Latest Recessions and depressions News

First grade teachers, Ellie Morgan, 25, left, Hannah Sprayberry, 28, right, pose for a portrait, and say they are taking around 5 per-cent pay cut on Thursday, May 28, 2020, in Fort Oglethorpe, Ga. With sharp declines in state spending projected because of the economic fallout from the COVID-19 pandemic, America's more than 13,000 local school systems are wrestling with the likelihood of big budget cuts. (AP Photo/Brynn Anderson)

Schools nationwide brace for cuts from new financial crisis

May. 30, 2020 8:14 AM EDT

ATLANTA (AP) — It was during the Great Recession when Catoosa County first shortened its school year, from 180 to 175 instructional days, as it began years of furloughs due to budget cuts. As a result of the coronavirus pandemic, the next school year will be shorter still, with only 170 classroom days. ...

FILE - In this May 19, 2020 file photo traffic moves along Interstate 10 as downtown Los Angeles is seen in the background in Los Angeles. California voters on the November ballot will decide whether to raise property taxes on commercial and industrial land to raise up to an estimated $12 billion annually for public schools and city halls across the state. (AP Photo/Mark J. Terrill,File)

California to vote on business tax hike worth up to $12B

May. 29, 2020 9:02 PM EDT

SACRAMENTO, Calif. (AP) — California voters in November will decide whether to increase property taxes on commercial and industrial land to raise up to an estimated $12 billion annually for public schools and city halls across the state. The ballot measure contest will pit big city mayors and pro-labor...

In this Thursday, May 28,2020 photo Virginia Binkerhoff stands outside the Just Dandy women's clothing store she owns in downtown Cheyenne, Wyo. The cancellation of this summer's Cheyenne Frontier Days rodeo and cowboy festival due to the coronavirus portends more hard times ahead for businesses struggling in Wyoming's capital city. (AP Photo/Mead Gruver)

No rodeo festival dashes Wyoming city's hopes amid COVID-19

May. 29, 2020 5:56 PM EDT

CHEYENNE, Wyo. (AP) — The Just Dandy women's clothing store in downtown Cheyenne has endured fire, flooding, recessions and so far the coronavirus pandemic, but will this year's cancellation of the city's famous cowboy-and-rodeo festival, Cheyenne Frontier Days, be the daddy-of-'em-all disaster? “I...

A man walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Friday, May 29, 2020. Shares fell Friday in Asia after Wall Street’s rally petered out amid worries about flaring U.S.-China tensions. (AP Photo/Eugene Hoshiko)

Stocks erase a loss as worries over China tensions fizzle

May. 29, 2020 5:13 PM EDT

Stocks closed out a solid week on Wall Street Friday with a late-afternoon rebound after worries that President Donald Trump would reignite a costly trade war with China faded. The benchmark S&P 500 index rose 0.5%, recovering from a 1% slide, after Trump outlined several actions in response to a move by...

FILE - In this March 3, 2020 file photo, Federal Reserve Chair Jerome Powell speaks during a news conference to discuss an announcement from the Federal Open Market Committee, in Washington. The Federal Reserve will issue the first loans under its groundbreaking Main Street Lending program in a “few days,”  Powell said Friday, May 29.  (AP Photo/Jacquelyn Martin)

Powell: Fed to soon begin 'challenging' Main Street lending

May. 29, 2020 2:21 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell acknowledged Friday that the Fed faces a major challenge with the launch in the coming days of a program that will lend to companies other than banks for the first time since the Great Depression. The Fed's Main Street Lending is geared toward...

Wearing masks to prevent the spread of the new coronavirus, Thiago do Nascimento, right, and Keilla de Almeida kiss during their drive-thru wedding at the registry office in the neighborhood of Santa Cruz, Rio de Janeiro, Brazil, Thursday, May 28, 2020. Couples have begun turning to this unconventional union at a notary in Santa Cruz since the COVID-19 started battering Brazil. (AP Photo/Silvia Izquierdo)

What you need to know today about the virus outbreak

May. 29, 2020 12:35 PM EDT

U.S. consumer spending plunged by a record-shattering 13.6% in April as the pandemic shuttered businesses, forced millions of layoffs and sent the economy into deep recession. Europe’s extensive social welfare net is showing signs of fraying under economic strain from the coronavirus. The Spanish...

A woman walks into a closing Gordmans store, Thursday, May 28, 2020, in St. Charles, Mo. Stage Stores, which owns Gordmans, is closing all its stores and has filed for Chapter 11 bankruptcy. (AP Photo/Jeff Roberson)

US consumer spending sinks by record 13.6% in face of virus

May. 29, 2020 11:29 AM EDT

WASHINGTON (AP) — U.S. consumer spending plunged by a record-shattering 13.6% in April as the viral pandemic shuttered businesses, forced millions of layoffs and sent the economy into a deep recession. Last month's spending decline was far worse than the revised 6.9% drop in March, which itself had set a...

Restaurant worker Madelyn Figgers stands in front of her porch Wednesday, May 27, 2020, in Richmond, Va. Figgers lost her job doing the coronavirus shutdown and is hoping to go to work when the city starts reopening next week. (AP Photo/Steve Helber)

Debate over $600 in jobless aid to intensify as claims rise

May. 29, 2020 10:36 AM EDT

WASHINGTON (AP) — A debate in Congress over whether to extend $600 a week in federally provided benefits to the unemployed looks sure to intensify with the number of people receiving the aid now topping 30 million — one in five workers. The money, included in a government relief package enacted in...

In this May 21, 2020, photo, grave diggers bury a body at Radwan Cemetery in Aden, Yemen. At a cemetery in Yemen’s largest southern city, dozens of fresh graves are a testament to a spike in deaths amid the coronavirus pandemic. The cemetery workers who bury them don’t know what killed the newly deceased. But there’s no denying that there's been an increasing number of people getting sick in the port city of Aden — likely from the coronavirus. (AP Photo)

The Latest: UN urges $2.4 billion in aid for war-torn Yemen

May. 29, 2020 1:31 AM EDT

The Latest on the coronavirus pandemic. The new coronavirus causes mild or moderate symptoms for most people. For some, especially older adults and people with existing health problems, it can cause more severe illness or death. TOP OF THE HOUR: — UN urgently appeals for $2.4 billion to help Yemen cope...

A man walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Friday, May 29, 2020. Shares fell Friday in Asia after Wall Street’s rally petered out amid worries about flaring U.S.-China tensions. (AP Photo/Eugene Hoshiko)

Asia shares fall as US-China tensions douse rally on Wall St

May. 28, 2020 11:57 PM EDT

BANGKOK (AP) — Shares fell Friday in Asia after Wall Street’s rally petered out amid worries about flaring U.S.-China tensions. Benchmarks declined in Hong Kong, Tokyo and Sydney but rose in Shanghai. Investors are nervously awaiting a news conference about China by President Donald Trump later in...