Japan revises GDP to nearly flat, showing fragile recovery
March 9, 2023 GMTTOKYO (AP) — Japan’s economy grew at an annual pace of 0.1% in October-December, in a downgrade from an earlier 0.6% increase, showing how the world’s third-largest economy was barely eking out growth.
US economy sending mixed signals: Here’s what it all means
March 7, 2023 GMTWASHINGTON (AP) — Maybe it was just too good to be true.
For a few weeks in late January and early February, the U.S. economy seemed to have reached a rare sweet spot.
Governor launches supply chain initiative for Kentucky
March 6, 2023 GMTFRANKFORT, Ky. (AP) — Gov. Andy Beshear launched a supply chain initiative Monday aimed at creating a more interconnected Kentucky economy by matching the state's manufacturers and suppliers.
The goal of “Supply Kentucky” is to bolster job growth, reduce manufacturing costs and create more secure supply chains, the Democratic governor said.
Lebanon leans on US dollar to cope as currency, economy tank
March 6, 2023 GMTBEIRUT (AP) — When Moheidein Bazazo opened his Beirut mini-market in 1986, during some of the fiercest fighting in Lebanon’s civil war, he didn't expect it to thrive. But several years later, he had shelves full of food and needed 12 employees to help him manage a bustling business.
Inflation pressures put Powell in spotlight before Congress
March 6, 2023 GMTWASHINGTON (AP) — When Federal Reserve Chair Jerome Powell last appeared before Congress, in June 2022, inflation had reached a four-decade high of nearly 9% and showed no sign of easing.
Chinese planners promise 12 million jobs, economic rebound
March 6, 2023 GMTBEIJING (AP) — Chinese economic officials expressed confidence Monday they can meet this year’s growth target of “around 5%” by generating 12 million new jobs and encouraging consumer spending following the end of anti-virus controls that kept millions of people at home.
China sets this year’s economic growth target at ‘around 5%’
March 5, 2023 GMTBEIJING (AP) — China’s government announced plans for a consumer-led revival of the struggling economy as its legislature opened a session Sunday that will tighten President Xi Jinping’s control over business and society.
Brazil’s 4Q22 GDP contraction signals challenge for Lula
March 2, 2023 GMTBRASILIA, Brazil (AP) — Brazil’s economy contracted last quarter for the first time in over a year, government data showed Thursday, in a downturn expected to complicate President Luiz Inácio Lula da Silva’s first year in office.
China looks to consumers to drive economic rebound
March 2, 2023 GMTBEIJING (AP) — Chinese leader Xi Jinping’s agenda for the annual meeting of the ceremonial legislature: Revive the economy by encouraging consumers to spend more now that severe anti-virus controls have ended, and install a government of loyalists to intensify Communist Party control over the economy and society.
In Egypt, government and poor struggle with troubled economy
March 1, 2023 GMTCAIRO (AP) — A group of women stands in front of a vegetable vendor at a street market in one of Cairo's oldest neighborhoods, yelling in frustration.
Asian shares, oil advance on strong China factory data
March 1, 2023 GMTTOKYO (AP) — Asian shares were higher Wednesday after reports on key measures of China manufacturing showed a strong recovery after anti-virus controls were lifted late last year.
Consumer confidence slips again in February
February 28, 2023 GMTWASHINGTON (AP) — Consumer confidence dipped for the second straight month as stubborn inflation and anxiety over a potentially slowing economy weighed on Americans.
The Conference Board reported Tuesday that its consumer confidence index slipped to 102.9 in February, from a reading of 106 in January.
US economy sending mixed signals: Here’s what it all means
February 28, 2023 GMTWASHINGTON (AP) — Maybe it was just too good to be true.
For a few weeks in late January and early February, the U.S. economy seemed to have reached a rare sweet spot.
Asian shares edge higher after slight gains on Wall Street
February 28, 2023 GMTBANGKOK (AP) — Shares climbed in Asia on Tuesday after Wall Street benchmarks clawed back some losses from their worst week since early December.
2023 US recession now expected to start later than predicted
February 27, 2023 GMTWASHINGTON (AP) — A majority of the nation’s business economists expect a U.S. recession to begin later this year than they had previously forecast, after a series of reports have pointed to a surprisingly resilient economy despite steadily higher interest rates.
Fleeing Nicaraguans a boon to economy back home
February 26, 2023 GMTMEXICO CITY (AP) — Each month, Antón Martínez, 38, sets aside $200 from his wages as a dishwasher in the United States to send home to his mother in Nicaragua.
Martínez wishes it could be more, but he’s still trying to find his footing in the new country and pay off the debt of his migration.
Stocks drop, send Wall Street to its worst week of the year
February 24, 2023 GMTNEW YORK (AP) — Another cold reminder that inflation remains hotter than hoped sent Wall Street skidding Friday, and stocks closed out their worst week since early December.
The S&P 500 fell 1.1% to cap its third straight weekly loss.
German economy shrank by 0.4% in Q4, worse than 1st reported
February 24, 2023 GMTBERLIN (AP) — The German economy shrank by 0.4% in last year's fourth quarter, the national statistics office said Friday, a sharp downward revision from its initial report that gross domestic product declined by 0.2%.
Netanyahu gets funding boost under shadow of economic woes
February 23, 2023 GMTTEL AVIV, Israel (AP) — An Israeli parliamentary committee on Thursday approved new funding for Benjamin Netanyahu and his family, giving the prime minister a boost in personal spending at a time when he is facing mass protests over his policies and as the economy is on shaky ground.
China’s global influence worries U.S. majority: AP-NORC poll
February 23, 2023 GMTWASHINGTON (AP) — Just 40% of U.S. adults approve of how President Joe Biden is handling relations with China, a new poll shows, with a majority anxious about Beijing's influence as the White House finds its agenda increasingly shaped by global rivalries.
US revises down last quarter’s economic growth to 2.7% rate
February 23, 2023 GMTWASHINGTON (AP) — The U.S. economy expanded at a 2.7% annual rate from October through December, a solid showing despite rising interest rates and elevated inflation, the government said Thursday in a downgrade from its initial estimate.
G-20 finance chiefs to tackle global economic threats
February 22, 2023 GMTBENGALURU, India (AP) — Top financial leaders from the Group of 20 leading economies are gathering in the south Indian technology hub of Bengaluru this week to tackle myriad challenges to global growth and stability, including stubbornly high inflation and surging debt.
German business confidence improves for 4th straight month
February 22, 2023 GMTBERLIN (AP) — German business confidence has strengthened for a fourth consecutive month as managers look past current problems to take a more optimistic view of the months ahead, a closely watched survey showed Wednesday.
Asian shares decline following Wall Street tumble
February 22, 2023 GMTTOKYO (AP) — Asian shares declined Wednesday after stocks tumbled on Wall Street as worries persist about higher interest rates and their tightening squeeze on the global economy.
Tokyo's benchmark Nikkei 225 dipped 1.4% in morning trading to 27,100.51.
Saudi Arabia deposits $1 billion into Yemen’s central bank
February 21, 2023 GMTSANAA, Yemen (AP) — Saudi Arabia deposited $1 billion into the central bank of Yemen’s internationally recognized government Tuesday in a bid to bolster the country’s ailing economy, state media said.
Nigerian cash crisis brings pain: ‘Everything is just tough’
February 18, 2023 GMTABUJA, Nigeria (AP) — No one in Godgift Inemesit’s family of eight is sure when they will eat each day — except for her three kids, two of whom have malaria. She can't pay for the drugs they need or feed the rest of her family regularly.
Wall Street closes another bumpy week with a mixed finish
February 17, 2023 GMTNEW YORK (AP) — Wall Street closed another bumpy week with a mixed performance on Friday amid worries that inflation is not cooling as quickly or as smoothly as hoped.
The S&P fell 0.3% after paring a bigger loss from the morning.
Asian shares skid after inflation report thumps Wall Street
February 17, 2023 GMTBANGKOK (AP) — Shares slipped in Asia on Friday after benchmarks on Wall Street had their biggest drop in four weeks as investors registered disappointment over an inflation reading that came in hotter than expected.
How major US stock indexes fared Thursday 2/16/2023
February 16, 2023 GMTStocks fell on Wall Street, posting their biggest drop in four weeks, after another reading on inflation came in hotter than expected.
The S&P 500 fell 1.4% Thursday after inflation at the wholesale level slowed by less than economists forecast last month.
Wholesale price pressures emerge despite long-term slowdown
February 16, 2023 GMTWASHINGTON (AP) — Wholesale prices in the United States reaccelerated in January, indicating that inflation pressures continue to underlie the U.S. economy despite longer-term signs of improvement.
Asian shares jump boosted by a strong reading on US retail
February 16, 2023 GMTTOKYO (AP) — Asian shares edged higher Thursday, cheered by a stronger than expected reading on U.S. retail sales that set off a rally on Wall Street.
In the latest data on the regional economy, Japan's trade deficit reached a record 3.497 trillion yen ($26.2 billion) in January.
CBO projects higher unemployment, slow exit from inflation
February 16, 2023 GMTWASHINGTON (AP) — The Congressional Budget Office said Wednesday that it expects the U.S. economy to stagnate this year with the unemployment rate jumping to 5.1% — a bleak outlook that was paired with a 10-year projection that publicly held U.S.
US inflation slows to 6.4%, but price pressures re-emerge
February 14, 2023 GMTWASHINGTON (AP) — The pace of consumer price increases eased again in January compared with a year earlier, the latest sign that the high inflation that has gripped Americans for nearly two years is slowly easing.
Scholar nominated to follow Kuroda as Bank of Japan chief
February 14, 2023 GMTTOKYO (AP) — An economist was nominated Tuesday to head Japan's central bank and take on the daunting task of guiding the world's third-largest economy to stronger, stable growth.
The government's choice of Kazuo Ueda, who earlier served on the central bank's policy board, to succeed Haruhiko Kuroda came as a surprise to many when it was leaked to Japanese media last week.
Japan manages growth in final quarter as tourism returns
February 14, 2023 GMTTOKYO (AP) — The Japanese economy grew at an annual pace of 0.6% in October-December, the government reported Tuesday, managing to eke out growth after a contraction in the previous quarter.
The world’s third-largest economy has struggled amid restrictions related to the coronavirus pandemic, a shortage of imported parts from China and rising prices — especially energy — worsened by inflationary pressures and the war in Ukraine.
EU foresees economy improving, but inflation still painful
February 13, 2023 GMTFRANKFURT, Germany (AP) — The European Union's executive branch has raised its economic growth forecast for the year, saying Europe will narrowly avoid a recession and has already passed its inflation peak as natural gas prices fall from astronomical highs.
Wall Street’s tough week eases at the end as stocks drift
February 10, 2023 GMTNEW YORK (AP) — The toughest week for Wall Street in nearly two months came to a quiet end on Friday, as stock indexes drifted to a mixed finish.
The S&P 500 rose 0.2%, but it still ended the week with a drop of 1.1%, which was its worst since December.
UK economy avoids decline but cost of living pains many
February 10, 2023 GMTLONDON (AP) — The small notice pinned to a wall at Union Chapel in north London is a sign of despair for charity workers dealing with the fallout from Britain’s cost-of-living crisis.
Russia’s revenue falls sharply in January from year earlier
February 6, 2023 GMTMOSCOW (AP) — Russia's finance ministry said Monday that budget revenue in January was 35% lower compared with the same month in 2022, the last month before Russia sent troops into Ukraine.
The ministry also said the budget deficit for January was 1.77 trillion rubles ($23.9 billion), about 60% of the shortfall that had been planned for the entire year.
It wasn’t me: Ex-UK PM Truss blames ‘system’ for her failure
February 5, 2023 GMTLONDON (AP) — Former British Prime Minister Liz Truss says her failure wasn't her fault.
State of the Union: Biden sees economic glow, GOP sees gloom
February 4, 2023 GMTWASHINGTON (AP) — Going into Tuesday's State of the Union address, President Joe Biden sees a nation with its future aglow.
Bank of England rate hike says ‘too soon to declare victory’
February 2, 2023 GMTLONDON (AP) — The Bank of England announced another “forceful” increase in interest rates Thursday, saying it was too soon to declare victory against inflation that has slowed slightly but is still fueling a cost-of-living crisis, public-sector strikes and fears of recession.
Asian stocks rise after Fed sees inflation improving
February 2, 2023 GMTBEIJING (AP) — Asian stock markets gained Thursday after the Federal Reserve said the U.S. economy is moving toward lower inflation but more interest rate hikes are planned.
India to raise spending on job creation ahead of election
February 1, 2023 GMTNEW DELHI (AP) — Indian Prime Minister Narendra Modi’s government presented to Parliament on Wednesday an annual budget of $550 billion that calls for ramping up capital spending by 33% to spur economic growth and create jobs ahead of a general election next year.
South Korea logs record trade deficit as tech demand falls
February 1, 2023 GMTSEOUL, South Korea (AP) — South Korea logged its biggest monthly trade deficit ever, at $12.7 billion in January, as exports of computer chips and other high-tech items sank and costs for importing oil and gas surged, the trade ministry said Wednesday.
Asian stocks higher ahead of Fed rate decision
February 1, 2023 GMTBEIJING (AP) — Asian stock markets were higher Wednesday after Wall Street rose ahead of what traders hope will be the last Federal Reserve interest rate hike for some time.
US consumer confidence lags as 2023 gets under way
January 31, 2023 GMTAmerican consumers are kicking off 2023 a bit less confident than they were at the end of last year as inflation and the possibility of a recession loom.
The Conference Board reported Tuesday that its consumer confidence index slipped to a still-optimistic 107.1 in January, down from 109 in December.
Europe scrapes out economic growth by dodging gas disaster
January 31, 2023 GMTFRANKFURT, Germany (AP) — Europe’s economy scraped out meager gains at the end of last year as galloping inflation fed by high energy prices and Russia’s invasion of Ukraine deterred people from spending in shops and restaurants.
Samsung’s profit plummets amid global economic woes
January 31, 2023 GMTSEOUL, South Korea (AP) — Samsung Electronics said Tuesday its profit for the last quarter plummeted nearly 70% as a weak global economy depressed demand for its consumer electronics products and computer memory chips.
Asian shares fall in muted trading ahead of Fed meeting
January 31, 2023 GMTTOKYO (AP) — Asian shares mostly fell in muted trading Tuesday as investors awaited decisions on interest rates and earnings reports from around the world.
Traders were awaiting the U.S. Federal Reserve’s decision on interest rates, expected on Wednesday.
IMF upgrades outlook for the global economy in 2023
January 31, 2023 GMTWASHINGTON (AP) — The outlook for the global economy is growing slightly brighter as China eases its zero-COVID policies and the world shows surprising resilience in the face of high inflation, elevated interest rates and Russia's ongoing war against Ukraine.
German economy shrank 0.2% in Q4, worse than expected
January 30, 2023 GMTBERLIN (AP) — Germany's economy shrank by 0.2% in the fourth quarter compared with the previous three-month period, official figures showed Monday. The performance by Europe's biggest economy was worse than expected.
World Bank: Myanmar economy to grow 3%, dragged by conflict
January 30, 2023 GMTBANGKOK (AP) — Myanmar’s economy grew 3% last year and will likely achieve the same pace in 2023, but still lags far behind where it stood before the army seized power in early 2021, the World Bank said in a report released Monday.
Lots of sound and fury on US debt, but not a crisis — yet
January 28, 2023 GMTWASHINGTON (AP) — For all the sound and fury about raising the nation's debt limit, most economists say federal borrowing is not at a crisis point ...
Wall Street adds more to its big January after strong week
January 27, 2023 GMTNEW YORK (AP) — A strong week for Wall Street closed out with modest gains Friday, sending the stock market to its highest level since early December.
The S&P 500 rose 0.2% to clinch its third winning week in the last four and was near its highest level since the summer, before fading at the end of the day.
US inflation and consumer spending cooled in December
January 27, 2023 GMTWASHINGTON (AP) — The Federal Reserve's preferred inflation gauge eased further in December, and consumer spending fell — the latest evidence that the Fed's series of interest rate hikes are slowing the economy.
Asian shares edge higher, tracking Wall Street rally
January 27, 2023 GMTTOKYO (AP) — Asian shares advanced Friday, tracking a rally on Wall Street following reports suggesting the economy and corporate profits may be doing better than feared.
In Tokyo, data showed the core consumer price index was up 4.3%, slightly higher than expected at 4.2%, and higher than the Bank of Japan’s target of 2%.
US economy slowed but still grew at 2.9% rate last quarter
January 26, 2023 GMTWASHINGTON (AP) — The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession.
Yellen says Africa to shape world economy as US reengages
January 26, 2023 GMTPRETORIA, South Africa (AP) — U.S. Treasury Secretary Janet Yellen watched Ford cars and pickup trucks being assembled at a plant in South Africa on Thursday, citing it as an example of cooperation between Washington and Africa as she begins the Biden administration's big push to reengage with a continent that has 1.3 billion people and an abundance of economic potential.
How will we know if the US economy is in a recession?
January 26, 2023 GMTWASHINGTON (AP) — The second consecutive quarter of economic growth that the government reported Thursday underscored that the nation isn't in a recession despite high inflation and the Federal Reserve's fastest pace of interest rate hikes in four decades.
UN forecasts fall in global economic growth to 1.9% in 2023
January 26, 2023 GMTUNITED NATIONS (AP) — The United Nations forecast Wednesday that global economic growth will fall significantly to 1.9% this year as a result of the food and energy crisis sparked by the war in Ukraine, the impact of the COVID-19 pandemic, persistently high inflation and the climate emergency.
Asian shares mixed on hopes for avoiding recession
January 26, 2023 GMTBEIJING (AP) — Asian stock markets were mixed Thursday amid hopes Western economies can avoid a recession despite higher interest rates to cool inflation.
Germany sees brighter outlook for Europe’s largest economy
January 25, 2023 GMTFRANKFURT, Germany (AP) — The German government on Wednesday said it expects to eke out economic growth this year instead of a decline as Europe's largest economy manages its energy divorce from Russia and shells out support for consumers and businesses hit by higher energy costs.
India’s Adani Group shares plunge, hit by short-seller
January 25, 2023 GMTNEW DELHI (AP) — India’s Adani Group vehemently objected Wednesday to allegations by short-selling firm Hindenburg Research that caused shares in its companies to plunge by as much as 8.1%.
Hindenburg issued a report late Tuesday saying it was betting against shares in companies within the Adani empire, founded by Asia’s richest man, coal magnate Gautam Adani.
India, Egypt to promote trade, investment, fight terrorism
January 25, 2023 GMTNEW DELHI (AP) — India and Egypt agreed Wednesday to boost trade between their countries during a visit by the Egyptian president that underscores Prime Minister Narendra Modi’s efforts to fortify ties with other emerging economies.
Nigeria bets on Chinese-funded port to drive economic growth
January 24, 2023 GMTABUJA, Nigeria (AP) — Nigerian President Muhammadu Buhari has marked the opening of a $1.5 billion, Chinese-funded deep seaport in the commercial hub of Lagos that authorities hope will help grow the West African nation's ailing economy.
Rally for tech stocks helps soften Wall Street’s rough week
January 20, 2023 GMTA rough week on Wall Street dominated by worries about a weakening economy ended Friday with a broad rally that gave the market its best day in two weeks.
The S&P 500 rose 1.9%. Despite the gains, the benchmark index still ended with its first weekly loss in the last three.
Ukraine, climate, economy: Takeaways from glitzy Davos event
January 20, 2023 GMTDAVOS, Switzerland (AP) — Elites from politics, business, academia and the arts on Friday wrapped up the World Economic Forum 's annual conclave in the Swiss town of Davos — where worries about the war in Ukraine, a warming planet and a cooling global economy dominated discussions about the world's ills.
Asian markets rise after Wall St losses amid recession fears
January 20, 2023 GMTBEIJING (AP) — Asian stock markets rose Friday after Wall Street losses deepened as worries grow that the U.S. economy is headed for recession.
Shanghai, Tokyo and Hong Kong advanced. Seoul declined.
How major US stock indexes fared Thursday 1/19/2023
January 19, 2023 GMTStocks fell on Wall Street as worries build that the U.S. may be headed for a painful recession.
The S&P 500 fell 0.8% The Dow and the Nasdaq also fell. Reports showed weakness in several areas of the economy, including the housing industry and manufacturing in the mid-Atlantic region, though they weren’t as bad as expected and the job market appears to remain healthy.
Transcript: AP interview with Cleveland Fed President Mester
January 18, 2023 GMTWASHINGTON (AP) — Here is a transcript of an Associated Press interview Tuesday with Loretta Mester, president of the Federal Reserve Bank of Cleveland.
Q: In the past two weeks, we’ve had a jobs report that suggests wage growth is slowing.
Wholesale inflation in US slowed further in December to 6.2%
January 18, 2023 GMTWASHINGTON (AP) — Wholesale prices in the United States rose 6.2% in December from a year earlier, a sixth straight slowdown and a hopeful sign that inflation pressures will continue to cool.
The latest year-over-year figure was down from 7.3% in November and from a recent peak of 11.7% in March.
China records 1st population fall in decades as births drop
January 17, 2023 GMTBEIJING (AP) — China’s population shrank for the first time in decades last year as its birthrate plunged, official figures showed Tuesday, adding to pressure on leaders to keep the economy growing despite an aging workforce and at a time of rising tension with the U.S.
World shares mostly higher ahead of China GDP data
January 16, 2023 GMTBANGKOK (AP) — Shares were mostly higher in Europe and Asia on Monday ahead of China’s release of economic growth figures and a policy update this week from Japan’s central bank.
Wall Street ends higher as company earnings season kicks off
January 13, 2023 GMTNEW YORK (AP) — Stocks closed higher on Wall Street Friday to give the S&P 500 its best week in two months as earnings reporting season gets underway and CEOs begin to show how well or poorly they’re navigating high inflation and a slowing economy.
Yellen tells Congress US expected to hit debt limit Thursday
January 13, 2023 GMTWASHINGTON (AP) — Treasury Secretary Janet Yellen notified Congress on Friday that the U.S. is projected to reach its debt limit on Thursday and will then resort to “extraordinary measures” to avoid default.
German economy seen stagnating in Q4, grew 1.9% in 2022
January 13, 2023 GMTBERLIN (AP) — The German economy appears to have stagnated in the fourth quarter, the national statistics office said Friday, while Europe's biggest economy managed full-year growth of 1.9% — slowing somewhat from 2021 as the impact of Russia's war in Ukraine weighed on its performance.
UK economy grows unexpectedly by 0.1% amid strong services
January 13, 2023 GMTLONDON (AP) — The U.K. economy grew unexpectedly in November as the tight job market increased demand for employment services and soccer's World Cup boosted hospitality.
Gross domestic product, the broadest measure of economic activity, increased 0.1% from the previous month, the Office for National Statistics said Friday.
China’s trade surplus swells to $877.6B as exports grow
January 13, 2023 GMTBEIJING (AP) — China’s trade surplus swelled to a record $877.6 billion last year as exports rose despite weakening U.S. and European demand and anti-virus controls that temporarily shut down Shanghai and other industrial centers.