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...

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...

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...

A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, May 20, 2020.  Asian shares were mixed Wednesday as market players waffled between hopes for recovery as economies gradually reopen and worries over the havoc wreaked by the pandemic. (AP Photo/Ahn Young-joon)

Asian shares mixed as virus worries counter recovery hopes

May. 19, 2020 11:50 PM EDT

TOKYO (AP) — Asian shares were mixed Wednesday as market players waffled between hopes for recovery as economies gradually reopen and worries over the havoc wreaked by the pandemic. Japan's benchmark Nikkei 225 rose nearly 0.9% in morning trading to 20,606.92 on expectations that a state of emergency...

A woman wearing face mask walks past a bank electronic board showing the Hong Kong share index Tuesday, May 19, 2020. Asian shares rose Tuesday on optimism about a potential vaccine for the coronavirus after hopes for a U.S. economic recovery in the second half of the year sent Wall Street into a rebound. (AP Photo/Vincent Yu)

Asian stocks up on hopes for vaccine and economies reopening

May. 19, 2020 12:10 AM EDT

TOKYO (AP) — Asian shares rose Tuesday on optimism about a potential vaccine for the coronavirus after hopes for a U.S. economic recovery in the second half of the year sent Wall Street into a rebound. Japan's benchmark Nikkei 225 added 1.9% in morning trading to 20,517.42. Australia's S&P/ASX 200...

FILE - In this March 18, 2020, file photo, people are reflected on the electronic board of a securities firm in Tokyo. Japan's economic growth plunged into recession in the first quarter as the coronavirus pandemic squelched production, exports and spending, and fears are growing worse times may lie ahead, according to a report on Monday, May 18, 2020. (AP Photo/Koji Sasahara, File)

Reports: World economy faces tough journey back from crisis

May. 18, 2020 5:50 PM EDT

WASHINGTON (AP) — The world economy likely faces a long slog back from the coronavirus crisis. Two reports out Monday predict that global growth will struggle to bounce back from the lockdowns, travel restrictions and business closures meant to contain the pandemic. IHS Markit said that it expects the...

A currency trader walks near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea, Monday, May 18, 2020. Asian stock markets rose Monday after the chief U.S. central banker expressed optimism the the American economy might start to recover this year from the coronavirus pandemic. (AP Photo/Lee Jin-man)

Asian stocks rise after Fed chief optimistic about recovery

May. 17, 2020 11:26 PM EDT

BEIJING (AP) — Asian stock markets rose Monday after the chief U.S. central banker expressed optimism the the American economy might start to recover this year from the coronavirus pandemic. Benchmarks in Shanghai, Tokyo, Hong Kong and Australia all advanced. That came despite Japan’s announcement...