Latest Economic growth News

FILE - In this Sept. 2, 2020, file photo, a shopping center is sparsely attended in Sydney.  Australia's economy grew by 3.3% in the third quarter, rebounding from its first recession in nearly three decades as it recovered from pandemic-related shocks, according to figures released Wednesday, Dec. 2.(AP Photo/Rick Rycroft, File)

Australia bounces out of recession as economy grows 3.3%

Dec. 2, 2020 1:43 AM EST

WELLINGTON, New Zealand (AP) — Australia's economy grew by 3.3% in the third quarter, rebounding from its first recession in nearly three decades as it recovered from pandemic-related shocks, according to figures released Wednesday. Treasurer Josh Frydenberg told reporters the country still has a lot of...

Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Dec. 1, 2020. Asian stocks rose Tuesday after Chinese manufacturing improved, with investors looking ahead to U.S. Federal Reserve Chairman Jerome Powell’s appearance before legislators. (AP Photo/Ahn Young-joon)

Asian stocks gain on stronger Chinese factory data

Nov. 30, 2020 11:50 PM EST

BEIJING (AP) — Asian stocks rose Tuesday after Chinese manufacturing improved, with investors looking ahead to U.S. Federal Reserve Chairman Jerome Powell’s appearance before legislators. Benchmarks in Shanghai, Tokyo, Hong Kong and Sydney advanced. Wall Street’s benchmark S&P 500 index...

Envelopes from the Florida Department of Economic Opportunity Reemployment Assistance Program are shown, Thursday, Nov. 5, 2020, in Surfside, Fla.  The number of a Americans applying for unemployment benefits rose last week to 778,000, evidence that the U.S. economy and job market remain under strain as coronavirus cases surge and colder weather heighten the risks.  (AP Photo/Wilfredo Lee)

Picture of US economy is worrisome as virus inflicts damage

Nov. 25, 2020 1:24 PM EST

WASHINGTON (AP) — Gripped by the accelerating viral outbreak, the U.S. economy is under pressure from persistent layoffs, diminished income and nervous consumers, whose spending is needed to drive a recovery from the pandemic. A flurry of data released Wednesday suggested that the spread of the virus is...

A shopper in a face mask looks over cuts of beef piled up in a cold room for purchase at a Costco warehouse store Tuesday, May 5, 2020, in west Denver.  The U.S. economy rebounded at an even-stronger pace in the July-September quarter than first reported but a resurgence in the coronavirus is expected to slow growth sharply in the current quarter with some analysts even raising the specter of a double-dip recession.  (AP Photo/David Zalubowski)

Unchanged from early estimate, US economy grew 33.1% in Q3

Nov. 25, 2020 10:51 AM EST

WASHINGTON (AP) — The second of three estimates on U.S. growth for the July-September quarter was unchanged at a record pace of 33.1%. But a resurgence in the coronavirus is expected to slow growth sharply in the current quarter with some economists even raising the specter of a double-dip recession. While...

US keeps Q3 GDP estimate unchanged with a record 33.1% gain with economy expected to slow sharply in current quarter

Nov. 25, 2020 8:37 AM EST
WASHINGTON (AP) — US keeps Q3 GDP estimate unchanged with a record 33.1% gain with economy expected to slow sharply in current quarter.
FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. (AP Photo/Andrew Harnik, File)

Awaiting Yellen at Treasury: Yet another daunting crisis

Nov. 24, 2020 12:01 AM EST

WASHINGTON (AP) — Janet Yellen is in line for another top economic policy job — just in time to confront yet another crisis. Yellen, President-elect Joe Biden's apparent choice for treasury secretary, served on the Federal Reserve's policymaking committee during the 2008-2009 financial crisis that...

A woman walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Tuesday, Nov. 24, 2020. Asian shares were mostly higher Tuesday, encouraged by news on the development of coronavirus vaccines and more assurance for a transition of power in the U.S. to President-elect Joe Biden. (AP Photo/Vincent Yu)

Asian shares mostly rise on virus vaccine, Yellen hopes

Nov. 23, 2020 10:17 PM EST

TOKYO (AP) — Asian shares were mostly higher Tuesday, encouraged by news on the development of coronavirus vaccines and more assurance for a transition of power in the U.S. to President-elect Joe Biden. The U.S. federal government recognized Biden as the “apparent winner” of the Nov. 3...

People wearing face masks walk past a screen showing the precautions against the coronavirus in Seoul, South Korea, Friday, Nov. 20, 2020. The screen reads:

Asian stocks rise ahead of US economic data amid virus fears

Nov. 22, 2020 11:11 PM EST

BEIJING (AP) — Asian stocks rose Monday as investors looked ahead to quarterly U.S. economic data amid unease about anti-coronavirus curbs on business and wrangling over the American presidential election. Market benchmarks in Shanghai, Seoul and Sydney rose while Hong Kong retreated. Japanese markets were...

Cashier Druhan Parker, right, works behind a plexiglass shield Thursday, Nov. 19, 2020, as he checks out shoppers Cassie Howard, left, and Paris Black at an in Chicago. The accelerating surge of coronavirus cases across the U.S. is causing an existential crisis for America’s retailers and spooking their customers just as the critically important holiday shopping season nears. (AP Photo/Charles Rex Arbogast)

Retailers brace as virus bears down on consumers and economy

Nov. 21, 2020 10:45 AM EST

WASHINGTON (AP) — LaTonya Story is every retailer’s worst fear. With the viral pandemic re-surging through the country and the economy under threat, Story has decided to slash her holiday shopping budget. She'll spend less than $2,000 this season, down from several thousand dollars in 2019. Worried...

Malaysia's Prime Minister Muhyiddin Yassin, arrives for the opening of the first virtual Asia-Pacific Economic Cooperation (APEC) leaders' summit, hosted by Malaysia, in Kuala Lumpur, Malaysia, Friday, Nov. 20, 2020. (AP Photo/Vincent Thian)

APEC leaders, including Trump, agree on free trade

Nov. 20, 2020 11:40 AM EST

KUALA LUMPUR, Malaysia (AP) — Leaders from the Asia-Pacific Economic Cooperation forum, including U.S. President Donald Trump, pledged Friday to work toward free, open and non-discriminatory trade and investment to revive their coronavirus-battered economies. The leaders cast aside differences to issue...