Latest Recessions and depressions News

Solidarity behind Ukraine's Russia fight atop summit agendas

Jun. 24, 2022 14:06 PM EDT

WASHINGTON (AP) — Back-to-back world leader summits in Europe opening this weekend will focus on uniting Western nations behind Ukraine in its fight against Russia's invasion and overcoming Turkey's opposition to NATO membership for Finland and Sweden. The Group of Seven leading...

Asian shares gain, tracking Wall Street advance

Jun. 24, 2022 00:36 AM EDT

BANGKOK (AP) — Shares were higher in Asia on Friday, tracking gains on Wall Street, where the market is headed for its first weekly gain after three weeks of punishing losses. Tokyo's Nikkei 225 index added 0.9% to 26,411.64 and the Kospi in Seoul jumped 1.8% to 2,356.38. Hong...

All big US banks pass Fed's annual 'stress tests'

Jun. 23, 2022 17:15 PM EDT

NEW YORK (AP) — The nation’s 33 biggest banks have enough capital to withstand a severe economic contraction, the Federal Reserve said Thursday. In its latest annual “stress tests” of the U.S. financial system, the Fed built a scenario under which the nation’s unemployment...

Powell: Fed must convince public it can tame inflation

Jun. 23, 2022 13:45 PM EDT

WASHINGTON (AP) — As if their job weren't hard enough at a time of raging inflation, Chair Jerome Powell and his Federal Reserve colleagues have to do more these days than decide just how much to raise interest rates without triggering a recession. They also have a sales job on...

Black veteran groups seek policy agenda on racial inequities

Jun. 23, 2022 12:50 PM EDT

As a young man in Memphis, Tennessee, Robert Dabney Jr. wanted to blaze a path that could set his family up for a better life. So two weeks after high school graduation in 1998, at age 18, he joined the U.S. Army. During nine years of service that included two tours in Iraq, Dabney...

Asian stocks mixed after Wall St declines on growth worries

Jun. 23, 2022 00:14 AM EDT

BEIJING (AP) — Asian stock markets were mixed Thursday after Wall Street edged lower amid fears higher interest rates will chill global economic growth. Shanghai and Hong Kong advanced, while Tokyo and Seoul declined. Oil prices fell more than $2 per barrel to near $100. ...

Wisconsin Democrats face hard road in Senate, governor races

Jun. 22, 2022 15:12 PM EDT

MADISON, Wis. (AP) — Wisconsin Democrats gathering for their annual state convention this weekend are focused on reelecting Gov. Tony Evers and defeating Republican Sen. Ron Johnson, but also know that history is against them in the midterm year and voters face high inflation, rising gas prices...

Powell: Fed aims to avoid recession but says it's possible

Jun. 22, 2022 15:11 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell sought Wednesday to reassure the public that the Fed will raise interest rates high and fast enough to quell inflation, without tightening credit so much as to throttle the economy and cause a recession. Testifying to the...

Arizona lawmakers begin hearings on state budget plan

Jun. 21, 2022 21:13 PM EDT

PHOENIX (AP) — The Republican-controlled Arizona Legislature began hearings Tuesday on a long-delayed state budget plan that was immediately panned by some Democrats and public school advocates for failing to use a huge surplus to significantly boost school funding. But the plan...

Fed's Powell facing rising criticism for inflation missteps

Jun. 21, 2022 17:06 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell won praise for his deft leadership during the maelstrom of the pandemic recession. As threats to the U.S. economy have mounted, though, Powell has increasingly struck Fed watchers as much less sure-footed. Inflation has proved...