Latest Recessions and depressions News

Europe's inflation likely hasn't peaked, ECB's Lagarde says

Nov. 28, 2022 13:07 PM EST

BRUSSELS (AP) — The head of the European Central Bank said Monday she does not believe inflation has peaked after reaching the highest levels on record. ECB President Christine Lagarde also told European lawmakers that the bank isn't through raising interest rates to combat those...

Shutterfly CEO sees 'choppy' times through her economic lens

Nov. 28, 2022 08:11 AM EST

SAN FRANCISCO (AP) — While other technology companies lay off workers and try to cut other costs amid a post-pandemic comedown, Shutterfly CEO Hilary Schneider is gearing up for a busy holiday season. Orders are pouring in for the digital photo and printing company's photo books, which capture...

US stocks wobble to a mixed close, indexes keep weekly gains

Nov. 25, 2022 13:45 PM EST

Stocks wobbled to a mixed close on Wall Street Friday, but every major index notched weekly gains in a holiday-shortened week. Investors faced a relatively quiet day, though concerns about inflation, high interest rates and a potential recession still hover over Wall Street. Markets...

Asian shares rise on Fed rate hopes despite China worries

Nov. 23, 2022 23:39 PM EST

TOKYO (AP) — Asian shares gained Thursday, although optimism about the Federal Reserve holding back on aggressive interest rate raises was countered by some uncertainty about coronavirus restrictions in China. Trading was relatively muted in Asia ahead of U.S. markets being closed...

New Zealand hikes interest rate to 4.25% to fight inflation

Nov. 22, 2022 22:34 PM EST

WELLINGTON, New Zealand (AP) — New Zealand's central bank hiked interest rates Wednesday by a record amount as it tries to get inflation under control. The Reserve Bank of New Zealand increased its benchmark rate by three-quarters of a point to 4.25%. It's the first...

OECD forecast: High rates, inflation to slow world growth

Nov. 22, 2022 17:18 PM EST

Hobbled by high interest rates, punishing inflation and Russia’s war against Ukraine, the world economy is expected to eke out only modest growth this year and to expand even more tepidly in 2023. That was the sobering forecast issued Tuesday by the Paris-based Organization for...

Asian stocks mixed after Wall St slide, China virus fears

Nov. 21, 2022 23:12 PM EST

BEIJING (AP) — Asian stock markets were mixed Tuesday after Wall Street sank and Chinese anti-virus controls fueled concern about an economic slowdown. Shanghai and Hong Kong declined while Tokyo advanced. Oil prices gained. Wall Street's benchmark S&P 500 index...

Asian stocks down after Wall St weekly loss on rate fears

Nov. 20, 2022 22:46 PM EST

BEIJING (AP) — Asian stock markets sank Monday after Wall Street ended with a loss for the week amid anxiety about Federal Reserve plans for more interest rate hikes to cool inflation. Hong Kong's benchmark fell more than than 3%. Shanghai, Tokyo and Sydney also retreated. Oil...

California recovers pandemic job losses amid economic woes

Nov. 18, 2022 16:25 PM EST

SACRAMENTO, Calif. (AP) — California said Friday it had recovered all of the 2.7 million jobs it lost at the start of the pandemic, a moment that normally would celebrate the end of a downturn but instead was tempered by signs of a wobbly economy amid layoffs in the state's historically strong...

Biden says inflation help is coming but 'will take time'

Nov. 18, 2022 14:56 PM EST

WASHINGTON (AP) — President Joe Biden cautioned on Friday that “it's going to take time” for inflation to recede, but he offered fresh assurance that legislation he signed earlier this year will soon help limit costs for health care and energy. He made the remarks while...