Latest Economy News

A woman walks by a closed store, in London, Thursday, July 16, 2020. Unemployment across the U.K. has held steady during the coronavirus lockdown as a result of a government salary support scheme, but there are clear signals emerging that job losses will skyrocket over coming months. The Office for National Statistics said Thursday there were 649,000 fewer people, or 2.2%, on payroll in June when compared with March when the lockdown restrictions were imposed. (AP Photo/Alastair Grant)

Bumpy road ahead: UK bracing for big spike in unemployment

Aug. 11, 2020 9:28 AM EDT

LONDON (AP) — The U.K. has kept a lid on its unemployment rate so far during the coronavirus pandemic but, scratch beneath the surface, there are worrying trends that will likely see the jobless total soaring by the end of the year. As department store Debenhams announced another 2,500 job losses on...

FILE - In this Feb. 24, 2019 file photo, model Arizona Muse, left, is flanked by designer and Officina del Poggio owner Allison Hoeltzel Savini as they present a creation of the Officina del Poggio women's Fall-Winter 2019-2020 collection, in Milan, Italy. The United States’ fumbling response to the pandemic is casting doubt on its economic prospects and making it one of the chief risks that could undermine the rebound. Officina del Poggio sells 60% its vintage motorcycle-inspired satchels to U.S. customers. (AP Photo/Luca Bruno, file)

Virus surge makes US weak link in global economic recovery

Aug. 11, 2020 9:07 AM EDT

FRANKFURT, Germany (AP) — People in China are back to buying German luxury cars. Europe's assembly lines are accelerating. Now the global economy is waiting for the United States to get its coronavirus outbreak under control and boost the recovery, but there's little sign of that. The United States’...

FILE - In this Aug. 27, 2013, file photo, workers load large containers of nectarines for sorting at Eastern ProPak Farmers Cooperative in Glassboro, N.J. U.S. wholesale prices fell 0.6% in February 2020, the biggest decline in five years, led by a sharp drop in energy costs. The Labor Department said the decline in its producer price index, which measures price pressures before they reach the consumer, followed a 0.5% rise in January. It was the sharpest decline since a similar 0.6% drop in January 2015. (AP Photo/Mel Evans, File)

US producer prices up 0.6% in July, biggest jump since 2018

Aug. 11, 2020 9:04 AM EDT

WASHINGTON (AP) — U.S. wholesale prices shot up an unexpected 0.6% in July, biggest gain since October 2018, as energy prices moved sharply higher. The Labor Department said Tuesday that the jump last month in its producer price index — which measures inflation before it reaches consumers —...

US producer prices shot up an unexpected 0.6% in July

Aug. 11, 2020 8:32 AM EDT
WASHINGTON (AP) — US producer prices shot up an unexpected 0.6% in July.
FILE - In this Aug. 3, 2020, file photo, a woman wearing a face mask walks by an electronic stock board of a securities firm in Tokyo.  Shares advanced in Asia on Tuesday, Aug. 11, extending another rally that took the S&P 500 to within striking distance of its all-time high set in February. (AP Photo/Koji Sasahara, File)

World shares march higher as S&P 500 nears all-time record

Aug. 11, 2020 8:19 AM EDT

World stock markets rallied on Tuesday after U.S. President Donald Trump said he plans to cut taxes on capital gains and on middle income earners, pushing the S&P 500 to within striking distance of an all-time high. Markets rose even as the tally of confirmed new coronavirus cases worldwide topped 20 million,...

Jailed Zimbabwean journalist is denied rights, say lawyers

Aug. 11, 2020 6:34 AM EDT

HARARE, Zimbabwe (AP) — Lawyers for a jailed Zimbabwean journalist have asked a court to force prison authorities to stop the “blatant and malicious stripping away” of his rights, including lack of access to appropriate food and warm clothing. The efforts to improve jail conditions for...

President Donald Trump talks with reporters before departing from Morristown Municipal Airport in Morristown, N.J., Sunday, Aug. 9, 2020. Trump was returning to Washington after spending the weekend at Trump National Golf Club. (AP Photo/Susan Walsh)

Dems say Trump's payroll tax break weakens Social Security

Aug. 11, 2020 5:36 AM EDT

WASHINGTON (AP) — President Donald Trump’s move to defer Social Security payroll taxes could be taking him into treacherous political territory. His directive — aimed at boosting an economy shaken by the coronavirus pandemic — doesn’t affect retirement benefits but impacts how...

Residents pass by an advertisement for Hybrid cars from Toyota on the streets of Beijing on Tuesday, Aug. 4, 2020. China’s auto sales rose by 16.4% in July over a year earlier to 2.1 million units in a sign of sustained recovery for the industry’s biggest global market, an industry group said Tuesday. (AP Photo/Ng Han Guan)

China auto sales rise in July, as market regains momentum

Aug. 11, 2020 3:31 AM EDT

BEIJING (AP) — China’s auto sales rose by 16.4% in July over a year earlier to 2.1 million units in a sign of sustained recovery for the industry’s biggest global market, an industry group said Tuesday. The China Association of Automobile Manufacturers reported that sales of passenger cars...

The House works to adopts rules during a special session of the state Legislature at the Capitol in Salem, Ore., Monday, Aug. 10, 2020. Oregon lawmakers discussed unemployment benefits and police reform bills as they returned to the Capitol for a special session that was largely supposed to be focused on the state's $1 billion budget hole due to the COVID-19 pandemic. (Brian Hayes/Statesman Journal via AP)

Lawmakers adjourn special session, restrict choke holds

Aug. 11, 2020 2:36 AM EDT

SALEM, Ore. (AP) — A measure further restricting the use of choke holds by police passed the Oregon Legislature by wide margins Monday night as lawmakers concluded a special session called to fix a billion-dollar budget deficit due to COVID-19. House Bill 4301 prohibits the use of choke holds by police or...

Police use truncheons on protesters during a mass protest following presidential election in Minsk, Belarus, Monday, Aug. 10, 2020. Thousands of people have protested in Belarus for a second straight night after official results from weekend elections gave an overwhelming victory to authoritarian President Alexander Lukashenko, extending his 26-year rule. A heavy police contingent blocked central squares and avenues, moving quickly to disperse protesters and detained dozens. (AP Photo/Sergei Grits)

Protester dies in clashes after disputed Belarus vote

Aug. 11, 2020 1:50 AM EDT

MINSK, Belarus (AP) — A protester died amid clashes between police and thousands of people gathered for a second straight night Monday in Belarus after official results from weekend elections — dismissed by the opposition as a sham — gave an overwhelming victory to authoritarian President...