Latest Recessions and depressions News

Actor and theater director Aris Laskos poses outside the Theater of Neos Kosmos in Athens, Thursday, Oct. 1, 2020. Laskos based in Athens, hasn't worked since early February and received a one-off support check for 800 euros ($940) shortly after the country's economy was placed in lockdown in the spring due to the pandemic. (AP Photo/Thanassis Stavrakis)

Unemployment marches higher in Europe as pandemic grinds on

Oct. 1, 2020 12:59 PM EDT

FRANKFURT, Germany (AP) — Unemployment rose for a fifth straight month in Europe in August and is expected to grow further amid concern that extensive government support programs won't be able keep many businesses hit by coronavirus restrictions afloat forever. The jobless rate increased to 8.1% in the 19...

Passers-by walk past a hiring sign as they enter a Target retail store location, Wednesday, Sept. 30, 2020, in Westwood, Mass. The number of Americans seeking unemployment benefits declined last week to a still-high 837,000, evidence that the economy is struggling to sustain a tentative recovery that began this summer.  (AP Photo/Steven Senne)

US layoffs remain elevated as incomes and spending weaken

Oct. 1, 2020 12:21 PM EDT

WASHINGTON (AP) — The number of Americans seeking unemployment benefits declined last week to a still-high 837,000, evidence that the economy is struggling to sustain a tentative recovery that began this summer. The Labor Department's report, released Thursday, suggests that companies are still cutting a...

A

US housing roars back despite recession, high unemployment

Oct. 1, 2020 11:36 AM EDT

LOS ANGELES (AP) — The U.S. housing market has staged a furious comeback this summer, even as the economy struggles to regain its footing after being knocked into a recession due to the coronavirus. After stalling in the first few weeks of the pandemic, U.S. home sales have surged in recent months to the...

FILE - In this Sept. 23, 2019, file photo, clothes dryers, top, are stacked on top of washing machines at a Home Depot store location, in Boston.  Orders to U.S. factories for big-ticket manufactured goods increased a weak 0.4% in August following a much larger July gain. The Commerce Department reported Friday, Sept. 25, 2020 that the August advance marked the fourth consecutive increase but was far lower than the 11.7% surge seen in July.  (AP Photo/Steven Senne, File)

September growth for US manufacturing, fifth straight month

Oct. 1, 2020 10:50 AM EDT

SILVER SPRING, Md. (AP) — U.S manufacturing grew at a slightly slower pace last month, continuing to rebound from spring's coronavirus recession. The Institute for Supply Management, an association of purchasing managers, said Thursday that its manufacturing index fell to 55.4 in September from 56 in...

FILE - In this Sept. 2, 2020 file photo, pedestrians walk past a business storefront with store closing and sale signs in Dedham, Mass.  The U.S. economy plunged at a record rate in the spring but is poised to break a record for an increase in the just-ending July-September quarter. The Commerce Department reported Wednesday, Sept. 30, that the gross domestic product, the economy’s total output of goods and services, fell at a rate of 31.4% in the April-June quarter, only slightly changed from the 31.7% drop estimated one month ago.  (AP Photo/Steven Senne)

31.4% spring slide for a US economy likely to shrink in 2020

Sep. 30, 2020 10:51 AM EDT

WASHINGTON (AP) — The U.S. economy plunged at an unprecedented rate this spring and even with a record rebound expected in the just-ended third quarter, the U.S. economy will likely shrink this year, the first time that has happened since the Great Recession. The gross domestic product, the...

President Donald Trump listens to Democratic presidential candidate former Vice President Joe Biden during the first presidential debate Tuesday, Sept. 29, 2020, at Case Western University and Cleveland Clinic, in Cleveland, Ohio. (AP Photo/Morry Gash, Pool)

The Latest: Trump casts election doubts, Biden urges voting

Sep. 29, 2020 11:05 PM EDT

WASHINGTON (AP) — The Latest on the 2020 presidential election (all times local): 10:50 p.m. President Donald Trump and Democrat Joe Biden are painting a very different picture of the reliability of the upcoming election. Biden urged voters to cast their ballots and not be intimidated by Trump’s...

Diners eat lunch before the closure of restaurants and bars, in Marseille, southern France, Sunday Sept. 27, 2020. As restaurants and bars in Marseille prepared Sunday to shut down for a week as part of scattered new French virus restrictions, Health Minister Olivier Veran insisted that the country plans no fresh lockdowns. (AP Photo/Daniel Cole)

France to release $49 billion in economic stimulus next year

Sep. 28, 2020 10:03 AM EDT

PARIS (AP) — France's government presented its 2021 budget on Monday, a plan that aims to rescue the country's beleaguered economy from the impact of the coronavirus pandemic by injecting a 42 billion-euro ($49 billion) stimulus next year. Finance Minister Bruno Le Maire said “we are convinced that...

Migrant laborers from other states looking for work gather on a street on the outskirts of Jammu, India, Sunday, Sept.27, 2020. The nation of 1.3 billion people is expected to become the coronavirus pandemic's worst-hit country within weeks, surpassing the United States. (AP Photo/Channi Anand)

Asia Today: Melbourne eases lockdown, schools, work resume

Sep. 27, 2020 8:03 AM EDT

CANBERRA, Australia (AP) — Australia’s second-largest city, Melbourne, has further eased lockdown restrictions imposed after a surge in coronavirus cases, allowing most children to return to school from next month and sending more than 125,000 people back to work. Melbourne and surrounding parts of...

A woman looks at screens showing Japan's Nikkei 225 index at a securities firm in Tokyo on Friday, Sept. 25, 2020. Asian shares advanced Friday, cheered by a modest rally on Wall Street and rising hopes for fresh stimulus for the U.S. economy.(AP Photo/Hiro Komae)

Asian shares gain, cheered by US rally on hopes for stimulus

Sep. 24, 2020 11:53 PM EDT

TOKYO (AP) — Asian shares advanced Friday, cheered by a modest rally on Wall Street and rising hopes for fresh stimulus for the U.S. economy. Despite signs of a global economic rebound in the third quarter, worries remain the upturn may be running out of steam. House Democrats said they are paring back...

In this image made from UNTV video, Alassane Ouattara, President of Cote d'Ivoire, speaks in a pre-recorded message which was played during the 75th session of the United Nations General Assembly, Thursday Sept. 24, 2020, at UN headquarters, in New York. (UNTV via AP)

At UN, Africa urges fiscal help against virus 'apocalypse'

Sep. 24, 2020 5:53 PM EDT

JOHANNESBURG (AP) — African nations came out swinging on the third day of the United Nations annual gathering of world leaders Thursday, calling for dramatic fiscal measures to help economies survive the coronavirus pandemic — which one leader called the “fifth horseman of the...