Latest Economy News

A woman walks out of the Gold City of St. Nicholas jewelry store, in New York, Friday, Sept. 25, 2020. (AP Photo/Mark Lennihan)

Consumer spending gains slow to 1% in August

Oct. 1, 2020 10:11 AM EDT

WASHINGTON (AP) — U.S. consumer spending slowed in August and personal income fell as a $600 weekly benefit for Americans who are unemployed during the pandemic expired. The Commerce Department reported Thursday that spending grew by just 1%, the weakest growth since spending fell 12.7% in April when...

FILE - In this Monday, Nov. 26, 2018 file photo, sunlight reflects off the Burj Khalifa, the world's tallest building, during a rain shower in Dubai, United Arab Emirates. The Dubai-based construction company that helped build the world's tallest building and other engineering marvels in the United Arab Emirates announced Thursday, Oct. 1, 2020,  it would enter liquidation, the final step in a long collapse from the country's economic crisis a decade ago hastened by the coronavirus pandemic. (AP Photo/Jon Gambrell, File)

Dubai builder of world's tallest building to be liquidated

Oct. 1, 2020 10:03 AM EDT

DUBAI, United Arab Emirates (AP) — The Dubai-based construction company that helped build the world's tallest building and other engineering marvels in the United Arab Emirates announced Thursday it would enter liquidation, the final step in a long collapse from the country's economic crisis a decade ago...

A man stands in front of a blank electronic stock board supposedly showing Japan's Nikkei 225 index at a securities firm in Tokyo Thursday, Oct. 1, 2020. Trading on the Tokyo Stock Exchange was suspended Thursday because of a problem in the system for relaying market information. Most other Asian markets were closed for national holidays. (AP Photo/Eugene Hoshiko)

Wall Street rises again on hopes that Congress can deliver

Oct. 1, 2020 9:58 AM EDT

NEW YORK (AP) — Wall Street is rising again in Thursday morning trading with hopes that Washington can get past its partisanship to deliver more support for the economy. The S&P 500 was 0.7% higher as talks continue on a deal that could send more cash to Americans, restore jobless benefits for laid-off...

FILE - In this June 25, 2020, file photo, rows of United Airlines check-in counters at O'Hare International Airport in Chicago are unoccupied amid the coronavirus pandemic. About 40,000 workers in the airline industry are facing layoffs on Thursday, Oct. 1, unless Congress comes up with another aid package. With air travel down about 70% from last year, many carriers including United and American say they’ll be forced to cut jobs without additional aid. (AP Photo/Teresa Crawford, File)

US layoffs remain elevated as 837,000 seek jobless aid

Oct. 1, 2020 9:41 AM EDT

WASHINGTON (AP) — The number of Americans seeking unemployment benefits declined last week to a still-high 837,000, evidence that the economy is struggling to sustain a tentative recovery that began this summer. The Labor Department's report, released Thursday, suggests that companies are still cutting a...

NY diocese files for bankruptcy amid clergy abuse lawsuits

Oct. 1, 2020 9:36 AM EDT

ROCKVILLE CENTRE, N.Y. (AP) — A Roman Catholic diocese in New York City's suburbs has become the largest in the U.S. to declare bankruptcy to protect itself from a wave of lawsuits filed over past sexual abuse by clergy members. The Diocese of Rockville Centre filed for Chapter 11 bankruptcy protection on...

Actor and theater director Aris Laskos poses outside the Theater of Neos Kosmos in Athens, Thursday, Oct. 1, 2020. Laskos based in Athens, hasn't worked since early February and received a one-off support check for 800 euros ($940) shortly after the country's economy was placed in lockdown in the spring due to the pandemic. (AP Photo/Thanassis Stavrakis)

Unemployment marches higher in Europe as pandemic grinds on

Oct. 1, 2020 9:35 AM EDT

FRANKFURT, Germany (AP) — Unemployment rose for a fifth straight month in Europe in August and is expected to grow further amid concern that extensive government support programs won't be able keep many businesses hit by coronavirus restrictions afloat forever. The jobless rate increased to 8.1% in the 19...

A Roman Catholic diocese in New York has become the largest in the US to declare bankruptcy amid clergy abuse lawsuits

Oct. 1, 2020 9:29 AM EDT
NEW YORK (AP) — A Roman Catholic diocese in New York has become the largest in the US to declare bankruptcy amid clergy abuse lawsuits.

Iran's currency sees a new record low amid biting sanctions

Oct. 1, 2020 9:03 AM EDT

TEHRAN, Iran (AP) — Iran’s currency dropped Thursday to its lowest value ever at 300,000 rial for each dollar amid severe U.S. sanctions against the country. The rial has tumbled from a rate of around 262,000 in mid-September, a 12% drop. Iran’s currency was at 32,000 rials to the dollar at...

European Commission President Ursula von der Leyen, prepares to take off her protective mask, prior to making a statement regarding the Withdrawal Agreement at EU headquarters in Brussels, Thursday, Oct. 1, 2020. The European Union took legal action against Britain on Thursday over its plans to pass legislation that would breach parts of the legally binding divorce agreement the two sides reached late last year. (Johanna Geron, Pool via AP)

EU takes legal action against UK over planned Brexit bill

Oct. 1, 2020 8:49 AM EDT

BRUSSELS (AP) — The European Union took legal action against Britain on Thursday over its plans to pass legislation that would breach parts of the legally binding divorce agreement the two sides reached late last year. The EU move underscored the worsening relations with Britain, which was a member of the...

Consumer spending gains slow to 1.5% in August while incomes fell by 2.7% as government benefit programs expired

Oct. 1, 2020 8:36 AM EDT
WASHINGTON (AP) — Consumer spending gains slow to 1.5% in August while incomes fell by 2.7% as government benefit programs expired.