Latest Economy News

FILE - In this June 25, 2020 file photo, a price sign is displayed at a retail store as a store employee wears a mask while working in Niles, Ill.   Small businesses are in limbo again as the coronavirus outbreak rages and the government’s $659 billion relief program draws to a close. Companies still struggling with sharply reduced revenue are wondering if Congress will give them a second chance at the Paycheck Protection Program, which ends Friday, Aug. 7,  after giving out 5.1 million loans worth $523 billion.  (AP Photo/Nam Y. Huh, File)

US retail sales rise for 3rd month but slowdown expected

Aug. 14, 2020 12:20 PM EDT

WASHINGTON (AP) — Americans increased their spending at retail stores and restaurants in July for a third straight month, but some evidence suggests that sales are weakening with the expiration of government rescue aid that had previously put more money in people's pockets. Friday's report from the...

FILE- This undated file photo provided by the University of Kansas shows researcher Franklin Feng Tao. Tao, of Lawrence, Kansas, was indicted last year for not disclosing on conflict-of-interest forms work he was allegedly doing for China while employed at the University of Kansas. Defense attorneys, on Friday, Aug. 14, 2020,  have filed a motion seeking to throw out the charges. (Kelsey Kimberlin/University of Kansas via AP, File)

Filing: Kansas prof's prosecution criminalizes job disputes

Aug. 14, 2020 11:54 AM EDT

BELLE PLAINE, Kan. (AP) — The prosecution of a Kansas researcher ensnared in a U.S. government crackdown on Chinese economic espionage and trade secret theft opens the door to criminalizing workplace disagreements, his attorneys argued Friday in a motion asking a court to throw out the charges. Feng...

A street sweeper checks his mobile phone as he takes a break near a coronavirus-themed mural in Jakarta, Indonesia, Friday, Aug. 14, 2020. Indonesia's only vaccine production company has started this week a so-called phase 3 clinical trials to test a potential coronavirus vaccine developed by a Chinese company. (AP Photo/Tatan Syuflana)

Asia Today: India's virus death toll rises, Seoul cases jump

Aug. 14, 2020 11:31 AM EDT

NEW DELHI (AP) — India’s coronavirus death toll overtook Britain's to become the fourth-highest in the world with another single-day record increase in cases Friday. According to the Health Ministry, India reported 1,007 deaths in the past 24 hours. Its total rose to 48,040 deaths, behind the United...

FILE - In this July 21, 2020 file photo, people walk by the New York Stock Exchange.  Stocks are drifting in early Friday, Aug. 14, trading on Wall Street after a report showed that sales for U.S retailers strengthened again last month, but by less than economists expected. (AP Photo/Mark Lennihan, File)

Stocks drift on Wall Street following latest run at record

Aug. 14, 2020 10:58 AM EDT

NEW YORK (AP) — Wall Street is drifting Friday after a report showed that sales for U.S retailers strengthened again last month, but by less than economists expected. The S&P 500 was little changed in late morning trading, as the market takes a pause after nearly erasing the last of the steep losses...

Windmills line a canal in Kinderdiijk, Netherlands, Saturday, Aug. 1, 2020. The five windmills are part of 19 mills built in the 18th century some 15 kms. (9.3 miles) south of Rotterdam. (AP Photo/Michael Probst)

Dutch economy shrinks by 'unprecedented' 8.5% as virus hits

Aug. 14, 2020 10:15 AM EDT

THE HAGUE, Netherlands (AP) — The Dutch economy suffered an unprecedented 8.5% contraction in the second quarter as the coronavirus pandemic slammed the brakes on spending, exports and investments, the country's Central Bureau for Statistics said Friday. While the Dutch contraction compared to the first...

Editorial Roundup: New England

Aug. 14, 2020 10:10 AM EDT

Recent editorials of regional and national interest from New England’s newspapers: CONNECTICUT UConn made right move to cancel football season The Connecticut Post Aug. 11 It wasn’t going to be easy for the University of Connecticut football team to have a season this year under any circumstances....

FILE - In this May 13, 2020, file photo, Ford Motor Co., line workers put together ventilators that the automaker is assembling at the Ford Rawsonville plant in Ypsilanti Township, Mich. American industry rebounded last month as factories began to reopen for the first time since being shut down by the coronavirus in Aprll. The Federal Reserve said Tuesday, June 16, 2020, that industrial production — including output at factories, mines and utilities — rose 1.4% in May after plummeting a record 12.4% in April and 4.6% in March. (AP Photo/Carlos Osorio, File)

US industrial production up 3%; factory output up 3.4%

Aug. 14, 2020 9:49 AM EDT

WASHINGTON (AP) — American industry continued to regain ground lost in the coronavirus recession last month, but production remains well below where it was before the pandemic struck. The Federal Reserve reported Friday that industrial production — including output at factories, mines and utilities...

FILE - In this June 11, 2020 file photo, workers on scaffolding lay blocks on one of the larger buildings at a development site where various residential units and commercial sites are under construction in Cranberry Township, Butler County, Pa.  U.S. productivity rose at a 7.3% rate in the second quarter, the largest quarterly increase since 2009. Labor costs also jumped, rising 12.2%. The Labor Department report Friday, Aug. 14,  is its first estimate of second-quarter productivity and follows the first quarter’s 0.9% decline.   (AP Photo/Keith Srakocic, File)

US productivity rises 7.3% as hours worked are nearly halved

Aug. 14, 2020 9:45 AM EDT

SILVER SPRING, Md. (AP) — U.S. productivity rose at a 7.3% rate in the second quarter as the number of hours worked fell by nearly half, the biggest drop-off since the government started tracking the data more than 70 years ago. The Labor Department said Friday that output decreased 38.9%, also the biggest...

Organization predicts Anchorage to lose 11,000 jobs in 2020

Aug. 14, 2020 9:41 AM EDT

ANCHORAGE, Alaska (AP) — The Anchorage Economic Development Corp. has predicted the city is likely to lose more than 11,000 jobs this year, largely because of the financial impact of the coronavirus. Corporation CEO Bill Popp said the losses would take the city back to employment levels last seen before...

This photo shows a night view of city center in Kuala Lumpur, Malaysia on Aug. 10, 2020. Malaysia has reported its economy contracted 17% in the last quarter in its worst downturn since the global financial crisis. (AP Photo/Vincent Thian)

Malaysian economy shrinks 17% in worst contraction on record

Aug. 14, 2020 3:46 AM EDT

KUALA LUMPUR, Malaysia (AP) — Malaysia has reported its economy contracted 17% in the last quarter in its worst downturn since the global financial crisis. The central bank said the real rate of annual growth was 16.5% in the April-June quarter, down from a 2% contraction in the first quarter of the year....