Economy

South Korea fell into a recession in the second quarter as the global coronavirus pandemic took a heavy toll on the export-reliant country, which recorded its worst performance since 1998 when it was embroiled in the Asian financial crisis.

Congress is poised to approve a second round of stimulus payments for U.S. households, and money could reach many Americans faster this time.

New applications for unemployment benefits rose for the first time in nearly four months to 1.4 million as some states rolled back reopenings because of the pandemic, a sign the jobs recovery could be faltering.1,404

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Sales of previously owned homes in the U.S. jumped 20.7% in June as the housing market shook off high unemployment and buyers with pent-up demand seized on record-low mortgage rates.131

The European Union’s new debt plan shows how Europe is beginning to acquire economic institutions that may one day rival those of the U.S. in their flexibility and firepower.85

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President Trump’s monthslong insistence on a payroll-tax cut continues to shape discussions over the next round of economic relief despite a lukewarm reception from economists and lawmakers in both parties.295

A controversial Trump administration nominee for the Federal Reserve’s policy making board cleared a major hurdle in her path to confirmation Tuesday after a Senate panel voted to support the choice.

With some 25 million Americans set to lose $600 a week in special jobless payments July 31, Congress must decide whether they are a vital boost to the economy, or are keeping people from going back to work.588

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The Treasury Department relaxed some tax rules on U.S.-based multinational corporations, issuing final regulations that give relief to companies operating in high-tax foreign countries.9