Latest Economic outlook News

US economy shrank by 1.5% in Q1 but consumers kept spending

May. 26, 2022 09:10 AM EDT

WASHINGTON (AP) — The U.S. economy shrank in the first three months of the year even though consumers and businesses kept spending at a solid pace, the government reported Thursday in a slight downgrade of its previous estimate for the January-March quarter. Last quarter's drop in...

Davos gathering overshadowed by global economic worries

May. 25, 2022 14:07 PM EDT

DAVOS, Switzerland (AP) — Soaring inflation. Russia’s war in Ukraine. Squeezed supply chains. The threat of food insecurity around the world. The lingering COVID-19 pandemic. The risks to the global economy are many, leading to an increasingly gloomy view of the months ahead for...

SC budget negotiators have almost $1B more to talk about

May. 24, 2022 16:08 PM EDT

COLUMBIA, S.C. (AP) — The South Carolina lawmakers negotiating big gap s between the House and Senate versions of the state budget received a big gift Tuesday as the state's economy continued to do better than predicted. South Carolina can now expect to have about $950 million more...

Report says North Dakota's 2022 economic outlook is strong

May. 24, 2022 15:07 PM EDT

BISMARCK, N.D. (AP) — The latest economic outlook report for North Dakota is showing continued improvement for 2022, despite a national economy that shrank in the first quarter and is showing signs of entering a recession. The quarterly report by the University of North Dakota...

Editorial Roundup: Michigan

May. 23, 2022 17:19 PM EDT

Detroit News. May 21, 2022. Editorial: Tax cuts are better than tax rebates Michigan finds itself in the rare spot of having more money coming into the state budget than it needs to run the state. Both Republican legislative leaders and Democratic Gov. Gretchen...

European Central Bank chief signals possible July rate hike

May. 23, 2022 15:10 PM EDT

FRANKFURT, Germany (AP) — The president of the European Central Bank on Monday gave the clearest sign yet that policymakers will aim to raise interest rates as soon as July to ease surging inflation. In a blog post on the Frankfurt, Germany-based bank's website, President Christine...

Michigan tax revenue estimates revised upward by $5B

May. 20, 2022 14:37 PM EDT

LANSING, Mich. (AP) — Michigan's short-term budget outlook became even rosier Friday, when economists revised projected tax revenues upward by a combined $5 billion over two years. The new estimates will be used by Democratic Gov. Gretchen Whitmer and the Republican-led Legislature...

OR revenue forecast: $2.3 billion increase, bigger rebate

May. 18, 2022 14:56 PM EDT

SALEM, Ore. (AP) — Increased tax revenues are now predicted to deliver a record kicker rebate of $3 billion to taxpayers in 2024. The Oregonian/OregonLive reports that Economist Mark McMullen on Wednesday called the latest revenue outlook for the state’s two-year budget cycle...

UN drops forecast for global economic growth in 2022 to 3.1%

May. 18, 2022 12:14 PM EDT

UNITED NATIONS (AP) — The United Nations on Wednesday significantly lowered its forecast for global economic growth this year from 4% to 3.1%, saying the war in Ukraine has triggered increasing global food and commodity prices and exacerbated inflationary pressures, upending the fragile recovery...

Japan's economy contracts as energy prices soar

May. 17, 2022 23:47 PM EDT

TOKYO (AP) — Japan’s economy shrank at a worse than expected annual rate of 1% in the first quarter, as rising prices and COVID-19 restrictions sapped spending and investment, according to data released Wednesday. Japan’s real gross domestic product, or GDP, the sum of the...