Latest Recessions and depressions News

Puerto Rico overhauls tax laws to help workers, businesses

Dec. 10, 2018 2:54 PM EST

SAN JUAN, Puerto Rico (AP) — Puerto Rico's governor signed a bill on Monday to overhaul the U.S. territory's tax laws in a bid to attract foreign investment and help workers and some business owners amid a 12-year recession. The bill creates an earned income tax credit, reduces a sales tax on prepared food...

US household wealth jumps $2T, led by rising stock market

Dec. 6, 2018 5:47 PM EST

WASHINGTON (AP) — A stock market rally, which has since reversed, propelled U.S. household net worth to a record high of $109 trillion in the July-September quarter. The Federal Reserve said Thursday that the value of Americans' stock and mutual fund holdings soared $1.2 trillion. Home values rose $200...

Trump's push for tariffs squeezes a weakening global economy

Dec. 5, 2018 2:44 PM EST

NEW YORK (AP) — The global economy was already showing signs of a slowdown when President Donald Trump reminded the world of his love of tariffs and sent a chill through financial markets. "I am a Tariff Man," Trump announced Tuesday to signal his devotion to import taxes — a remark that served to...

Invest in the company or retirement? More owners opt to save

Dec. 5, 2018 2:31 PM EST

NEW YORK (AP) — In John Holloway's early years as an entrepreneur, saving for his own future wasn't a priority. "I invested a lot of money into one of my first businesses and came out break even at best. I am kicking myself for not setting some of that money aside for retirement," says Holloway, co-owner...

Trump's push for tariffs squeezes a weakening global economy

Dec. 5, 2018 2:22 PM EST

NEW YORK (AP) — The global economy was already showing signs of a slowdown when President Donald Trump reminded the world of his love of tariffs and sent a chill through financial markets. "I am a Tariff Man," Trump announced Tuesday to signal his devotion to import taxes — a remark that served to...

Putin voices support for Venezuelan leader visiting Russia

Dec. 5, 2018 12:42 PM EST

MOSCOW (AP) — Russian President Vladimir Putin offered firm support Wednesday for Venezuelan leader Nicolas Maduro, who is visiting Moscow to shore up political and economic assistance even as his country has been struggling to pay billions of dollars owed to Russia. Maduro has become increasingly isolated...

UK's key services sector barely growing amid Brexit concern

Dec. 5, 2018 7:32 AM EST

LONDON (AP) — Britain's hugely important services sector is struggling in the face of Brexit, a closely watched survey showed Wednesday, as Prime Minister Theresa May strives to get the support of Parliament for her deal with the European Union. In a monthly survey of a sector that accounts for around 80...

Investors hear 3 words they fear: inverted yield curve

Dec. 4, 2018 6:51 PM EST

NEW YORK (AP) — One of the most reliable warning signals for a recession just got a bit brighter. The signal is called the "yield curve," and it shows how the bond market is feeling about the U.S. economy's long-term prospects. On Tuesday the yield curve signaled caution and, along with worries about...

South Africa power cuts hurt economy even as recession ends

Dec. 4, 2018 7:47 AM EST

JOHANNESBURG (AP) — South Africa's troubled power utility on Tuesday implemented power cuts nationwide, intensifying concern about growth in one of Africa's biggest economies even as the country announced it has emerged from recession. State-owned Eskom said it took the measure, which followed similar cuts...

Low prices make for slow alligator season in Louisiana

Dec. 3, 2018 9:06 AM EST

NEW ORLEANS (AP) — Here's a fashion trend that's good news, if you're an alligator in Louisiana: Prices for skins are down to less than half what they were just five years ago, making for a slow wild harvest. The director of the state's alligator program estimates that about 18,000 were taken from the wild...