Latest Economic growth News

This Week: New home sales, US GDP, consumer spending

May. 25, 2020 1:10 AM EDT

A look at some of the key business events and economic indicators upcoming this week: HOUSING MARKET BELLWETHER The economic fallout from the coronavirus pandemic has spared few areas of the economy, and the market for newly built homes is no exception. Sales of new U.S. homes plunged 15.4% in March to a...

A man stands in front of an electronic stock board showing Japan's Nikkei 225 index as a track goes by at a securities firm in Tokyo Friday, May 22, 2020. Shares are slipping in Asia as tensions flare between the U.S. and China and as more job losses add to the economic fallout from the coronavirus pandemic. (AP Photo/Eugene Hoshiko)

Wall Street ends a choppy day mostly higher; crude oil falls

May. 22, 2020 5:08 PM EDT

Stock indexes finished mostly higher Friday as Wall Street shook off an early slide, closing out a solid week of gains for the market. The S&P 500 index inched up 0.2% after having been down 0.5%. It ended the week with a 3.2% gain, largely due to a big rally on Monday that offset all of the benchmark...

Delegates applaud as Chinese President Xi Jinping arrives for the opening session of China's National People's Congress (NPC) at the Great Hall of the People in Beijing, Friday, May 22, 2020. (AP Photo/Ng Han Guan, Pool)

China boosts spending for virus-hit economy, takes up HK law

May. 22, 2020 7:33 AM EDT

BEIJING (AP) — China’s No. 2 leader on Friday promised higher spending to revive its pandemic-stricken economy and curb surging job losses but avoided launching a massive stimulus on the scale of the United States or Japan. Premier Li Keqiang told lawmakers Beijing would set no economic growth...

A woman wearing a face mask walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Thursday, May 21, 2020. Asian stock markets are mixed after Wall Street rose amid Chinese trade tension with Washington and Australia. Investors looked ahead to Friday’s meeting of China’s legislature for details of possible new steps by Beijing to stimulate its virus-battered economy.(AP Photo/Vincent Yu)

Asian shares fall on US friction with China, Hong Kong fears

May. 21, 2020 11:56 PM EDT

BANGKOK (AP) — Shares slipped in Asia on Friday as tensions flared between the U.S. and China and as more job losses compounded the economic fallout from the coronavirus pandemic. Hong Kong’s benchmark led regional losses, dropping 3.9% to 23,332.78 after the central government in Beijing said...

Zhang Youxia, vice chairman of China's Central Military Commission, attends the opening session of China's National People's Congress (NPC) at the Great Hall of the People in Beijing, Friday, May 22, 2020. (AP Photo/Ng Han Guan, Pool)

Key points about China's legislative session

May. 21, 2020 10:37 PM EDT

BEIJING (AP) — Thousands of delegates from across China are in Beijing for this year’s annual session of the country’s rubber-stamp legislature and its advisory body, meetings delayed by more than two months because of the coronavirus outbreak. The National People’s Congress session...

China promises higher spending to reverse surging job losses, sets no economic growth target to focus on virus fight

May. 21, 2020 9:59 PM EDT
BEIJING (AP) — China promises higher spending to reverse surging job losses, sets no economic growth target to focus on virus fight.
FILE - In this Wednesday, May 13, 2020, file photo, a worker at SMC China, a Japanese joint venture pneumatic engineering company, assembles products at a factory in Beijing. As job losses surge, China is joining the United States and other governments in rolling out stimulus spending to revive its virus-battered economy. Companies and the public are looking to the meeting of the ceremonial national legislature starting Friday, May 22, 2020 for details. One closely watched indicator: Whether Beijing skips for the first time setting an economic growth target in a sign of how uncertain even the rest of this year is. (AP Photo/Ng Han Guan, File)

China focused on jobs as national legislature meets

May. 20, 2020 10:20 PM EDT

BEIJING (AP) — As job losses surge, China is joining the United States and other governments in rolling out stimulus spending to revive its virus-battered economy. How much is Beijing ready to spend? Companies and the public are looking to the meeting of the ceremonial national legislature starting Friday...

In this Wednesday, May 20, 2020, photo, Chinese paramilitary police stand guard near Tiananmen Square and the Great Hall of the People in Beijing. This year's version of China's biggest political meeting of the year will be unlike any other. Delayed from March because of the then-spiraling coronavirus outbreak, the decision to go ahead with the gathering signals a partial return to normalcy in the country where the pandemic first broke out.

Coronavirus looms over China's national legislative session

May. 20, 2020 8:37 PM EDT

BEIJING (AP) — When China convenes its National People's Congress on Friday, will the 3,000 delegates stand shoulder to shoulder as they have in years past? Will they wear masks? This year's version of China's biggest annual political meeting will be unlike any other. Delayed from March because of the...

Kansas Attorney General Derek Schmidt, left, confers with Kansas Senate President Susan Wagle, R-Wichita, ahead of a Senate committee meeting on the governor's power in a pandemic, Tuesday, May 19, 2020, at the Statehouse in Topeka, Kan. Wagle and other GOP lawmakers are looking to curb the governor's power in emergencies and have asked for advice from Schmidt, also a Republican, on how to proceed. (AP Photo/John Hanna)

Battle over how quickly Kansas reopens increasingly bitter

May. 19, 2020 7:23 PM EDT

TOPEKA, Kan. (AP) — A battle in Kansas between the Democratic governor and Republican-controlled Legislature over reopening the economy has grown increasingly bitter, clouded by election year politics present and past. Gov. Laura Kelly has joined Democratic colleagues in other states including Michigan,...

FILE - In this March 18, 2020, file photo, people are reflected on the electronic board of a securities firm in Tokyo. Japan's economic growth plunged into recession in the first quarter as the coronavirus pandemic squelched production, exports and spending, and fears are growing worse times may lie ahead, according to a report on Monday, May 18, 2020. (AP Photo/Koji Sasahara, File)

Reports: World economy faces tough journey back from crisis

May. 18, 2020 5:50 PM EDT

WASHINGTON (AP) — The world economy likely faces a long slog back from the coronavirus crisis. Two reports out Monday predict that global growth will struggle to bounce back from the lockdowns, travel restrictions and business closures meant to contain the pandemic. IHS Markit said that it expects the...