Latest Economic outlook 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...

In this Friday May 1, 2020 photo, 34-year-old entrepreneur Fino Dlamini poses for a photograph inside her office in the Soweto township outside Johannesburg, South Africa.  Business was good in January and February, and projections for the rest of 2020 were excellent. Then the coronavirus brought everything to an abrupt halt. Dlamini was confined to her small home under a strict lockdown, with few options for earning money. South Africa is struggling to balance its fight against the coronavirus with its dire need to resume economic activity. The country with the Africa’s most developed economy also has its highest number of infections — more than 19,000.  (AP Photo/Bram Janssen)

In fight against virus, South Africa expects a long wait

May. 24, 2020 1:46 PM EDT

JOHANNESBURG (AP) — With her winning smile and outgoing nature, Fino Dlamini was a natural to succeed in South Africa’s booming tourism industry. Her bicycle tours of Soweto took visitors to historic sites, including the homes of Nelson Mandela and Archbishop Desmond Tutu, and to restaurants where...

Kentucky faces big budget cuts amid plunging tax collections

May. 22, 2020 7:41 PM EDT

FRANKFORT, Ky. (AP) — Economic damage caused by the coronavirus will force more than $450 million in cuts to Kentucky's General Fund, plus a potential special legislative session to downsize the Road Fund. The necessity for deep budget cuts was officially set in motion Friday when a panel of economists...

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...

Forecast: Pandemic will take $4B bite out of state revenue

May. 22, 2020 4:56 PM EDT

RALEIGH, N.C. (AP) — Top state government fiscal researchers predicted Friday that North Carolina will collect $4 billion less in revenues over a two-year period than previously forecast as the pandemic-related economic slowdown continues. Researchers from the General Assembly's Fiscal Research Division...

FILE - In this Aug. 7, 2019, file photo, Reserve Bank of India (RBI) Governor Shaktikanta Das speaks during a press conference in Mumbai, India. India’s central bank on Friday, May 22, 2020, cut its key interest rate to 4% to revive the economy severely hit the coronavirus outbreak and a two-month lockdown. Reserve Bank of India Governor Das also said India's gross domestic product in financial 2020-21 was expected to have negative growth.  (AP Photo/Rajanish Kakade, File)

India's central bank cuts lending rate to 4% to aid economy

May. 22, 2020 11:05 AM EDT

NEW DELHI (AP) — India’s central bank on Friday cut its key interest rate to 4% to counter the blow to the economy from the coronavirus pandemic and a lockdown meant to contain it. Reserve Bank of India Governor Shaktikanta Das forecast that the economy will contract in fiscal 2020-21. He did not...

In this March 18, 2020 photo, Construction continues at a housing plan in Zelienople, Pa.,  The housing market has stalled, but homebuilder stocks are up sharply amid signs that sales are starting to improve. Still, the outlook for a housing market recovery remains cloudy, given uncertainty over the pandemic's impact. (AP Photo/Keith Srakocic)

Homebuilders climb even as housing outlook remains cloudy

May. 21, 2020 4:33 PM EDT

LOS ANGELES (AP) — The U.S. economy and housing market had set homebuilders up for a strong 2020. That was before the efforts to stem the spread of the coronavirus pandemic knocked the economy into a skid, dimmed consumer confidence and left a record number of Americans unemployed. The housing market...

FILE - In this March 3, 2020, file photo, Federal Reserve Chair Jerome Powell pauses during a news conference, to discuss an announcement from the Federal Open Market Committee, in Washington. Efforts to forecast the U.S. economy's path to recovery from the current deep downturn face “a whole new level of uncertainty,

Fed's Powell says economic forecasts filled with uncertainty

May. 21, 2020 4:28 PM EDT

WASHINGTON (AP) — Efforts to forecast the U.S. economy's path to recovery from the current deep downturn face “a whole new level of uncertainty," Federal Reserve Chairman Jerome Powell said Thursday. Not only is there the difficulty predicting how the coronavirus pandemic will play out, it is also...

Jan Damm, a performer at New England Center for Circus Arts, in Brattleboro, Vt., uses the diabolo as Rebecca McKenny, a resident at Thompson House Rehabilitation & Nursing Center in Brattleboro, claps during a performance on Wednesday, May 20, 2020. (Kristopher Radder/The Brattleboro Reformer via AP)

Governor proposes $400M in economic relief amid pandemic

May. 20, 2020 5:40 PM EDT

MARSHFIELD, Vt. (AP) — Vermont Gov. Phil Scott on Wednesday proposed a $400 million economic relief and recovery package funded by the federal economic rescue law known as the Cares Act to help employers and small businesses, including dairy farmers, struggling from the pandemic-induced shutdown. “I...

Editorial Roundup: South Carolina

May. 20, 2020 1:36 PM EDT

Recent editorials from South Carolina newspapers: ___ May 19 The Post and Courier on creating incentives for employees to return to work if their unemployment benefits were higher than their regular pay checks: Unemployment has hit South Carolina very hard, and it’s a good thing that the large temporary...