Latest Recessions and depressions News

Arizona GOP budget holdouts near win on tax cut changes

Jun. 17, 2021 21:00 PM EDT

PHOENIX (AP) — A pair of Republican Arizona lawmakers who objected to a $1.9 billion tax cut in a $12.8 billion GOP budget deal were close Thursday to winning major concessions that would secure their support for the spending plan before the whole deal came to a halt over the tax cut's...

US average mortgage rates mostly lower; 30-year at 2.93%

Jun. 17, 2021 14:02 PM EDT

WASHINGTON (AP) — Mortgage rates were mostly lower this week as the economy continued to show signs of recovery from the pandemic recession and recent bursts of inflation were deemed temporary by federal policymakers. Mortgage buyer Freddie Mac reported Thursday that...

EU endorses massive pandemic relief for recession-hit Greece

Jun. 17, 2021 09:07 AM EDT

ATHENS, Greece (AP) — The European Union Thursday endorsed a pandemic recovery plan for Greece worth 30.5 billion euros ($36.4 billion), providing vital relief for the eurozone member's shaken economy. European Commission President Ursula von der Leyen formally...

US jobless claims tick up to 412,000 from a pandemic low

Jun. 17, 2021 09:02 AM EDT

WASHINGTON (AP) — The number of Americans applying for unemployment benefits rose last week for the first time since April despite widespread evidence that the economy and the job market are rebounding steadily from the pandemic recession. The Labor Department said...

Fed sees earlier time frame for rate hikes with inflation up

Jun. 16, 2021 18:19 PM EDT

WASHINGTON (AP) — The Federal Reserve signaled Wednesday that it may act sooner than previously planned to start dialing back the low-interest-rate policies that have helped fuel a swift rebound from the pandemic recession but have also coincided with rising inflation. ...

US home construction up a moderate 3.6% in May

Jun. 16, 2021 09:35 AM EDT

WASHINGTON (AP) — U.S. home construction rose 3.6% in May as builders battled a surge in lumber prices that have made homes more expensive The May increase left construction at a seasonally adjusted annual rate of 1.57 million units, the Commerce Department reported...

US industrial production up 0.8% in May, factory output 0.9%

Jun. 15, 2021 10:40 AM EDT

WASHINGTON (AP) — Surging output of cars, trucks and auto parts pulled U.S. factory production up 0.9% in May. Adding utilities and mines, overall U.S. industrial production climbed 0.8% in May from April, the Federal Reserve reported Tuesday. Auto...

Delicate task for Fed: When to pull back on low-rate support

Jun. 14, 2021 13:23 PM EDT

WASHINGTON (AP) — With inflation rising in a fast-rebounding economy, the Federal Reserve is poised this week to discuss when it will take its first steps toward dialing back its ultra-low interest rate policies. It will be a fraught discussion, one likely to occur over...

Stocks notch modest gains and a 3rd winning week for S&P 500

Jun. 11, 2021 17:07 PM EDT

Wall Street closed out a mostly listless week Friday with a wobbly day of trading that helped nudge the S&P 500 to its third straight weekly gain. The benchmark index edged up 0.2% after spending much of the day in the red. The small uptick was enough to lift the...

How major US stock indexes fared Friday

Jun. 11, 2021 16:32 PM EDT

Stocks shook off a wobbly day of trading and ended modestly higher on Wall Street Friday, giving the S&P 500 its third weekly gain in a row. Bond yields fell this week despite reports showing the economy is gaining strength as well as some signs of inflation....