Latest Recessions and depressions News

A shopper leaves a Day of the Dead souvenirs store in Mexico City, Friday, Oct. 30, 2020. Prior to the coronavirus pandemic, Mexico’s economy was in recession, and that only deepened with the economic shutdown provoked by measures aimed at slowing the spread of COVID-19 during the second quarter. (AP Photo/Fernando Llano)

Mexico's economy grows in 3Q, but still well below last year

Oct. 30, 2020 8:33 PM EDT

MEXICO CITY (AP) — Mexico’s estimated gross domestic product in the third quarter of the year was 8.6% below that for the same July to September period the previous year, but showed signs of improvement, the country’s statistical agency said Friday. Even prior to the coronavirus pandemic,...

FILE- In this July 21, 2020 file photo, people walk by the New York Stock Exchange.  Stocks are falling in early trading on Friday, Oct. 30,  as Wall Street closes out a punishing week and its first back-to-back monthly loss since March, when worries about the pandemic were first peaking.  (AP Photo/Mark Lennihan, File)

Tech losses drive Wall Street down again, ending grim week

Oct. 30, 2020 5:56 PM EDT

Wall Street closed out another punishing week Friday with the S&P 500 posting its first back-to-back monthly loss since the pandemic first gripped the economy in March. The S&P 500 dropped 1.2% and ended the week with a 5.6% loss, its worst in seven months. Sharp drops in big technology stocks drove much...

A passer-by walks past a store closing sign, right, in the window of a department store, Tuesday, Oct. 27, 2020, in Boston.  Americans may feel whiplashed by a report Thursday, Oct. 29,  on the economy's growth this summer, when an explosive rebound followed an epic collapse.  The government will likely estimate that the economy grew faster on an annualized basis last quarter than in any such period since record-keeping began in 1947.(AP Photo/Steven Senne)

US consumer spending rose a moderate 1.4% in September

Oct. 30, 2020 1:54 PM EDT

WASHINGTON (AP) — U.S. consumers increased their spending by 1.4% in September, a modest gain but far less than the big increases of late spring, adding to concerns that Americans remain cautious with the viral pandemic resurging across the country and impeding the economy. The September gain marked the...

FILE - In this Sept. 25, 2020 file photo, a woman shops at a clothing store in New York. The U.S. economy grew at a sizzling 33.1% annual rate in the July-September quarter — by far the largest quarterly gain on record — rebounding from an epic plunge in the spring, when the eruption of the coronavirus closed businesses and threw tens of millions out of work.  (AP Photo/Mark Lennihan, File)

Surge in virus threatens to reverse global economic rebounds

Oct. 29, 2020 2:57 PM EDT

WASHINGTON (AP) — The resurgence of coronavirus cases engulfing the United States and Europe is imperiling economic recoveries on both sides of the Atlantic as millions of individuals and businesses face the prospect of having to hunker down once again. Growing fear of an economic reversal coincided with a...

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US long-term mortgage rates flat this week; 30-year at 2.81%

Oct. 29, 2020 1:42 PM EDT

WASHINGTON (AP) — U.S. long-term mortgage rates were little changed this week after marking a new all-time low last week. Home loan rates have declined through the year amid economic anxiety in the recession set off by the coronavirus pandemic. Mortgage buyer Freddie Mac reported Thursday that the average...

FILE - In this Oct. 14, 2020 file photo, pedestrians pass the New York Stock Exchange. After Donald Trump shocked markets by winning the presidency four years ago, investors quickly agreed on which stocks would benefit most from his election. But four years later, many of those stocks have since faded back, and stocks that were afterthoughts have become the market's leaders.   (AP Photo/Frank Franklin II)

Wall Street soared under Trump, but it's been a rocky ride

Oct. 29, 2020 1:34 PM EDT

NEW YORK (AP) — The last four years have been good for stocks, with the S&P 500 climbing more than 50% and many 401(k) balances looking healthier, as President Donald Trump likes to point out so often. But a look at the market’s winners and losers since Trump’s surprise win in 2016 also...

FILE - In this Sept. 2, 2020 file photo, a customer wears a face mask as they carry their order past a now hiring sign at an eatery in Richardson, Texas. The number of Americans seeking unemployment benefits fell last week to 751,000, the lowest since March, but it's still historically high and indicates the viral pandemic is still forcing many employers to cut jobs. (AP Photo/LM Otero, File)

Jobless claims fall to 751,000, but new infections a threat

Oct. 29, 2020 10:11 AM EDT

WASHINGTON (AP) — The number of Americans seeking unemployment benefits fell last week to 751,000, the lowest since March, but it's still historically high and indicates the viral pandemic is forcing many employers to cut jobs. Applications for unemployment aid fell 40,000 from the previous week, the Labor...

In this Oct. 28, 2020, photo, supporters of President Donald Trump listen to him speak during a campaign rally at Phoenix Goodyear Airport in Goodyear, Ariz. Trump is painting an apocalyptic portrait of American life if Democrat Joe Biden gets elected. The president claims that if the Democrat takes over, the suburbs wouldn’t be the suburbs anymore, the economy would slump into its worst depression ever and police departments would cease to exist.(AP Photo/Evan Vucci)

Trump paints apocalyptic portrait of life in US under Biden

Oct. 29, 2020 9:16 AM EDT

WASHINGTON (AP) — The suburbs wouldn't be the suburbs anymore, the economy would sink into its worst depression ever and police departments would cease to exist. Even America's older adults would be left to figure out how to get by without heat, air conditioning or electricity. This is the apocalyptic...

A currency trader walks by the screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room in Seoul, South Korea, Thursday, Oct. 29, 2020. Asian shares logged moderate losses on Thursday and U.S. futures turned higher after the S&P 500 slid 3.5% overnight for its biggest drop since June. (AP Photo/Lee Jin-man)

Asian shares lower, US futures up after S&P 500 sinks 3.5%

Oct. 28, 2020 11:47 PM EDT

Asian shares declined Thursday and U.S. futures turned higher after the S&P 500 slid 3.5% overnight for its biggest drop since June. The selling in U.S. markets followed broad declines in Europe, where the French president announced tough measures to slow the virus’ spread and German officials agreed...

FILE- In this April 23, 2018, file photo, the logo for Visa appears above a trading post on the floor of the New York Stock Exchange. Visa Inc. said Wednesday, Oct. 28, 2020, that its fiscal fourth quarter profits dropped 29% due to fewer dollars crossing on its namesake payment network while the world was in the grips of a pandemic-caused recession. (AP Photo/Richard Drew, File)

Visa 4Q profits plunge as pandemic slows payments worldwide

Oct. 28, 2020 5:45 PM EDT

CHARLOTTE, N.C. (AP) — Visa Inc. said Wednesday that its fiscal fourth quarter profits dropped 29% due to fewer dollars crossing on its namesake payment network while the world was in the grips of a pandemic-caused recession. The San Francisco-based company posted a profit of $2.14 billion, or 97 cents...