Latest Recessions and depressions News
Another recession looms for UK economy as lockdowns bite
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...
Powell signals Fed will keep aiding economy with bond buying
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...
Ex-premier yanks ministers from Italy's coalition government
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...
Job openings down in most industries, while layoffs spike
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...
Volkswagen triples electric car sales ahead of climate rules
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...
Once again, job losses fall unequally across the US economy
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...
Fed transcripts show doubts about need for 2015 rate hike
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...
US loses 140,000 jobs, first monthly drop since spring
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...
VIRUS TODAY: Record US deaths come on day of Capitol attack
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...
US unemployment claims slip to still-high 787,000
WASHINGTON (AP) — The number of Americans seeking unemployment aid fell slightly last week to 787,000, a historically high number that points to a weak job market held back by the viral pandemic. Thursday's figure from the Labor Department, a slight decline from the previous week, shows that even with the...
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