Latest Economic growth News

JPMorgan's 3Q profits rise, but low rates weigh on revenue

Oct. 13, 2021 13:05 PM EDT

NEW YORK (AP) — JPMorgan Chase posted a 24% jump in third-quarter profits on Wednesday, largely driven by one-time items that boosted its results, as the bank struggled to grow revenues with interest rates at near-zero levels. Despite the slow revenue growth, the bank...

Logjam at busiest UK commercial port adds to Christmas fears

Oct. 13, 2021 11:13 AM EDT

LONDON (AP) — A logjam at the U.K.'s busiest commercial port ratcheted up concerns Wednesday that the country could see shortages during the crucial Christmas holiday period, including of toys and food. Worries have mounted over recent weeks that the U.K.'s economic...

Asian shares mixed after muddled day of trading on Wall St

Oct. 13, 2021 01:09 AM EDT

Shares were mixed in Asia on Wednesday after an up-and-down day on Wall Street ended with most benchmarks lower as traders waited for updates on inflation and corporate earnings. Tokyo's Nikkei 225 index fell 0.3% to 28,158.28 and the S&P/ASX 200 edged 0.1% lower to...

IMF foresees a slight drop in global growth from pandemic

Oct. 12, 2021 11:17 AM EDT

WASHINGTON (AP) — The International Monetary Fund is slightly downgrading its outlook for the global recovery from the pandemic recession, reflecting the persistence of supply chain disruptions in industrialized countries and deadly disparities in vaccination rates between rich and poor...

Analysis: Hiring slowdown menaces Biden despite upbeat talk

Oct. 08, 2021 16:50 PM EDT

WASHINGTON (AP) — President Joe Biden promised an economy that could be firing on all cylinders next year, but Friday's disappointing jobs report suggests a slowdown in growth could instead loom atop voters' minds in the 2022 elections. Republicans quickly seized on the...

Asian shares slip in cautious trading, shrug off US rally

Oct. 05, 2021 23:24 PM EDT

TOKYO (AP) — Asian shares slipped in cautious trading Wednesday, shrugging off a rally on Wall Street led by technology companies and banks that erased most of the losses from the previous day's sell-off. Japan's benchmark Nikkei 225 sank 1% in morning trading to...

IMF says trimming global growth forecast due to rising risks

Oct. 05, 2021 11:56 AM EDT

WASHINGTON (AP) — The head of the International Monetary Fund says the agency is trimming its forecast for global growth this year. IMF Managing Director Kristalina Georgieva on Tuesday cited rising risks from inflation, debt and a divergence in growth prospects between...

US factory growth up in September despite supply woes

Oct. 01, 2021 11:30 AM EDT

WASHINGTON (AP) — U.S. manufacturing growth accelerated last month to the highest level since May despite global supply chain disruptions. The Institute for Supply Management, a trade group of purchasing managers, said Friday that its index of manufacturing activity...

Soaring home prices juice average US homeowner equity growth

Sep. 30, 2021 14:37 PM EDT

LOS ANGELES (AP) — Soaring home prices have pushed up average homeowner equity growth to the highest level in more than a decade, though recent signs of a cooling U.S. housing market point to more moderate gains in the second half of the year. Homes with a mortgage...

US slightly revises up its GDP estimate for Q2 to 6.7%

Sep. 30, 2021 10:35 AM EDT

WASHINGTON (AP) — The U.S. economy expanded at a 6.7% annual pace from April through June, the Commerce Department said Thursday, slightly upgrading its estimate of last quarter's growth in the face of a resurgence of COVID-19 in the form of the delta variant. The...