Latest Economy News

In this Wednesday, June 3, 2020 photo, Juan Santos stocks shelves at the Presidente Supermarket in the Little Havana neighborhood of Miami.  The U.S. government is set to issue its latest report on the layoffs that have left millions unemployed but have steadily slowed as many businesses have begun to reopen and to rehire some laid-off workers.  (AP Photo/Wilfredo Lee)

1.9 million seek jobless aid even as reopenings slow layoffs

Jun. 4, 2020 10:32 AM EDT

WASHINGTON (AP) — Nearly 1.9 million people applied for U.S. unemployment benefits last week, evidence that many employers are still cutting jobs even as the gradual reopening of businesses has slowed the pace of layoffs. The total number of people who are receiving jobless aid rose slightly to 21.5...

In this Wednesday, June 3, 2020 photo, signs about social distancing and other protocols are seen about the theme park as guests walk by at Universal Orlando Resort Wednesday, June 3, 2020, in Orlando, Fla. The theme park reopened for season pass holders and will open to the general public on Friday, June 5. (AP Photo/John Raoux)

Universal takes first steps reviving Orlando theme park biz

Jun. 4, 2020 10:28 AM EDT

ORLANDO, Fla. (AP) — With masks on their faces and temperature checks at entrances, Harry Potter fans and roller coaster lovers streamed back into Universal Orlando Resort this week in one of the first major steps toward reviving Florida’s theme park industry, which was left temporarily moribund by...

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The Latest: Brazil reports highest 1-day virus death toll

Jun. 4, 2020 10:13 AM EDT

RIO DE JANEIRO — Brazil has reported another 1,349 COVID-19 deaths, the largest 24-hour increase to the country's coronavirus death toll since its outbreak began. The Health Ministry delayed release of the data until 10:00 p.m. local time Wednesday, after the country’s widely watched evening news...

A currency trader walks by 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, Thursday, June 4, 2020.  Asian stock markets are mixed after Wall Street rose on better U.S. jobs and manufacturing data than expected.(AP Photo/Lee Jin-man)

Wall Street's rally stalls; stocks mixed in early trading

Jun. 4, 2020 10:07 AM EDT

Stocks are mixed in early trading on Wall Street Thursday as the market takes a pause following its longest winning streak in nearly four months. The S&P 500 was down 0.1%, putting its four-day winning streak under threat. A report showed that the number of U.S. workers filing for unemployment benefits eased...

Gantry cranes stand idle at APM Terminals in Elizabeth, N.J., Monday, May 11, 2020. The coronavirus pandemic and the lockdowns and travel restrictions meant to contain it have hammered the world economy. (AP Photo/Mark Lennihan)

U.S. trade gap rises to $49.4 billion in April

Jun. 4, 2020 9:54 AM EDT

WASHINGTON (AP) — The U.S. trade deficit hit the highest level in eight months in April. Exports and imports both posted record monthly drops as the coronavirus pandemic smothered America's commerce with other countries. The gap between what the U.S. sells and what it buys abroad jumped to $49.4 billion in...

FILE -- In this Thursday, March 12, 2020 file photo the President of European Central Bank Christine Lagarde looks up prior to a press conference following a meeting of the ECB governing council in Frankfurt, Germany. The European Central Bank has boosted its pandemic emergency support program by 600 billion euros to 1.35 trillion euros ($1.5 trillion) in an effort to keep affordable credit flowing to the economy during the steep downturn caused by the virus outbreak. (AP Photo/Michael Probst, file)

European Central Bank nearly doubles pandemic support scheme

Jun. 4, 2020 9:53 AM EDT

FRANKFURT, Germany (AP) — The European Central Bank has boosted its pandemic emergency support program by an unexpectedly large 600 billion euros to 1.35 trillion euros ($1.5 trillion), adding to a range of efforts in Europe and around the world to help the economy weather the steep downturn caused by the...

Health workers attend a training session on handling the coronavirus pandemic in villages in Fatehpur, Uttar Pradesh state, India, Wednesday, June 3, 2020. (AP Photo/Rajesh Kumar Singh)

Asia Today: Australia to restart flights to New Zealand

Jun. 4, 2020 9:26 AM EDT

CANBERRA, Australia (AP) — Canberra Airport opened a register for travelers interested in flying from the Australian capital to New Zealand on July 1 in a proposed resumption of international travel. The proposal to restart flights connecting the two capitals was under discussion between the two...

German Economy Minister, Peter Altmaier, addresses the media during a press conference in Berlin, Germany, Thursday, June 4, 2020. Germany's governing parties have agreed on a 130 billion euro ($146 billion) stimulus package meant to help kick-start Europe's biggest economy, which has taken a heavy hit from the coronavirus pandemic.(AP Photo/Michael Sohn, pool)

Germany, France hope cloud data project to boost sovereignty

Jun. 4, 2020 9:15 AM EDT

BERLIN (AP) — Germany and France on Thursday launched a project to set up a European cloud computing platform that they hope will enhance European economic sovereignty in the wake of the coronavirus crisis and break the continent's dependence on U.S. and Chinese companies. The platform, entitled GAIA-X, is...

US productivity falls at 0.9% rate in first quarter

Jun. 4, 2020 9:03 AM EDT

WASHINGTON (AP) — U.S. productivity fell at a 0.9% rate in the first three months of this year, a smaller decline than first estimated, while labor costs rose at a slightly faster pace. The Labor Department reported Thursday that the first-quarter decline in productivity was smaller than the initial...

An Ethiopian domestic worker cries as she waits with dozens of others outside the Ethiopian consulate, some inquiring about flights home, others stranded after they were abandoned by employers who claimed they could no longer afford to pay their salaries, in Hazmieh, east of Beirut, Lebanon, Thursday, June 4, 2020. Some 180,000 domestic workers in Lebanon, most of them female from Ethiopia, are growing more desperate as a crippling economic and financial crisis sets in, coupled with coronavirus restrictions. (AP Photo/Hassan Ammar)

Ethiopian domestic workers stranded in crisis-hit Lebanon

Jun. 4, 2020 8:51 AM EDT

BEIRUT (AP) — Dozens of domestic workers gathered outside the Ethiopian consulate in Beirut on Thursday, some inquiring about flights home, others stranded after they were abandoned by employers who claimed they could no longer afford to pay their salaries. Some 180,000 domestic workers in Lebanon, most...