Latest Economy News

China's manufacturing activity contracts for 5th straight month despite policy support

Feb. 29, 2024 23:52 PM EST

HONG KONG (AP) — Manufacturing in China contracted for a fifth consecutive month in February, according to an official survey of factory managers released Friday, reflecting persistent weakness in the economy ahead of annual legislative meetings where officials are expected to boost policy...

Average long-term US mortgage rises to 6.94% after marking fourth-straight weekly increase

Feb. 29, 2024 12:18 PM EST

LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose for the fourth consecutive week, another setback for prospective homebuyers just as the spring homebuying season gets going. The average rate on a 30-year mortgage rose to 6.94% from 6.90% last week, mortgage buyer...

Fewer banks are tightening lending standards, raising hopes for easier loan access ahead

Feb. 29, 2024 08:11 AM EST

NEW YORK (AP) — Fewer banks tightened lending standards as 2023 came to a close, a hopeful sign for businesses that broader loan access is on the horizon. Lending standards are essentially the measures used by a bank to determine whether a business or person gets a loan. Tighter...

US economy grew solid 3.2% in fourth quarter, a slight downgrade from government's initial estimate

Feb. 28, 2024 11:55 AM EST

WASHINGTON (AP) — The U.S. economy grew at a robust 3.2% annual pace from October through December, propelled by healthy consumer spending, the Commerce Department reported Wednesday in a slight downgrade from its initial estimate. The expansion in the nation's gross domestic...

Consumer confidence slips in February as anxiety over potential recession surprisingly reappears

Feb. 27, 2024 14:00 PM EST

American consumers are feeling less confident this month as concerns over a possible recession grew despite most recent data pointing to a healthy U.S. economy. The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 106.7 from a...

What recession? Professional forecasters raise expectations for US economy in 2024

Feb. 26, 2024 10:45 AM EST

NEW YORK (AP) — This year looks to be a much better one for the U.S. economy than business economists were forecasting just a few months ago, according to a survey released Monday. The economy looks set to grow 2.2% this year after adjusting for inflation, according to the...

This Week: Consumer confidence, GDP report, construction spending

Feb. 26, 2024 03:03 AM EST

A look at some of the key business events and economic indicators upcoming this week EYE ON CONSUMERS The Conference Board delivers its latest monthly snapshot of U.S. consumer confidence Tuesday. Economists expect that Americans’ confidence waned this...

Stock market today: Asian shares mostly decline, while Tokyo again touches a record high

Feb. 25, 2024 23:04 PM EST

TOKYO (AP) — Asian shares mostly declined Monday, although Tokyo's benchmark Nikkei 225 index touched another record high in morning trading. The Nikkei 225 gained 0.5% to 39,309.76. Trading was closed in Tokyo for a holiday on Friday. The benchmark surged to an all-time high on...

Gloom settles over Germany's economy, with businesses downbeat about the coming months

Feb. 23, 2024 11:59 AM EST

FRANKFURT, Germany (AP) — Germany's businesses remain mired in pessimism, a key survey showed Friday, as Europe's largest economy struggles with shortages of skilled labor, slower global trade, high interest rates and political squabbling. The closely watched Ifo institute survey...

Average long-term US mortgage rose again this week to highest level since mid December

Feb. 22, 2024 12:26 PM EST

LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose this week for the third time in as many weeks, driving up home loan borrowing costs in just as the spring homebuying season ramps up. The average rate on a 30-year mortgage rose to 6.90% from 6.77% last week, mortgage...