Latest Economy News
US retail sales rise for 3rd month but slowdown expected
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...
Filing: Kansas prof's prosecution criminalizes job disputes
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...
Asia Today: India's virus death toll rises, Seoul cases jump
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...
Stocks drift on Wall Street following latest run at record
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...
Dutch economy shrinks by 'unprecedented' 8.5% as virus hits
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
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....
US industrial production up 3%; factory output up 3.4%
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...
US productivity rises 7.3% as hours worked are nearly halved
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
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...
Malaysian economy shrinks 17% in worst contraction on record
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....
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