Latest Recessions and depressions News

FILE - In this Thursday Sept. 24, 2020 file photo, Federal Reserve Board Chairman Jerome Powell testifies during a Senate Banking Committee hearing, on Capitol Hill in Washington.  The Fed on Wednesday, Nov. 25,  released minutes of its Nov. 4-5 meeting revealing that while officials believed that no changes were needed to the bond purchase program at that time, “they recognized that circumstances could shift to warrant such adjustments.”  (Drew Angerer/Pool via AP, file)

As economy struggles, Fed weighs boosting bond purchases

Nov. 25, 2020 3:56 PM EST

WASHINGTON (AP) — At their meeting earlier this month, Federal Reserve officials discussed possible future adjustments to the central bank's monthly bond purchases to boost the economy. The Fed on Wednesday released minutes of its Nov. 4-5 meeting revealing that while officials believed that no changes...

Christmas lights are lit up on New Bond Street in Mayfair, London, Tuesday, Nov. 24, 2020. Haircuts, shopping trips and visits to the pub will be back on the agenda for millions of people when a four-week lockdown in England comes to an end next week, British Prime Minister Boris Johnson said Monday. (AP Photo/Alberto Pezzali)

UK cuts overseas aid after worst recession in over 300 years

Nov. 25, 2020 3:23 PM EST

LONDON (AP) — The British government faced fury Wednesday after ditching its long-standing target for overseas aid in the wake of what it described as the deepest recession in over three centuries. In a statement to lawmakers, Treasury chief Rishi Sunak said the target to allocate 0.7% of national income...

Envelopes from the Florida Department of Economic Opportunity Reemployment Assistance Program are shown, Thursday, Nov. 5, 2020, in Surfside, Fla.  The number of a Americans applying for unemployment benefits rose last week to 778,000, evidence that the U.S. economy and job market remain under strain as coronavirus cases surge and colder weather heighten the risks.  (AP Photo/Wilfredo Lee)

Picture of US economy is worrisome as virus inflicts damage

Nov. 25, 2020 1:24 PM EST

WASHINGTON (AP) — Gripped by the accelerating viral outbreak, the U.S. economy is under pressure from persistent layoffs, diminished income and nervous consumers, whose spending is needed to drive a recovery from the pandemic. A flurry of data released Wednesday suggested that the spread of the virus is...

A shopper in a face mask looks over cuts of beef piled up in a cold room for purchase at a Costco warehouse store Tuesday, May 5, 2020, in west Denver.  The U.S. economy rebounded at an even-stronger pace in the July-September quarter than first reported but a resurgence in the coronavirus is expected to slow growth sharply in the current quarter with some analysts even raising the specter of a double-dip recession.  (AP Photo/David Zalubowski)

Unchanged from early estimate, US economy grew 33.1% in Q3

Nov. 25, 2020 10:51 AM EST

WASHINGTON (AP) — The second of three estimates on U.S. growth for the July-September quarter was unchanged at a record pace of 33.1%. But a resurgence in the coronavirus is expected to slow growth sharply in the current quarter with some economists even raising the specter of a double-dip recession. While...

New Mexico Legislature passes $330 million virus relief bill

Nov. 24, 2020 9:35 PM EST

SANTA FE, N.M. (AP) — New Mexico lawmakers on Tuesday passed a bipartisan coronavirus relief bill that will deliver a one-time $1,200 check to all types of unemployed workers and up to $50,000 for certain businesses. The bill also provides smaller stimulus checks to immigrants without legal status in the...

FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. (AP Photo/Andrew Harnik, File)

Awaiting Yellen at Treasury: Yet another daunting crisis

Nov. 24, 2020 12:01 AM EST

WASHINGTON (AP) — Janet Yellen is in line for another top economic policy job — just in time to confront yet another crisis. Yellen, President-elect Joe Biden's apparent choice for treasury secretary, served on the Federal Reserve's policymaking committee during the 2008-2009 financial crisis that...

Cashier Druhan Parker, right, works behind a plexiglass shield Thursday, Nov. 19, 2020, as he checks out shoppers Cassie Howard, left, and Paris Black at an in Chicago. The accelerating surge of coronavirus cases across the U.S. is causing an existential crisis for America’s retailers and spooking their customers just as the critically important holiday shopping season nears. (AP Photo/Charles Rex Arbogast)

Retailers brace as virus bears down on consumers and economy

Nov. 21, 2020 10:45 AM EST

WASHINGTON (AP) — LaTonya Story is every retailer’s worst fear. With the viral pandemic re-surging through the country and the economy under threat, Story has decided to slash her holiday shopping budget. She'll spend less than $2,000 this season, down from several thousand dollars in 2019. Worried...

Indiana jobless rate continues drop to 5% for October

Nov. 20, 2020 3:34 PM EST

INDIANAPOLIS (AP) — Indiana’s unemployment rate dropped by more than a percentage point to 5.0% for October, although the number of residents being paid jobless benefits remains far higher than before the coronavirus-caused recession. The state employment report released Friday showed...

FILE - This May 7, 2020, file photo shows a man wearing a mask while walking under a Now Hiring sign at a CVS Pharmacy during the coronavirus outbreak in San Francisco.  On Thursday, Nov. 12, the number of people seeking unemployment benefits fell last week to 709,000, the fourth straight drop and a sign that the job market is slowly healing. The figures coincide with a sharp resurgence in confirmed viral infections to an all-time high above 120,000 a day.  (AP Photo/Jeff Chiu, File)

US jobless claims rise to 742,000; millions to lose aid

Nov. 19, 2020 9:48 AM EST

WASHINGTON (AP) — The number of Americans seeking unemployment aid rose last week to 742,000, the first increase in five weeks and a sign that the resurgent viral outbreak is likely slowing the economy and forcing more companies to cut jobs. The worsening pandemic and the arrival of cold weather could...

People walk past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Tuesday, Nov. 17, 2020. Asian shares rose Tuesday, after the Dow Jones Industrial Average hit a record high on optimism that a vaccine may soon control the coronavirus and the economic destruction it’s caused. (AP Photo/Vincent Yu)

Asian shares rise buoyed by news on coronavirus vaccine

Nov. 16, 2020 10:27 PM EST

TOKYO (AP) — Asian shares rose Tuesday, after the Dow Jones Industrial Average hit a record high on optimism that a vaccine may soon control the coronavirus and the economic destruction it’s caused. Moderna said its COVID-19 vaccine appears to be 94.5% effective, according to preliminary data....