Thursday after reports showed that layoffs are continuing at a stubborn pace and that the U.S. economy contracted at a nearly 33% annual rate in the spring. (AP Photo/Mark Lennihan)

Asian benchmarks tumble, looking to earnings, central banks

Jul. 31, 2020 12:16 AM EDT

TOKYO (AP) — Asian shares tumbled Friday as reports showed layoffs of American workers are persisting at high levels after the U.S. economy contracted at a nearly 33% annual pace in the spring, the worst quarter on record. Earnings reports, a gauge of how well businesses are managing the fallout from the...

A shopper passes a display window with mask covered mannequins at a dress store, Thursday, July 30, 2020, in McAllen, Texas. (AP Photo/Eric Gay)

Record economic plunge, bleak jobs numbers reveal virus toll

Jul. 30, 2020 5:37 PM EDT

WASHINGTON (AP) — The coronavirus pandemic sent the U.S. economy plunging by a record-shattering 32.9% annual rate last quarter and is still inflicting damage across the country, squeezing already struggling businesses and forcing a wave of layoffs that shows no sign of abating. The economy's collapse in...

Government revisions show slightly slower 2019 GDP growth

Jul. 30, 2020 11:55 AM EDT

WASHINGTON (AP) — The government says the U.S economy grew a bit more slowly last year than it had previously estimated and slightly faster in 2018. Those changes emerged Thursday in the government's annual revisions to its estimates of the gross domestic product, the economy's total output of goods and...

FILE - In this July 13, 2020 file photo, a For Rent sign hangs on a closed shop during the coronavirus pandemic in Miami Beach, Fla.  Having endured what was surely a record-shattering slump last quarter, the U.S. economy faces a dim outlook as a resurgent coronavirus intensifies doubts about the likelihood of any sustained recovery the rest of the year. (AP Photo/Lynne Sladky)

US is expected to report a record-breaking economic plunge

Jul. 29, 2020 2:33 PM EDT

WASHINGTON (AP) — Having endured what was surely a record-shattering slump last quarter, the U.S. economy faces a dim outlook as a resurgent coronavirus intensifies doubts about any sustained recovery the rest of the year. A huge plunge in consumer spending as people stayed home and avoided shopping,...

Survey: Business economists sketch a more hopeful outlook

Jul. 27, 2020 12:01 AM EDT

WASHINGTON (AP) — The economic outlook of U.S. business economists has improved over the past three months, though their sunnier view may be jeopardized by the resurgence of the coronavirus. A survey released Monday by the National Association for Business Economics finds a “significant snap-back in...

Workers in a small appliance repair shop work behind plastic sheeting to reduce the spread of coronavirus, in central Mexico City, Monday, July 6, 2020. After three months of shutdown, officials allowed a partial reopening of downtown last week, although COVID-19 cases continue to climb. (AP Photo/Rebecca Blackwell)

Latin America faces 'lost decade' from coronavirus GDP drop

Jul. 16, 2020 6:24 PM EDT

MEXICO CITY (AP) — The Economic Commission for Latin America and the Caribbean said Wednesday the region’s per-capita gross domestic product is likely to drop by 9.1% in 2020 due to the coronavirus pandemic. That would take the region back to GDP levels of 2010, something the U.N. commission called...

A girl helps to push baskets with products that her family has for sale at a street market during a government-ordered lockdown to curb the spread of COVID-19 in Caracas, Venezuela, Wednesday, July 8, 2020. (AP Photo/Ariana Cubillos)

UN says Latin America and Caribbean are COVID-19 `hot spot'

Jul. 9, 2020 7:30 PM EDT

UNITED NATIONS (AP) — Latin America and the Caribbean have become “a hot spot” for the COVID-19 pandemic, with several countries now having one of the highest per capita infection rates and absolute number of cases in the world, U.N. Secretary-General Antonio Guterres said Thursday. The U.N....