Latest Economic outlook News

World Bank: Ukraine's war-torn economy will sink 35% in '22

Oct. 04, 2022 08:04 AM EDT

WASHINGTON (AP) — Devastated by Russia's invasion eight months ago, the Ukrainian economy will plunge 35% this year, the World Bank forecast Tuesday. The war has destroyed factories and farmland and displaced millions of Ukrainians. The World Bank, a 189-country anti-poverty...

Resilient US consumers spend slightly more in August

Sep. 30, 2022 13:14 PM EDT

WASHINGTON (AP) — Consumers spent a bit more in August than the previous month, a sign the economy is holding up even as inflation lifts prices for food, rent, and other essentials. Americans boosted their spending at stores and for services such as haircuts by 0.4% in August,...

India raises interest rate to 5.90% to tame inflation

Sep. 30, 2022 02:37 AM EDT

NEW DELHI (AP) — India’s central bank on Friday raised its key interest rate by 50 basis points to 5.90% in its fourth hike this year and said developing economies were facing challenges of slowing growth, elevated food and energy prices, debt distress and currency depreciation. ...

US economy drops at 0.6% annual rate from April through June

Sep. 29, 2022 10:44 AM EDT

WASHINGTON (AP) — Battered by surging consumer prices and rising interest rates, the U.S. economy shrank at a 0.6% annual rate from April through June, the government announced Thursday, unchanged from its previous second-quarter estimate. It marked the second consecutive quarter...

Europe's outlook 'darkening,' ECB head hedges on recession

Sep. 26, 2022 11:52 AM EDT

FRANKFURT, Germany (AP) — The head of the European Central Bank said Monday that the economic outlook “is darkening” and she expects business activity to “slow substantially” in the coming months as high energy and food prices pushed up by the war in Ukraine sap consumer spending power. ...

OECD: War in Ukraine to drag on global economy into 2023

Sep. 26, 2022 09:13 AM EDT

PARIS (AP) — Russia's war in Ukraine and the lingering effects of the COVID-19 pandemic are dragging down global economic growth more than expected and driving up inflation that will stay high into next year, the Organization for Economic Cooperation and Development said Monday in a darkening...

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

Sep. 26, 2022 00:08 AM EDT

A look at some of the key business events and economic indicators upcoming this week: HOUSING MARKET BELLWETHER The Commerce Department releases its August tally of new U.S. home sales Tuesday. Economists project that sales slowed again last month to a...

Powell's stark message: Inflation fight may cause recession

Sep. 22, 2022 11:42 AM EDT

WASHINGTON (AP) — The Federal Reserve delivered its bluntest reckoning Wednesday of what it will take to finally tame painfully high inflation: Slower growth, higher unemployment and potentially a recession. Speaking at a news conference, Chair Jerome Powell acknowledged what many...

Bank of England raises rates but avoids bolder hike like Fed

Sep. 22, 2022 10:54 AM EDT

LONDON (AP) — The Bank of England raised its key interest rate Thursday by another half-percentage point to the highest level in 14 years, but despite facing inflation that outpaces other major economies, it avoided more aggressive hikes made by the U.S. Federal Reserve and other central banks. ...

EXPLAINER: How do we know when a recession has begun?

Sep. 21, 2022 16:37 PM EDT

WASHINGTON (AP) — The Federal Reserve sent a sobering message Wednesday after it announced its latest big interest rate hike: It plans to keep raising rates as long as it takes to conquer the worst inflation bout in decades — even at the risk of causing a recession in the process. ...