Latest Economy News

Gloom settles over Germany's economy, with businesses downbeat about the coming months

Feb. 23, 2024 11:59 AM EST

FRANKFURT, Germany (AP) — Germany's businesses remain mired in pessimism, a key survey showed Friday, as Europe's largest economy struggles with shortages of skilled labor, slower global trade, high interest rates and political squabbling. The closely watched Ifo institute survey...

Average long-term US mortgage rose again this week to highest level since mid December

Feb. 22, 2024 12:26 PM EST

LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose this week for the third time in as many weeks, driving up home loan borrowing costs in just as the spring homebuying season ramps up. The average rate on a 30-year mortgage rose to 6.90% from 6.77% last week, mortgage...

Japan's Nikkei stock index breaks its 1989 record and surges to an all-time high

Feb. 22, 2024 06:39 AM EST

Japan’s benchmark Nikkei 225 index surged Thursday past the record it set in 1989 before its financial bubble burst, ushering in an era of faltering growth. The index closed Thursday at 39,098.68, up 2.2%. Its previous record was 38,915.87, set on Dec. 29, 1989. So now it is back...

Stock market today: Japan's benchmark briefly reaches all-time high after rally on Wall Street

Feb. 21, 2024 22:57 PM EST

BANGKOK (AP) — Japan’s Nikkei 225 share index surged briefly to an all-time high on Thursday, bypassing its previous record set in December 1989. By midday Thursday, the index was up 1.6% at 38,861.98 after earlier trading as high as 38,924.88. The Nikkei 225's previous record...

Germany says Europe's largest economy is in 'troubled waters' and cuts its growth forecast

Feb. 21, 2024 11:31 AM EST

FRANKFURT, Germany (AP) — The German government said Europe's largest economy was in “troubled waters” and slashed its growth forecast for this year as it struggles with a lack of skilled labor, excessive bureaucracy, high interest rates and lagging investment in new projects — while a...

Japan's exports surged nearly 12% in January in 2nd straight month of gains

Feb. 21, 2024 03:01 AM EST

TOKYO (AP) — Japan's exports surged a stronger than expected nearly 12% in January, helped by robust demand for vehicles, auto parts and machinery. That helped the nation’s trade deficit shrink to 1.76 trillion yen ($12 billion), or about half of what it was a year earlier. ...

Stock market today: Wall Street falls to a rare losing week but remains close to its record

Feb. 16, 2024 17:16 PM EST

NEW YORK (AP) — Stocks slipped Friday to send Wall Street to a rare losing week, just its second in the last 16. The S&P 500 fell 0.5% from its all-time high set a day earlier. The Dow Jones Industrial Average dropped 145 points, or 0.4%, and the Nasdaq composite sank 0.8%. ...

Consumer sentiment edges higher as economic growth accelerates and inflation fades

Feb. 16, 2024 13:02 PM EST

WASHINGTON (AP) — A measure of consumer sentiment ticked higher this month, after soaring in December and January, underscoring that Americans are starting to feel better about the economy after several years of gloom. The University of Michigan's consumer sentiment index,...

Stock market today: Asian shares track Wall Street rally as Japan's Nikkei nears a record high

Feb. 16, 2024 00:23 AM EST

BANGKOK (AP) — Shares advanced in Asia on Friday, with Tokyo's benchmark Nikkei 225 index trading near a record high, 34 years after it peaked and then plunged with the collapse of Japan's financial bubble. U.S. futures were lower after stocks on Wall Street set another record...

Japan slips into a recession and loses its spot as the world's third-largest economy

Feb. 15, 2024 16:08 PM EST

TOKYO (AP) — Japan’s economy is now the world’s fourth-largest after it contracted in the last quarter of 2023 and fell behind Germany. The government reported the economy shrank at an annual rate of 0.4% in October to December, according to Cabinet Office data on real GDP...