Latest Recessions and depressions News

German factory orders rise in May after 2 huge declines

Jul. 6, 2020 2:26 AM EDT

BERLIN (AP) — German factory orders recovered some ground in May, rising 10.4% compared with the previous month after huge drops in March and April at the height of Europe's coronavirus crisis. The figure reported Monday by the Economy Ministry followed declines of 15% in March and 26.2% in April. The...

Instacart worker Saori Okawa loads groceries into her car for home delivery on Wednesday, July 1, 2020, in San Leandro, Calif. Okawa is one of an estimated 1.5 million so-called gig workers who make a living driving people to airports, picking out produce at grocery stores or providing childcare for working parents. But with the pandemic pummeling the global economy and U.S. unemployment reaching heights not seen since the Great Depression, gig workers are clamoring for jobs that often pay less while facing stiff competition from a crush of newly unemployed workers also attempting to patch together a livelihood until the economy recovers. (AP Photo/Ben Margot)

Gig workers face shifting roles, competition in pandemic

Jul. 5, 2020 12:34 PM EDT

NEW YORK (AP) — There were the two-hour, unpaid waits outside supermarkets when San Francisco first started to lock down, on top of the heavy shopping bags that had to be lugged up countless flights of stairs. And yet even after signing up for several apps, 39-year-old Saori Okawa still wasn't making as...

France's new prime minister Jean Castex gives a press conference after he made his first outing in the new job in X-FAB, a semiconductor factory that received extensive government aid to withstand the virus lockdown on its activity in Le Coudray Montceaux, near Paris, Saturday, July 4, 2020. His office chose the X-FAB factory because it's seen as an example of European cooperation and innovation, and the kind of company that will be important to pulling France of out of deep recession and reviving its industrial production. (AP Photo/Francois Mori)

New French prime minister to focus on saving factory jobs

Jul. 4, 2020 2:01 PM EDT

LE COUDRAY-MONTCEAUX, France (AP) — France’s new prime minister said Saturday his government will focus on keeping French manufacturing jobs and bringing others back to France from lower-wage countries as it tries to dig the country out of deep recession. Prime Minister Jean Castex made the...

A man looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Friday, July 3, 2020. Markets advanced in Asia on Friday following a Wall Street rally driven by strong jobs data. (AP Photo/Eugene Hoshiko)

World stocks mostly dip with US closed for holiday

Jul. 3, 2020 12:47 PM EDT

World stock markets fell slightly in Europe on Friday after gains in Asia, with trading somewhat subdued by a long holiday weekend in the U.S. With Wall Street remaining closed in observance of Independence Day, Germany's DAX edged 0.6% lower to 12,528.18. The CAC 40 in Paris dropped 0.8% to 5,007.14, while...

Poland's President Andrzej Duda, center, and Prime Minister Mateusz Morawiecki, second right, are taking a family photo with Slovak Prime Minister Igor Matovic, right, Czech Prime Minister Andrej Babis, left and Hungarian Prime Minister Viktor Orban, second left, at the start of a Visegrad Group summit in Warsaw, Poland, Friday, July 3, 2020, as Poland takes the rotating presidency of the regional cooperation group.(AP Photo/Czarek Sokolowski)

Poland wants generous EU budget for Central Europe

Jul. 3, 2020 11:28 AM EDT

WARSAW, Poland (AP) — Polish President Andrzej Duda said Friday that the European Union’s budget for the next seven years should be generous for Central European nations, which aim to help drive the economic recovery from the coronavirus recession. Duda spoke to open a summit of prime ministers of...

Germany's Chancellor Angela Merkel  walks, prior to a joint press conference with EU Commission President Ursula von der Leyen via videolink, in the foyer of the Federal Chancellery, in Berlin, Thursday, July 2, 2020. Merkel joined the President of the EU Commission, the three executive Vice-Presidents, the Commissioner for External Relations and the Commissioner for Internal Affairs to discuss the work programme as Germany took over the presidency of the Council of the EU. (Kay Nietfeld/dpa via AP)

Merkel says 'every day counts' in passing EU recovery fund

Jul. 3, 2020 5:12 AM EDT

BERLIN (AP) — German Chancellor Angela Merkel pushed Friday for a quick agreement on a recovery fund aimed at pulling the European Union out of the coronavirus recession, arguing that “every day counts.” Germany, which has the EU's biggest economy and most populous country, took over the...

A man looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Friday, July 3, 2020. Markets advanced in Asia on Friday following a Wall Street rally driven by strong jobs data. (AP Photo/Eugene Hoshiko)

Asian shares advance following upbeat US jobs report

Jul. 2, 2020 11:27 PM EDT

Markets advanced in Asia on Friday following a Wall Street rally driven by strong jobs data. Tokyo's Nikkei 225 index picked up 0.3% to 22,220.33, while the Shanghai Composite index jumped 1.3% to 3,130.62. In South Korea, the Kospi gained 0.6% to 2,148.24, and Australia's S&P/ASX 200 rose 0.6% to 6,067.30....

Wearing masks amid concerns of the spread of COVID-19, volunteers Karen Cooperstein, right, and Edwin Chinchilla, left, prepare food for the pubic during a drive through food pantry distribution by Catholic Charities in Dallas, Thursday, July 2, 2020. (AP Photo/LM Otero)

US unemployment falls to 11%, but new shutdowns are underway

Jul. 2, 2020 4:28 PM EDT

WASHINGTON (AP) — U.S. unemployment fell to 11.1% in June as the economy added a solid 4.8 million jobs, the government reported Thursday. But the job-market recovery may already be faltering because of a new round of closings and layoffs triggered by a resurgence of the coronavirus. While the jobless rate...

FILE - In this Monday, June 29, 2020, file photo, shoppers walk around Garden State Plaza in Paramus, N.J., as New Jersey's indoor shopping malls reopened Monday from their COVID-19 pause. U.S. employers likely rehired several million more workers in June, thereby reducing a Depression-level unemployment rate, but the most up-to-date data suggests that a resurgent coronavirus will limit further gains. (AP Photo/Seth Wenig, File)

AP Explains: 5 key takeaways from a strong June jobs report

Jul. 2, 2020 4:13 PM EDT

WASHINGTON (AP) — At first glance, the June employment report was a blockbuster. The U.S. economy produced a record 4.8 million added jobs last month, walloping expectations. And the unemployment rate sank from 13.3% all the way to 11.1%. “Today’s announcement," President Donald Trump...

In this Thursday, June. 18, 2020, photo, West Quincy Pawn Shop owner Lionel Hammond poses for a photo in the gun section of the store which Hammond pointed out has a noticeably low stock in West Quincy, Mo. At West Quincy Pawn Shop, Hammond said sales have been off the charts and that he can't keep merchandise on the shelves as buyers are using their governmental stimulus money to buy firearms, jewelry, televisions and other electronics. (Jake Shane/Quincy Herald-Whig via AP)

Background checks, a metric for gun sales, hit all-time high

Jul. 1, 2020 4:42 PM EDT

Historic numbers of background checks to purchase or possess a firearm were done in June, a trend in a year marked by uncertainty over the coronavirus pandemic, a subsequent economic recession, protests over racial injustice and calls to reduce police funding. FBI numbers released Wednesday show that 3.9 million...