Latest Recessions and depressions News

Poverty in Lebanon tripled over a decade, World Bank says

May. 23, 2024 07:46 AM EDT

BEIRUT (AP) — Poverty in Lebanon tripled over the course of a decade during which the small Mediterranean country slid into a protracted financial crisis, the World Bank said Thursday. The percentage of people in Lebanon living below the poverty line rose from 12% in 2012 to 44% in...

Report says home affordability in Hawaii is ‘as bad as it’s ever been’

May. 21, 2024 16:10 PM EDT

HONOLULU (AP) — Only 1 in 5 households in Hawaii can afford to buy a single-family home — a dramatic drop from just three years ago, according to a grim housing report released by the University of Hawaii on Monday. In 2021, 44% of Hawaii households could afford the mortgage on a...

Red Lobster closes dozens of locations across the US just months after 'endless shrimp' losses

May. 21, 2024 07:21 AM EDT

NEW YORK (AP) — Dozens of Red Lobster locations across the U.S. are on the chopping block. Restaurant liquidator TAGeX Brands announced this week that it would be auctioning off the equipment of over 50 Red Lobster locations that were recently closed as part of the seafood chain's...

Many remember solid economy under Trump, but his record also full of tax cut hype, debt and disease

May. 20, 2024 00:10 AM EDT

WASHINGTON (AP) — It was a time of fear and chaos four years ago. The death count was mounting as COVID-19 spread. Financial markets were panicked. Oil prices briefly went negative. The Federal Reserve slashed its benchmark interest rates to combat the sudden recession. And the...

Frontier Airlines, stuck in a money-losing slump, is dumping change fees and making other moves

May. 17, 2024 18:14 PM EDT

DENVER (AP) — Frontier Airlines, which has struggled more than other U.S. carriers to recover from the pandemic, says it is eliminating change fees on some tickets and creating four fare classes to boost its appeal to more travelers. The Denver-based airline said the changes taking...

Census Bureau estimates: Detroit population rises after decades of decline, South dominates growth

May. 16, 2024 16:17 PM EDT

DETROIT (AP) — America’s Northeast and Midwest cities are rebounding slightly from years of population drops — especially Detroit, which grew for the first time in decades — though the South still dominates the nation's growth, according to U.S. Census Bureau estimates released Thursday. ...

Stock market today: Asian shares mixed in muted trading after Wall Street barely budges

May. 13, 2024 23:28 PM EDT

TOKYO (AP) — Asian shares were mixed in muted trading Tuesday after U.S. stock indexes were little changed ahead of the release of inflation data. Japan's benchmark Nikkei 225 lost early gains and was trading less than 0.1% higher at 38,194.38. Australia's...

Argentina will get next installment of bailout as IMF praises Milei's austerity policies

May. 13, 2024 14:28 PM EDT

BUENOS AIRES, Argentina (AP) — The International Monetary Fund, Argentina's biggest creditor, agreed Monday to release the next tranche of loans due under a bailout program, endorsing government austerity measures so severe they even surpass the terms of its $43 billion loan. The...

British economy rebounds strongly in first quarter of the year, ending 'technical recession'

May. 10, 2024 05:52 AM EDT

LONDON (AP) — The British economy bounced back strongly in the first three months of the year, bringing to an end to what economists termed a “technical recession”, official figures showed Friday. The Office for National Statistics said the economy grew by 0.6% in the first...

Despite numbers showing a healthy economy overall, lower-income spenders are showing the strain

May. 09, 2024 12:22 PM EDT

NEW YORK (AP) — Cracks are showing in one of the main pillars keeping the economy out of a recession: resilient spending by U.S. households. Consumer goods giants from PepsiCo to Kraft Heinz have described recently how the combination of high inflation and higher interest rates is...