Latest Economic growth News

FILE - In this Dec. 17, 2020, file photo people check in at a food bank held at Los Angeles Boys & Girls Club in the Lincoln Heights neighborhood of Los Angeles. California's unemployment rate edged up nearly 1 percentage point last month as the state shed more than 52,000 jobs led by the pandemic-hobbled restaurant and lodging industries, the state's beleaguered Employment Development Department reported Friday, Jan. 22, 2021. (AP Photo/Jae C. Hong,File)

US economy shrank 3.5% in 2020 after growing 4% last quarter

Jan. 28, 2021 8:45 AM EST

WASHINGTON (AP) — Stuck in the grip of a viral pandemic, the U.S. economy grew at a 4% annual rate in the final three months of 2020 and shrank last year by the largest amount in 74 years. For 2020 as a whole, a year when the coronavirus inflicted the worst economic freeze since the end of World War II,...

German Economy Minister Peter Altmaier presents the annual Economic Report 2021 at the federal press Ccnference in Berlin, Germany, Wednesday, Jan 27, 2021. The German government has revised its growth forecast for this year down to 3% as Europe’s biggest economy faces persistent headwinds from the coronavirus pandemic. (Kay Nietfeld/dpa via AP)

German government cuts 2021 economic growth forecast to 3%

Jan. 27, 2021 9:31 AM EST

BERLIN (AP) — The German government on Wednesday cut its growth forecast for this year to 3% as Europe's biggest economy faces persistent headwinds from the coronavirus pandemic. In late October, the government had forecast growth of 4.4% this year. The country started a partial shutdown shortly afterward...

Commerce secretary-nominee Rhode Island Gov. Gina Raimondo testifies remotely during her nomination hearing before the Senate Commerce, Science and Transportation Committee on Capitol Hill in Washington, Tuesday, Jan. 26, 2021. (Jonathan Ernst/Pool via AP)

Biden's Commerce pick, Raimondo, voices tough line on China

Jan. 26, 2021 2:02 PM EST

WASHINGTON (AP) — President Joe Biden’s pick to oversee the Commerce Department took a tough line on China in her confirmation hearing Tuesday, though she stopped short of singling out which Chinese companies should remain on a list that limits their access to advanced U.S. technology. If confirmed,...

Women carry shopping bags, Thursday, Dec. 10, 2020, in New York. The spread of COVID-19 vaccines will power a stronger global economic recovery in 2021, the International Monetary Fund forecast Tuesday, Jan. 26, 2021. (AP Photo/Mark Lennihan)

IMF: Vaccines will power 5.5% global economic growth in 2021

Jan. 26, 2021 9:11 AM EST

WASHINGTON (AP) — The spread of COVID-19 vaccines will power a stronger global economic recovery in 2021, the International Monetary Fund forecast Tuesday. After sinking 3.5% in 2020, the worst year since World War II, the global economy will grow 5.5% this year, the 190-country lending organization...

UN forecasts 4.7% global economic growth in 2021

Jan. 25, 2021 9:03 PM EST

UNITED NATIONS (AP) — The United Nations warned Monday that the world economy is “on a cliffhanger,” still reeling from the COVID-19 pandemic whose impact will be felt for years but still expected to make a modest recovery of 4.7% in 2021 which would barely offset 2020 losses. The...

In this photo provided by the New York Stock Exchange, traders work on the floor during the United Wholesale Mortgage IPO, Friday, Jan. 22, 2021. Wall Street is tapping the brakes on its record-setting rally this week, as markets worldwide take a pause on Friday. (Courtney Crow/New York Stock Exchange via AP)

Mixed finish on Wall Street as worldwide rally takes a pause

Jan. 22, 2021 4:51 PM EST

Wall Street tapped the brakes on its recent record-setting rally Friday with a mixed finish for the major stock indexes, though the S&P 500 still ended the week with its third weekly gain in four. The benchmark index fell 0.3%, snapping a three-day winning streak, but notched a 1.9% gain for the week. The...

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Jan. 21, 2021. Asian shares rose Thursday on optimism over the new U.S. administration that earlier set off a rally on Wall Street. (AP Photo/Ahn Young-joon)

Asian shares rise on optimism for more stimulus from Biden

Jan. 20, 2021 11:07 PM EST

TOKYO (AP) — Asian shares rose Thursday on optimism over the new U.S. administration that earlier set off a rally on Wall Street. Hopes are high that President Joe Biden's administration will mean more support for the struggling U.S. economy, setting off a recovery that's crucial for the export-driven...

President Donald Trump and first lady Melania Trump board Air Force One at Andrews Air Force Base, Md., Wednesday, Jan. 20, 2021.(AP Photo/Manuel Balce Ceneta)

AP FACT CHECK: Trump's fiction in his goodbye to Washington

Jan. 20, 2021 3:50 PM EST

WASHINGTON (AP) — In his final remarks as president, Donald Trump tried to take credit for accomplishments of his predecessor and even those to come under President Joe Biden. Falsehoods suffused his farewell remarks Wednesday morning and the night before, though he was spot on with this: “We were...

People are reflected on the electronic board of a securities firm in Tokyo, Wednesday, Jan. 20, 2021. Asian shares were mostly higher Wednesday, ahead of Joe Biden's inauguration as president, ending President Donald Trump’s four-year term. Japan's benchmark lost early gains as worries grew about the surge in coronavirus cases. (AP Photo/Koji Sasahara)

Japan shares fall on pandemic worries as rest of Asia rises

Jan. 19, 2021 10:22 PM EST

TOKYO (AP) — Asian shares were mostly higher Wednesday, ahead of Joe Biden's inauguration as U.S. president. Japan's benchmark lost early gains as worries grew about the surge in coronavirus cases. Japan's benchmark Nikkei 225 lost early gains to slip 0.4% in morning trading to 28,515.21. Australia's...

A woman walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Monday, Jan. 18, 2021. Shares fell Monday across most of Asia following a retreat on Wall Street, but benchmarks in Hong Kong and Shanghai rose after data showed the Chinese economy grew a solid 2.3% in 2020. (AP Photo/Vincent Yu)

World shares subdued despite strong growth data from China

Jan. 18, 2021 12:06 PM EST

Stock markets got off to a slow start for the week despite news that the Chinese economy grew 2.3% in 2020 after a sharp contraction early in the year. Shares fell in London and Tokyo on Monday but advanced in Hong Kong, Paris and Shanghai. Most U.S. markets are closed for a national holiday. Investors appear to...