Latest Recessions and depressions News

Charitable giving by individual Americans drops in 2018

Jun. 18, 2019 11:41 AM EDT

NEW YORK (AP) — Charitable giving by individual Americans in 2018 suffered its biggest drop since the Great Recession of 2008-09, in part because of Republican-backed changes in tax policy, according to the latest comprehensive report on Americans' giving patterns. The Giving USA report, released Tuesday,...

Brazil's Odebrecht files for bankruptcy protection

Jun. 17, 2019 8:31 PM EDT

RIO DE JANEIRO (AP) — Brazilian construction giant Odebrecht filed for bankruptcy protection Monday to restructure $13 billion in debt, worn down after spending five years at the center of one of the world's largest corruption investigations. Odebrecht said in a statement that it and its subsidiaries would...

Report: Childhood poverty persists in fast-growing Southwest

Jun. 17, 2019 7:17 PM EDT

SANTA FE, N.M. (AP) — The number of children living in poverty has swelled over the past three decades in fast-growing, ethnically diverse states such as Texas, Arizona and Nevada as the nation's population center shifts south and west, a report Monday on childhood well-being shows. The annual Kids Count...

Gloria Vanderbilt, heiress, jeans queen, dies at 95

Jun. 17, 2019 3:46 PM EDT

NEW YORK (AP) — Gloria Vanderbilt, the intrepid heiress, artist and romantic who began her extraordinary life as the "poor little rich girl" of the Great Depression, survived family tragedy and multiple marriages and reigned during the 1970s and '80s as a designer jeans pioneer, died Monday at the age of...

Alabama sheriff charged with scamming food bank, church

Jun. 14, 2019 3:20 PM EDT

BIRMINGHAM, Ala. (AP) — An Alabama sheriff was arrested Friday and agreed to plead guilty to federal charges of scamming a food bank and his own small-town church to pocket thousands under an old law that let state sheriffs profit from feeding prisoners. Pickens County Sheriff David Abston, who held office...

Stocks don't always get a boost when the Fed cuts rates

Jun. 14, 2019 2:51 PM EDT

When the Federal Reserve cuts interest rates, or even hints that it's about to, investors cheer. That's because lowering rates stokes the overall economy, which sends stock prices higher — usually, that is. The Fed has initiated 16 rate cut cycles since World War II. In 11 of those cycles, the stock market...

US industrial production rose in May, but factories struggle

Jun. 14, 2019 12:24 PM EDT

WASHINGTON (AP) — U.S. industrial production improved in May, but manufacturers showed weakness despite eking out a slight gain. The Federal Reserve said Friday that industrial output, which includes factories, utilities and mines, rose 0.4% in May, after tumbling 0.4% in April. Manufacturing output...

911 upgrade could cost Californians despite budget surplus

Jun. 13, 2019 7:33 PM EDT

SACRAMENTO, Calif. (AP) — A $214.8 billion budget approved Thursday by California lawmakers would upgrade the state's aging 911 system following the most devastating wildfire season in state history and help middle class families pay their monthly health insurance premiums. To fund those changes, however,...

Argentina's Macri chooses opposition figure as running mate

Jun. 11, 2019 5:59 PM EDT

BUENOS AIRES, Argentina (AP) — Argentine President Mauricio Macri said Tuesday that he is choosing the leader of the largest opposition bloc in the Senate as his running mate in October's presidential election. Macri said on Twitter that he chose Peronist Sen. Miguel Angel Pichetto because Argentina will...

How Trump tariffs on China and Mexico could hurt US economy

Jun. 6, 2019 4:27 PM EDT

WASHINGTON (AP) — Ten billion here, ten billion there: President Donald Trump's escalating tariffs on imports to the United States have begun to amount to serious money — and potentially to imperil one of the most resilient economies in American history. Until now, the economy has largely shrugged...