Latest Recessions and depressions News

UN forecasts 4.7% global economic growth in 2021

Jan. 25, 2021 9:03 PM EST

UNITED NATIONS (AP) — The United Nations warned Monday that the world economy is “on a cliffhanger,” still reeling from the COVID-19 pandemic whose impact will be felt for years but still expected to make a modest recovery of 4.7% in 2021 which would barely offset 2020 losses. The...

President-elect Joe Biden, right, listens as Janet Yellen, who Biden nominated to serve as Secretary of the Treasury, speaks at The Queen theater, Tuesday, Dec. 1, 2020, in Wilmington, Del. (AP Photo/Andrew Harnik)

Janet Yellen wins Senate approval as treasury secretary

Jan. 25, 2021 7:35 PM EST

WASHINGTON (AP) — The Senate on Monday approved President Joe Biden’s nomination of Janet Yellen to be the nation’s 78th treasury secretary, making her the first woman to hold the job in the department's 232-year history. Yellen, a former chair of the Federal Reserve, was approved by the...

FILE - This undated file photo provided by NerdWallet shows Liz Weston, a columnist for personal finance website (NerdWallet via AP, File)

Liz Weston: The tax credit fix many can't afford to miss

Jan. 25, 2021 7:10 AM EST

Families battered by the pandemic recession soon may discover that the tax refunds they’re counting on are dramatically smaller — or that they actually owe income tax. Congress offered a partial solution, but the fix hasn’t been widely publicized, consumer advocates say. Refunds are crucial...

President Joe Biden waves as he departs after attending Mass at Holy Trinity Catholic Church, Sunday, Jan. 24, 2021, in the Georgetown neighborhood of Washington. Biden plans to sign an executive order Monday, Jan. 25 that aims to boost government purchases from U.S. manufacturers. (AP Photo/Patrick Semansky)

Biden plans to sign order for govt to buy more US goods

Jan. 25, 2021 5:17 AM EST

BALTIMORE (AP) — President Joe Biden plans to sign on Monday an executive order that aims to boost government purchases from U.S. manufacturers, according to administration officials. The United States has shed roughly 540,000 factory jobs since last February as the coronavirus pandemic hurled the world's...

President Joe Biden speaks during the 59th Presidential Inauguration at the U.S. Capitol in Washington, Wednesday, Jan. 20, 2021.(AP Photo/Patrick Semansky, Pool)

At 78 and the oldest president, Biden sees a world changed

Jan. 23, 2021 1:41 PM EST

WASHINGTON (AP) — When Joe Biden took the oath of office as the 46th president, he became not only the oldest newly inaugurated U.S. chief executive in history but also the oldest sitting president ever. Biden was born Nov. 20, 1942, in Scranton, Pennsylvania. He was 78 years, two months and one day old...

FILE - A man walks out of a Marc's Store,  Friday, Jan. 8, 2021, in Mayfield Heights, Ohio.  Fewer Americans applied for unemployment benefits last week, lowering claims to 900,000, still a historically high level that points to further job cuts in a raging pandemic. (AP Photo/Tony Dejak, file)

Biden inherits damaged economy, with signs of hope emerging

Jan. 21, 2021 4:38 PM EST

WASHINGTON (AP) — President Joe Biden has inherited a badly damaged economy pulverized by the pandemic, with 10 million fewer jobs than a year ago and as many as one in 6 small businesses shut down. Yet there are also signs of resilience and recovery that suggest the prospect of a rebound, perhaps a robust...

Long time exposure photo shows aircrafts flying over the buildings of the banking district in Frankfurt, Germany, Thursday, Jan. 21, 2021. (AP Photo/Michael Probst)

European Central Bank stimulus on track as economy struggles

Jan. 21, 2021 10:51 AM EST

FRANKFURT, Germany (AP) — With more than a trillion euros in stimulus still in the pipeline to the economy, the European Central Bank left its key bond-purchase program unchanged Thursday as the 19-country eurozone endures a winter economic slowdown due to the pandemic. ECB President Christine Lagarde told...

FILE - In this Friday, Jan. 15, 2021, file photo provided by the New York Stock Exchange, trader Ashley Lara works on the floor, in New York. CEOs have begun telling shareholders how much profit their companies made at the end of 2020, and expectations are for a miserable fourth-straight quarter of declines for S&P 500 companies. (Courtney Crow/New York Stock Exchange via AP, File)

Clock ticking for CEOs to grow profits again

Jan. 21, 2021 9:10 AM EST

NEW YORK (AP) — Are better days ahead for corporate profits? They'd better be. CEOs across America have begun telling shareholders how much profit their companies made during the last three months of 2020, just as the worsening pandemic sent death rates soaring. The general expectation is for nothing...

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Jan. 21, 2021. Asian shares rose Thursday on optimism over the new U.S. administration that earlier set off a rally on Wall Street. (AP Photo/Ahn Young-joon)

Asian shares rise on optimism for more stimulus from Biden

Jan. 20, 2021 11:07 PM EST

TOKYO (AP) — Asian shares rose Thursday on optimism over the new U.S. administration that earlier set off a rally on Wall Street. Hopes are high that President Joe Biden's administration will mean more support for the struggling U.S. economy, setting off a recovery that's crucial for the export-driven...

Italian Prime Minister Giuseppe Conte speaks during his final address at the Senate prior to a confidence vote, in Rome, Tuesday, Jan. 19, 2021. Italian Premier Giuseppe Conte fights for his political life with an address aimed at shoring up support for his government, which has come under fire from former Premier Matteo Renzi's tiny but key Italia Viva (Italy Alive) party over plans to relaunch the pandemic-ravaged economy. (Roberto Monaldo/ Lapresse via AP)

Italian PM Conte works to cement majority after narrow vote

Jan. 20, 2021 5:11 AM EST

ROME (AP) — Italian Premier Giuseppe Conte worked to solidify his majority in parliament Wednesday after narrowly winning a Senate confidence vote after a junior coalition ally yanked his support over Conte’s handling of the coronavirus pandemic. Conte was expected to brief President Sergio...