Latest Gross domestic product News

A bartender brings drinks to customers in a cafe of Saint Jean de Luz, southwestern France, Tuesday June 2, 2020. The French way of life resumes Tuesday with most virus-related restrictions easing as the country prepares for the summer holiday season amid the pandemic. Restaurants and cafes reopen Tuesday with a notable exception for the Paris region, the country's worst-affected by the virus, where many facilities will have to wait until June 22 to reopen. (AP Photo/Bob Edme)

Parisians return to cafes; Latin America sees virus surge

Jun. 2, 2020 10:03 AM EDT

PARIS (AP) — Parisians returned to the City of Light’s beloved sidewalk cafes as lockdown restrictions eased Tuesday, but health experts expressed deep concerns as several Latin American countries opted to reopen their economies despite a rapid rise in coronavirus cases. The post-lockdown freedom...

Senate Minority Leader Sen. Chuck Schumer of N.Y., center, arrives for a news conference on Capitol Hill in Washington, Tuesday, May 12, 2020. (AP Photo/Patrick Semansky)

CBO projects virus impact could trim GDP by $15.7 trillion

Jun. 1, 2020 8:06 PM EDT

WASHINGTON (AP) — The Congressional Budget Office said Monday that the U.S. economy could be $15.7 trillion smaller over the next decade than it otherwise would have been if Congress does not mitigate the economic damage from the coronavirus. The CBO, which had already issued a report forecasting a severe...

FILE - In this July 22, 2019 photo, trucks hauling shipping containers wait to unload at the Port of Oakland in Oakland, Calif.  The Commerce Department issues its second estimate of how the U.S. economy performed in the first quarter of 2020 on Thursday, May 28, 2020.(AP Photo/Ben Margot, File)

US economy shrank at 5% annual rate in Q1

May. 28, 2020 9:47 AM EDT

WASHINGTON (AP) — The U.S. economy shrank at an even faster pace than initially estimated in the first three months of this year with economists continuing to expect a far worse outcome in the current April-June quarter. The Commerce Department reported Thursday that the gross domestic product, the...

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...

Dermatologist Dr. Seemal Desai poses for a photo in an examination room in his office in Plano, Texas, Thursday, May 7, 2020. Desai uses the privacy of an examination room and a tablet computer to virtually visit with some of his patients. (AP Photo/Tony Gutierrez)

Hospitals, health care sector reel from COVID-19 damage

May. 18, 2020 1:04 PM EDT

The global coronavirus pandemic has created a huge need for health care in the U.S., but it also is delivering a devastating financial blow to that sector. COVID-19 worries have kept patients away from doctors' offices and forced the postponement and cancellation of non-urgent surgeries. The pandemic also has...

FILE - In this Wednesday, Nov. 13, 2019, file photo, Indian Prime Minister Narendra Modi attends the BRICS Business Council prior to the 11th edition of the BRICS Summit, in Brasilia, Brazil. Modi announced Tuesday, May 12, 2020, that the government will spend the equivalent of nearly 10% of the country's GDP on a coronavirus virus economic relief package designed to make the world's second most populous nation more self reliant. (AP Photo/Eraldo Peres, File)

India's prime minister announces huge virus relief package

May. 12, 2020 12:47 PM EDT

NEW DELHI (AP) — Indian Prime Minister Narendra Modi announced Tuesday that the government will spend more than $260 billion, the equivalent of nearly 10% of the country's GDP, on a coronavirus economic relief package designed to make the world's second most populous nation more self-reliant. “The...

India's prime minister announces coronavirus economic relief package he says is worth nearly 10% of nation's GDP

May. 12, 2020 10:58 AM EDT
NEW DELHI (AP) — India's prime minister announces coronavirus economic relief package he says is worth nearly 10% of nation's GDP.
FILE - In this Monday, April 6, 2020 file photo, chairs and tables are piled in front of a bar in St. Mark's Square, in Venice during a lockdown to prevent the spread of the coronavirus. The coronavirus outbreak is straining social safety nets across the globe - and underlining sharp differences in approach between wealthy societies such as the United States and Europe. In Europe, the collapse in business activity is triggering wage support programs that are keeping millions on the job, for now.   (AP Photo/Andrew Medichini, File)

Pandemic shows contrasts between US, European safety nets

May. 10, 2020 5:18 AM EDT

The coronavirus pandemic is straining social safety nets across the globe — and underlining sharp differences in approach between wealthy societies such as the United States and Europe. In Europe, the collapse in business activity is triggering wage support programs that are keeping millions on the job,...

This Sept. 18, 2019 photo shows the U.S. Treasury Department building viewed from the Washington Monument in Washington. The Treasury Department says it will need to borrow a record $2.99 trillion during the current April-June quarter to cover the cost of various rescue efforts dealing with the coronavirus pandemic. Treasury said Monday, May 4, 2020 that the $2.99 trillion it plans to borrow this quarter will far surpass the $530 billion quarterly borrowing it did in the July-September 2008 quarter as it dealt with the 2008 financial crisis. The extraordinary sum of $2.99 trillion of borrowing in a single quarter dwarfs the $1.28 trillion the government borrowed in the bond market for all of 2019. (AP Photo/Patrick Semansky)

As US piles up debt to aid economy, even usual critics cheer

May. 5, 2020 2:05 PM EDT

WASHINGTON (AP) — The U.S. government has opened the spigots and let loose nearly $3 trillion to try to rescue the economy from the coronavirus outbreak — a river of debt that would have been unthinkable even a few months ago. And yet the response, even from people who built careers as skeptics of...

Japan’s Economy Minister Yasutoshi Nishimura speaks at a press conference in Tokyo after meeting with a panel of experts on the new coronavirus Friday, May 1, 2020. Nishimura, tasked with the government’s coronavirus measures, said ongoing social distancing efforts under the state of emergency should be kept in place for a while in order to prevent a resurgence of the surge of the infections despite signs of a slowing trend. (Kyodo News via AP)

The Latest: Japan task force recommends caution

May. 1, 2020 2:24 AM EDT

The Latest on the coronavirus pandemic. The new coronavirus causes mild or moderate symptoms for most people. For some, especially older adults and people with existing health problems, it can cause more severe illness or death. TOP OF THE HOUR: — Japan task force recommends social distancing measures stay...