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U.S. economy surges by record 33.1% in third quarter
The U.S. economy rebounded at a record pace of 33.1% in the July-September quarter, unchanged from the first estimate a month ago. But a resurgence in the coronavirus is expected...
Treasury Secretary Mnuchin denies trying to hinder incoming administration
Treasury Secretary Steven Mnuchin denied that he is attempting to limit the choices President-elect Joe Biden will have to promote an economic recovery by ending several emergency loan programs being...
Surge in coronavirus threatens to reverse global economic rebounds
The resurgence of coronavirus cases engulfing the United States and Europe is imperiling economic recoveries on both sides of the Atlantic as millions of individuals and businesses face the prospect...
Economy plunges 31.4% in spring — more than three times larger than the previous record drop
The U.S. economy plunged at a record rate in the spring but is poised to swing to a record increase in the quarter that is just ending.
U.S. consumer spending rose a moderate 1.9% in July
U.S. consumers increased their spending by 1.9% last month, a dose of support for an economy struggling to emerge from the grip of a pandemic that has held back a...
Fed: Rates to stay ultra-low even after inflation picks up
The Federal Reserve announced a significant change Thursday in how it manages interest rates by saying it plans to keep rates near zero even after inflation has exceeded the Fed’s...
Jerome Powell edges toward loosening the Fed’s stance on inflation
For decades, the Federal Reserve made clear its readiness to raise interest rates at the earliest signs of creeping inflation.
U.S. consumer spending up 5.6%, but coronavirus could stall gains
American consumers increased their spending in June by a solid 5.6%, helping regain some of record plunge that occurred after the coronavirus struck hard in March and paralyzed the economy....
U.S. economy shrank at 33% rate last quarter — by far the worst quarterly plunge ever
The U.S. economy shrank at a dizzying 32.9% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses,...
World will suffer largest downturn since 1940s, according to World Bank report
The World Bank said Monday the world is facing an unprecedented health and economic crisis that has spread with astonishing speed and will result in the largest shock the global...