Latest Economic outlook News

Pellegrinis Cafe and The Paperback book store are closed during lockdown due to the continuing spread of the coronavirus in Melbourne, Thursday, Aug. 6, 2020. Victoria state, Australia's coronavirus hot spot, announced on Monday that businesses will be closed and scaled down in a bid to curb the spread of the virus. (AP Photo/Andy Brownbill)

New lockdown ratchets up economic pain in Australian city

Aug. 6, 2020 4:12 AM EDT

MELBOURNE, Australia (AP) — A bright side for plant nurseries of Melbourne’s first pandemic stay-at-home order was that many householders took the time to garden. But the latest lockdown in Australia’s second-largest city is far tougher. More than 250,000 people were thrown out of work on...

FILE - In this Wednesday, March 11, 2020 file photo, pedestrians wearing face masks pass the Bank of England in London. The Bank of England left its benchmark interest rate at a record low of 0.1% on Thursday Aug. 6, 2020, as it expressed caution about how rapidly the United Kingdom's economy will recover from the COVID-19 pandemic. (AP Photo/Matt Dunham, File)

Bank of England holds off more stimulus, sees slow recovery

Aug. 6, 2020 4:12 AM EDT

LONDON (AP) — The Bank of England held off providing more monetary stimulus on Thursday as Britain reopens after the pandemic lockdowns, but it warned it would take time for the economy to heal and unemployment would keep rising this year. While the central bank forecast that the economy would shrink less...

FILE - People wait to speak with representatives from the Oklahoma Employment Security Commission about unemployment claims Thursday, July 9, 2020, in Midwest City, Okla. Stark evidence of the damage the resurgent viral outbreak has caused the U.S. economy could come Friday, Aug. 7,  when the government is expected to report that the pace of hiring has slowed significantly after a brief rebound in the spring. (AP Photo/Sue Ogrocki)

Gone for good? Evidence signals many jobs aren't coming back

Aug. 5, 2020 1:42 PM EDT

WASHINGTON (AP) — Stark evidence of the damage the resurgent viral outbreak has caused the U.S. economy could come Friday when the government is expected to report that the pace of hiring has slowed significantly after a brief rebound in the spring. As the coronavirus continues to transform a vast swath of...

A woman wearing a face mask walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Wednesday, Aug. 5, 2020. Major Asian stock markets declined Wednesday amid investor concern about U.S. stimulus spending and a trade agreement with Beijing. (AP Photo/Vincent Yu)

Asian shares fall on jitters over US stimulus, China trade

Aug. 4, 2020 11:43 PM EDT

BEIJING (AP) — Major Asian stock markets declined Wednesday amid investor concern about U.S. stimulus spending and a trade agreement with Beijing. Market benchmarks in Shanghai, Tokyo, Hong Kong and Sydney declined. Investors are watching the stalemate among U.S. legislators over employment benefits for...

ADB to lend Thailand $1.5 billion to aid virus response

Aug. 4, 2020 7:10 AM EDT

BANGKOK (AP) — The Asian Development Bank announced Tuesday it will provide a $1.5 billion loan to Thailand to aid its response to the coronavirus pandemic. Thailand’s Cabinet approved the borrowing plan at its weekly meeting, deputy government spokeswoman Ratchada Thanadirek announced separately....

A man lifts his arm as he walks by the New York Stock Exchange, Thursday, July 30, 2020. Stocks are falling on Wall Street Thursday after reports showed that layoffs are continuing at a stubborn pace and that the U.S. economy contracted at a nearly 33% annual rate in the spring. (AP Photo/Mark Lennihan)

Asian benchmarks tumble, looking to earnings, central banks

Jul. 31, 2020 12:16 AM EDT

TOKYO (AP) — Asian shares tumbled Friday as reports showed layoffs of American workers are persisting at high levels after the U.S. economy contracted at a nearly 33% annual pace in the spring, the worst quarter on record. Earnings reports, a gauge of how well businesses are managing the fallout from the...

A shopper passes a display window with mask covered mannequins at a dress store, Thursday, July 30, 2020, in McAllen, Texas. (AP Photo/Eric Gay)

Record economic plunge, bleak jobs numbers reveal virus toll

Jul. 30, 2020 5:37 PM EDT

WASHINGTON (AP) — The coronavirus pandemic sent the U.S. economy plunging by a record-shattering 32.9% annual rate last quarter and is still inflicting damage across the country, squeezing already struggling businesses and forcing a wave of layoffs that shows no sign of abating. The economy's collapse in...

Currency trader watch computer monitors near the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room in Seoul, South Korea, Thursday, July 30, 2020. Asian stocks advanced Thursday after the U.S. Federal Reserve left interest rates near zero to support a struggling economy. (AP Photo/Lee Jin-man)

Asian stocks gain after Fed keep US interest rates low

Jul. 29, 2020 11:49 PM EDT

BEIJING (AP) — Asian stocks advanced Thursday after the U.S. Federal Reserve left interest rates near zero to support a struggling economy. Benchmarks in Shanghai, Tokyo, Hong Kong and Seoul all gained. Lower interest rates and investor optimism about a possible coronavirus vaccine have helped global...

FILE - In this March 3, 2020 file photo, Federal Reserve Chair Jerome Powell speaks during a news conference to discuss an announcement from the Federal Open Market Committee, in Washington.  Federal Reserve officials are grappling this week with the timing and scope of their next policy moves at a time when the raging viral pandemic has weakened the U.S. economy. No major changes are likely when the Fed releases a statement Wednesday, July 29,  after its two-day policy meeting ends and just before Powell holds a news conference.  (AP Photo/Jacquelyn Martin, File)

Fed sees dim economic outlook as virus squeezes economy

Jul. 29, 2020 5:28 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell warned Wednesday that the viral epidemic is endangering the modest economic recovery that followed a collapse in hiring and spending this spring. As a result, he said, the Fed plans to keep interest rates pinned near zero well into the future. That...

FILE - In this July 13, 2020 file photo, a For Rent sign hangs on a closed shop during the coronavirus pandemic in Miami Beach, Fla.  Having endured what was surely a record-shattering slump last quarter, the U.S. economy faces a dim outlook as a resurgent coronavirus intensifies doubts about the likelihood of any sustained recovery the rest of the year. (AP Photo/Lynne Sladky)

US is expected to report a record-breaking economic plunge

Jul. 29, 2020 2:33 PM EDT

WASHINGTON (AP) — Having endured what was surely a record-shattering slump last quarter, the U.S. economy faces a dim outlook as a resurgent coronavirus intensifies doubts about any sustained recovery the rest of the year. A huge plunge in consumer spending as people stayed home and avoided shopping,...