Latest Economy News
Borrowers are reassessing their budgets as student loan payments resume after pandemic pause
NEW YORK (AP) — Millions of Americans must start repaying their federal student loans again in October, with monthly payments averaging hundreds of dollars. To get ready, borrowers are cutting expenses, taking on additional work, and looking for options to reduce their monthly payments. ...
Cyprus hails Moody's two-notch credit rating upgrade bringing the country into investment grade
NICOSIA, Cyprus (AP) — Cyprus on Saturday hailed a two-notch upgrade by credit ratings agency Moody’s to bring the east Mediterranean island nation back into investment-grade territory a decade after a financial crisis left the country on the brink of bankruptcy. President Nikos...
In a good sign for China's struggling economy, factory activity grows for the first time in 6 months
BEIJING (AP) — China's factory activity in September recorded its first expansion in six months, an official survey said Saturday, providing another sign that the world's second-largest economy is gradually improving after its post-pandemic malaise. According to the government...
US government estimates economy grew last quarter at a 2.1% rate, unchanged from previous projection
WASHINGTON (AP) — The U.S. economy grew at a 2.1% annual pace from April through June, extending its sturdy performance in the face of higher interest rates, the government said Thursday, leaving its previous estimate unchanged. The second-quarter expansion of the nation's gross...
US consumer confidence tumbles in September as American anxiety about the future grows
WASHINGTON (AP) — The confidence of American consumers slipped this month, particularly about the future, as expectations persist that interest rates will remain elevated for an extended period. The Conference Board, a business research group, said Tuesday that its consumer...
Stock market today: Asian shares dip with eyes on China economy, US shutdown
TOKYO (AP) — Asian shares mostly sank Tuesday over worries about a possible U.S. government shutdown and the troubled Chinese economy. Japan's benchmark Nikkei 225 index slipped 0.6% in morning trading to 32,469.85. Australia's S&P/ASX 200 dipped 0.5% to 7,042.50. South Korea's...
Interest rates will stay high 'as long as necessary,' the European Central Bank's leader says
FRANKFURT, Germany (AP) — The head of the European Central Bank said Monday that interest rates will stay high enough to restrict business activity for “as long as necessary” to beat back inflation. Still, she sympathized with homeowners who have seen their mortgage payments jump. ...
Oil prices have risen. That's making gas more expensive for US drivers and helping Russia's war
FRANKFURT, Germany (AP) — Oil prices have risen, meaning drivers are paying more for gasoline and truckers and farmers more for diesel. The increase also complicates the global fight against inflation and feeds Russia's war chest. That poses problems for politicians as well as the...
Stock market today: Wall Street closes its worst week in six months with more losses
NEW YORK (AP) — Wall Street wheezed to more losses Friday as it limped to the finish of its worst week in six months. The S&P 500 slipped 9.94 points, or 0.2%, to 4,320.06 after a late-day swoon erased a modest gain it had held for most of the day. It capped an ugly slide...
Worries are rising about inflated profit expectations on Wall Street
NEW YORK (AP) — Corporate profits may have already hit bottom: After falling for much of the last year, S&P 500 companies are expected to report 0.2% profit growth for the summer. While that sounds anemic, it would be the first quarter of growth in a year, according to FactSet....
