Latest Recessions and depressions News

Migrant laborers from other states looking for work gather on a street on the outskirts of Jammu, India, Sunday, Sept.27, 2020. The nation of 1.3 billion people is expected to become the coronavirus pandemic's worst-hit country within weeks, surpassing the United States. (AP Photo/Channi Anand)

Asia Today: Melbourne eases lockdown, schools, work resume

Sep. 27, 2020 8:03 AM EDT

CANBERRA, Australia (AP) — Australia’s second-largest city, Melbourne, has further eased lockdown restrictions imposed after a surge in coronavirus cases, allowing most children to return to school from next month and sending more than 125,000 people back to work. Melbourne and surrounding parts of...

A woman looks at screens showing Japan's Nikkei 225 index at a securities firm in Tokyo on Friday, Sept. 25, 2020. Asian shares advanced Friday, cheered by a modest rally on Wall Street and rising hopes for fresh stimulus for the U.S. economy.(AP Photo/Hiro Komae)

Asian shares gain, cheered by US rally on hopes for stimulus

Sep. 24, 2020 11:53 PM EDT

TOKYO (AP) — Asian shares advanced Friday, cheered by a modest rally on Wall Street and rising hopes for fresh stimulus for the U.S. economy. Despite signs of a global economic rebound in the third quarter, worries remain the upturn may be running out of steam. House Democrats said they are paring back...

In this image made from UNTV video, Alassane Ouattara, President of Cote d'Ivoire, speaks in a pre-recorded message which was played during the 75th session of the United Nations General Assembly, Thursday Sept. 24, 2020, at UN headquarters, in New York. (UNTV via AP)

At UN, Africa urges fiscal help against virus 'apocalypse'

Sep. 24, 2020 5:53 PM EDT

JOHANNESBURG (AP) — African nations came out swinging on the third day of the United Nations annual gathering of world leaders Thursday, calling for dramatic fiscal measures to help economies survive the coronavirus pandemic — which one leader called the “fifth horseman of the...

Passersby walk past a business storefront with store closing and sale signs, Wednesday, Sept. 2, 2020, in Dedham, Mass. The number of people seeking U.S. unemployment aid rose slightly to 870,000, a historically high figure that shows that the viral pandemic is still squeezing restaurants, airlines, hotels and many other businesses six months after it first erupted. (AP Photo/Steven Senne)

Fraud, backlogs disrupt US unemployment benefit payments

Sep. 24, 2020 4:17 PM EDT

WASHINGTON (AP) — Many American workers applying for unemployment benefits after being thrown out of a job by the coronavirus face a new complication: States' efforts to prevent fraud have delayed or disrupted their payments. California has said it will stop processing new applications for two weeks as it...

Treasury Secretary Steve Mnuchin testifies during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress on Capitol Hill, Wednesday, Sept. 24, 2020, in Washington. (Toni L. Sandys/The Washington Post via AP, Pool)

Mnuchin and Powell back jobless aid and small business loans

Sep. 24, 2020 2:23 PM EDT

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell said Thursday that the government’s top priorities in any new economic relief package should be to provide affordable loans to small businesses and further support for millions of Americans still...

This Tuesday, Sept. 22, 2020, photo provided by James Kirkpatrick, the Tallahassee, Fla., resident poses for a photo. Kirpatrick is an independent who is likely voting for former Vice President Joe Biden. He was initially voting for the Green Party candidate but his friends persuaded him to vote for Biden after the death of Supreme Court Justice Ruth Bader Ginsburg. Senate Republicans, he said, should follow the precedent they set when they declined to move forward with President Barack Obama's final nominee to the High Court.

High court fight adds to pile of issues weighing on voters

Sep. 23, 2020 3:00 PM EDT

JOHNSTOWN, Pa. (AP) — The Republican Party headquarters in this former steel town was buzzing Saturday as supporters filed in to pick up Trump 2020 stickers and yard signs, including ones declaring: “Your pro-life vote matters." But even as coverage of Supreme Court Justice Ruth Bader Ginsburg's...

Federal Reserve Chair Jerome Powell testifies during a House Select Subcommittee on the Coronavirus Crisis hearing on Capitol Hill in Washington on Wednesday, Sept. 23, 2020. (Kevin Dietsch/Pool via AP)

Powell faces lawmakers' skepticism on some Fed aid programs

Sep. 23, 2020 1:54 PM EDT

WASHINGTON (AP) — Chairman Jerome Powell on Wednesday defended the Federal Reserve's efforts to support the economy during the pandemic-induced recession from assertions that its programs bungled aspects of its response. A House subcommittee released a staff analysis that found that a program in which the...

FILE - In this Dec. 31, 2016 file photo, the sun rises over the city skyline with the Burj Khalifa, the world's tallest building, on a foggy day in Dubai, United Arab Emirates. Dubai is tapping the global financial market to potentially raise billions of dollars for the first time in years. That's according to a bond prospectus seen on Tuesday, Sept. 1, 2020, by The Associated Press. It reveals the deepening toll of the coronavirus pandemic on Dubai's economy. (AP Photo/Kamran Jebreili, File)

Reports: Kuwait and the UAE in economic pain amid pandemic

Sep. 23, 2020 9:35 AM EDT

DUBAI, United Arab Emirates (AP) — Two oil-rich Arab Gulf states suffered severe economic blows on Wednesday, as a major credit agency downgraded Kuwait for the first time and the United Arab Emirates acknowledged its economy would contract to a level last seen in 2009. The agency, Moody’s Investors...

U.S President Donald Trump is seen on a video screen remotely addressing the 75th session of the United Nations General Assembly, Tuesday, Sept. 22, 2020, at U.N. headquarters. This year's annual gathering of world leaders at U.N. headquarters will be almost entirely

World powers clash, virus stirs anger at virtual UN meeting

Sep. 22, 2020 8:08 PM EDT

UNITED NATIONS (AP) — Kept apart by a devastating pandemic and dispersed across the globe, world leaders convened electronically Tuesday for an unprecedented high-level meeting, where the U.N. chief exhorted them to unite and tackle the era’s towering problems: the coronavirus, the “economic...

Federal Reserve Chair Jerome Powell testifies during a House Financial Services Committee hearing about the government’s emergency aid to the economy in response to the coronavirus on Capitol Hill in Washington on Tuesday, Sept. 22, 2020. (Caroline Brehman/Pool via AP)

Powell and Mnuchin voice optimism but back more economic aid

Sep. 22, 2020 1:13 PM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin expressed cautious optimism Tuesday that the U.S. economy is rebounding from the pandemic-induced recession with federal support but that more help from the government is likely needed. Powell told the House...