Latest Recessions and depressions News

Wall Street drifts at close of dismal week, month, quarter

Sep. 30, 2022 10:17 AM EDT

NEW YORK (AP) — Wall Street is drifting around its lowest levels in almost two years Friday as the end nears for what’s been a miserable month for markets around the world. The S&P 500 was virtually unchanged after flipping between small losses and gains in early trading....

Inflation hits record 10% in 19 EU countries using euro

Sep. 30, 2022 07:27 AM EDT

FRANKFURT, Germany (AP) — Inflation in the European countries using the euro currency has broken into double digits as prices for electricity and natural gas soar, signaling a looming winter recession for one of the globe's major economies as higher prices undermine consumers' spending power. ...

Asian stocks sink on German inflation, British tax cuts

Sep. 29, 2022 23:53 PM EDT

BEIJING (AP) — Asian stocks sank again Friday after German inflation spiked higher, British Prime Minister Liz Truss defended a tax-cut plan that rattled investors and Chinese manufacturing weakened. Shanghai, Tokyo, Hong Kong and Sydney retreated. Oil prices edged lower. ...

Massive Arizona income tax cut going into full effect

Sep. 29, 2022 19:02 PM EDT

PHOENIX (AP) — A massive Arizona income tax cut that mainly benefits the wealthy championed by GOP Gov. Doug Ducey and enacted by Republicans who control the state Legislature in 2021 will go into full effect ahead of schedule next year, Ducey's office announced Thursday. The plan...

How major US stock indexes fared Thursday 9/29/2022

Sep. 29, 2022 16:23 PM EDT

Stocks are back to falling on Wall Street as worries about a possible recession and rising bond yields put the squeeze back on markets. The S&P 500 fell 2.1% Thursday, reaching its lowest level since late 2020. The washout erased the index’s gains in a big rally the day...

EXPLAINER: How do we know when a recession has begun?

Sep. 29, 2022 13:25 PM EDT

WASHINGTON (AP) — The economy shrank in the first half of this year, the government confirmed in a report Thursday, underscoring fears of a broad-based slowdown that could lead to a recession. At the same time, the number of people seeking unemployment benefits — a figure that...

US economy drops at 0.6% annual rate from April through June

Sep. 29, 2022 10:44 AM EDT

WASHINGTON (AP) — Battered by surging consumer prices and rising interest rates, the U.S. economy shrank at a 0.6% annual rate from April through June, the government announced Thursday, unchanged from its previous second-quarter estimate. It marked the second consecutive quarter...

Germany to spend billions to tackle high energy prices

Sep. 29, 2022 10:37 AM EDT

BERLIN (AP) — Germany plans to spend up to 200 billion euros ($195 billion) helping consumers and businesses as surging energy prices due to the war in Ukraine are pushing Europe's largest economy into a looming recession. Chancellor Olaf Scholz said Thursday that the government...

Porsche shares rise in one of Europe's largest market debuts

Sep. 29, 2022 06:20 AM EDT

FRANKFURT, Germany (AP) — Shares in luxury carmaker Porsche AG rose on their first day of public trading after German parent company Volkswagen raised 9.4 billion euros ($9.1 billion) for one of the largest initial public offerings in European history. Shares traded at 85.68 euros...

Asian stocks follow Wall St higher after UK calms markets

Sep. 28, 2022 23:56 PM EDT

BEIJING (AP) — Asian stock markets followed Wall Street higher Thursday after Britain's central bank moved forcefully to stop a budding financial crisis. Market benchmarks in Hong Kong, Seoul and Sydney added more than 1%. Shanghai and Tokyo also rose. Oil prices edged lower after...