Latest Recessions and depressions News

A Wells Fargo office is shown, Wednesday, Jan. 13, 2021 in New York.  Wells Fargo & Co. says its profit rose 4% to $2.99 billion in the fourth quarter of 2020. The bank, based in San Francisco, said Friday that it had earnings of 64 cents per share, compared with earnings of 60 cents a year earlier. (AP Photo/Mark Lennihan)

Optimistic banks start moving 'bad' loans back to 'good'

Jan. 15, 2021 1:42 PM EST

CHARLOTTE, N.C. (AP) — The pandemic and recession aren’t over by a long shot, but banks are feeling optimistic enough to start taking potentially “bad” loans off their books and move them back into the “good” pile. The financial performance of the big U.S. banks has...

A woman wearing a face covering walks past a shop window in London, Thursday, Jan. 14, 2021 during England's third national lockdown to curb the spread of coronavirus. (AP Photo/Kirsty Wigglesworth)

Another recession looms for UK economy as lockdowns bite

Jan. 15, 2021 7:06 AM EST

LONDON (AP) — The British economy looks set to fall back into recession after official figures on Friday showed that it shrank by 2.6% month-on-month in November, when much of the country was in a second coronavirus lockdown. The Office for National Statistics said that as a result of the fall, the economy...

Federal Reserve Chairman Jerome Powell testifies before a House Financial Services Committee hearing on Capitol Hill in Washington, Wednesday, Dec. 2, 2020. (Greg Nash/Pool via AP)

Powell signals Fed will keep aiding economy with bond buying

Jan. 14, 2021 4:50 PM EST

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell sought Thursday to tamp down any concerns that the Fed might soon withdraw some of its support for the U.S. economy and stressed that any such pullback would be signaled far in advance. During an online discussion hosted by Princeton University, from...

Italian Senator, former premier and head of the political party 'Italia Viva' (IV), Matteo Renzi holds a press conference at the Italian Chamber of Deputies in Rome, Wednesday, Jan. 13, 2021. The Italian cabinet was in crisis on January 13, 2021 following the resignations of ministers Teresa Bellanova and Elena Bonetti, members of former premier Matteo Renzi's Italia Viva party. (Alberto Pizzoli/pool via AP)

Ex-premier yanks ministers from Italy's coalition government

Jan. 13, 2021 3:28 PM EST

ROME (AP) — A former leader of Italy yanked his party's ministers Wednesday from Premier Giuseppe Conte's government, triggering a political crisis in the middle of a pandemic that could lead to a revamped Cabinet, a different coalition leader or the early election eagerly sought by right-wing opposition...

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Job openings down in most industries, while layoffs spike

Jan. 12, 2021 11:10 AM EST

WASHINGTON (AP) — Layoffs spiked in November compared with the previous month and the number of job openings slipped, signaling that the job market has stalled as the resurgent coronavirus has brought about another wave shutdowns of restaurants and bars and hobbled consumer spending. While the layoffs were...

FILE - In this Tuesday, Feb. 25, 2020 file photo, Electric car ID.3 cars stand at the factory area during a press tour at the plant of the German manufacturer Volkswagen AG ,VW, in Zwickau, Germany. Automaker Volkswagen tripled sales of battery-only cars last year as its new electric compact ID.3 came on the market ahead of tough new limits on auto emissions. (AP Photo/Jens Meyer, file)

Volkswagen triples electric car sales ahead of climate rules

Jan. 12, 2021 9:22 AM EST

FRANKFURT, Germany (AP) — Europe's push into electric cars is gathering speed — despite the pandemic. Automaker Volkswagen tripled sales of battery-only cars in 2020 as its new electric compact ID.3 came on the market ahead of tough new European Union limits on auto emissions. And Germany, long a...

Comedian Brad Pierce, right, looks over the notebook us uses to write jokes as he sits in the kitchen next to his wife, Carmen, and their nephew, Maddox, 1, in West Warwick, R.I., Friday, Jan. 8, 2021. Pierce was finally doing well with his comedy when the pandemic hit. Now he wonders if he can possibly build up his career again. He has a friend who drives for Amazon and fears having to get a job like that while talking about the good old days when he was an entertainer. (AP Photo/David Goldman)

Once again, job losses fall unequally across the US economy

Jan. 9, 2021 10:44 AM EST

WASHINGTON (AP) — Ten months into America’s viral outbreak, low-income workers are still bearing the brunt of job losses — an unusual and harsh feature of the pandemic recession that flattened the economy last spring. In December, the nation shed jobs for the first time since April. Once...

FILE - This May 22, 2020, file photo shows the Federal Reserve building in Washington.  Newly released transcripts show that many Federal Reserve officials had concerns in late 2015 over whether they were making a mistake in raising a key interest rate for the first time in nearly decade. Transcripts of their discussions, released Friday, Jan. 8, 2021 showed that the chief concern was whether the Fed would be acting prematurely in starting to raise rates given how low inflation was at the time. (AP Photo/Patrick Semansky, File)

Fed transcripts show doubts about need for 2015 rate hike

Jan. 8, 2021 12:31 PM EST

WASHINGTON (AP) — Newly released transcripts show that many Federal Reserve officials had concerns in late 2015 over whether they were making a mistake in raising a key interest rate for the first time in nearly decade. Transcripts of their discussions, released Friday, showed that the chief concern was...

Andrew Walcott, left, owner of Fusion East Caribbean & Soul Food restaurant, monitors the take out orders as his chef Andrew Jackson places an order on the counter at the restaurant in East New York neighborhood of the Brooklyn borough of New York, Thursday, Jan. 7, 2021.  Walcott had to furlough four employees at his restaurant,  just before Christmas, after New York state stopped allowing indoor dining.   (AP Photo/Mary Altaffer)

US loses 140,000 jobs, first monthly drop since spring

Jan. 8, 2021 11:24 AM EST

WASHINGTON (AP) — U.S. employers shed jobs last month for the first time since April, cutting 140,000 positions, clear evidence that the economy is faltering as the viral pandemic tightens its grip on consumers and businesses. At the same time, the unemployment rate stayed at 6.7%, the first time it hasn't...

FILE - In this Dec. 21, 2020, file photo, registered nurse Lydia Mauney works in a COVID-19 unit at Mission Hospital in Mission Viejo, Calif. The U.S. registered its highest deaths yet from the coronavirus on the same day as a mob attack on the nation’s capitol laid bare some of the same, deep political divisions that have hampered the battle against the pandemic. (AP Photo/Jae C. Hong, File)

VIRUS TODAY: Record US deaths come on day of Capitol attack

Jan. 7, 2021 3:03 PM EST

Here’s what’s happening Thursday with the pandemic in the U.S.: THREE THINGS TO KNOW TODAY — The U.S. registered its highest deaths yet from the coronavirus on the very day the mob attack on the Capitol laid bare some of the same, deep political divisions that have hampered the battle against...