Latest Economy News

US home construction up a moderate 3.6% in May

Jun. 16, 2021 09:35 AM EDT

WASHINGTON (AP) — U.S. home construction rose 3.6% in May as builders battled a surge in lumber prices that have made homes more expensive The May increase left construction at a seasonally adjusted annual rate of 1.57 million units, the Commerce Department reported...

Let the recovery begin: EU chief OKs some virus plans

Jun. 16, 2021 09:08 AM EDT

LISBON, Portugal (AP) — The European Union moved a step closer Wednesday to deploying the bloc’s massive pandemic recovery fund, with a top executive going to Portugal and Spain to announce the bloc's initial endorsement of their national spending plans. European...

China releasing metals stockpiles in bid to cool inflation

Jun. 16, 2021 08:06 AM EDT

BEIJING (AP) — The Chinese government said Wednesday that it will release copper, aluminum and zinc from stockpiles to increase market supplies in a fresh effort to restrain surging prices that officials warn might disrupt a business revival. Wednesday’s announcement...

China offers glimpse of Tibetan life without the Dalai Lama

Jun. 16, 2021 07:19 AM EDT

LHASA, China (AP) — A brisk wind ruffles yellow prayer flags as dozens of Tibetans, some on crutches, circle a shrine in a time-honored Buddhist ritual. Across the street, a red banner spells out a new belief system, one being enforced with increasing fervor, of China's ruling Communist...

Lebanon's crisis threatens one of its few unifiers, the army

Jun. 16, 2021 06:14 AM EDT

BEIRUT (AP) — Since the civil war, through wars with Israel, militant bombings and domestic turmoil, Lebanese have considered their military as an anchor for stability, one of the only institutions standing above the country’s divisions. But the military is now...

Global shares mixed in quiet trading ahead of Fed decision

Jun. 16, 2021 05:55 AM EDT

TOKYO (AP) — Global shares were mixed in quiet trading Wednesday ahead of a U.S. Federal Reserve meeting that may give clues on what lies ahead with its massive support for markets. France's CAC 40 added 0.1% in early trading to 6,645.92, while Germany's DAX slipped...

UK inflation up more than expected amid COVID fluctuations

Jun. 16, 2021 05:50 AM EDT

LONDON (AP) — British consumer prices rose by more than expected last month as fuel and clothing costs surged following the easing of COVID-19 restrictions. Inflation accelerated to 2.1% in the 12 months through May from 1.5% in April, the Office for National Statistics...

White House: Markets showing little worry about inflation

Jun. 16, 2021 05:34 AM EDT

The White House believes it has an ally in the bond markets to make the case that inflation isn't an economic threat. Republican lawmakers have interpreted the jump in consumer and producer prices as a sign that inflation is spiking at levels that will hurt growth, saying...

Kim warns of 'tense' food situation, longer COVID lockdown

Jun. 16, 2021 05:02 AM EDT

SEOUL, South Korea (AP) — North Korean leader Kim Jong Un warned about possible food shortages and urged the country to brace for extended COVID-19 restrictions as he opened a major political conference to discuss national efforts to salvage a broken economy. The...

Asian shares mixed in quiet trading ahead of US Fed decision

Jun. 15, 2021 23:26 PM EDT

TOKYO (AP) — Asian shares were mixed in quiet trading Wednesday ahead of a U.S. Federal Reserve meeting that may give clues on what lies ahead with its massive support for markets. Japan released data that showed its trade surplus jumped 49.6% in May from the previous...