Latest Recessions and depressions News

Treasury Secretary Steven Mnuchin testifies before the House Select Subcommittee on the Coronavirus Crisis, during a hybrid hearing, Tuesday, Sept. 1, 2020, on Capitol Hill in Washington. (Graeme Jennings/Pool via AP)

Watchdog: Millions in danger of missing virus relief payouts

Sep. 21, 2020 4:34 PM EDT

WASHINGTON (AP) — Millions of Americans are in danger of missing coronavirus relief payments of up to $1,200 per individual because of incomplete government records, a government watchdog said in a report issued Monday. The Government Accountability Office, Congress’ auditing arm, said that possibly...

FILE - In this Jan. 3, 2020 file photo, the Wall St. street sign is framed by American flags flying outside the New York Stock Exchange in New York.  Stocks are falling early on Wall Street Thursday, Sept. 17,  as the late selling from the previous day carries over.  (AP Photo/Mary Altaffer, File)

Soaring wealth during pandemic highlights rising inequality

Sep. 21, 2020 2:56 PM EDT

WASHINGTON (AP) — Americans' household wealth rebounded last quarter to a record high as the stock market quickly recovered from a pandemic-induced plunge in March. Yet the gains flowed mainly to the most affluent households even as tens of millions of people endured job losses and shrunken incomes. The...

FILE - Marble sculptures occupy the pediment above the New York Stock Exchange signage, Tuesday Aug. 25, 2020, in New York.  Stocks are drifting in mixed trading on Wall Street Friday, Sept. 18, as another zig-zag week for markets closes out following their abrupt loss of momentum this month.(AP Photo/Bebeto Matthews, File)

US stocks fall as market decline extends for third week

Sep. 18, 2020 5:30 PM EDT

Wall Street capped another turbulent week of trading Friday with a broad slide in stocks that left the S&P 500 with its third-straight weekly loss. The S&P 500 fell 1.1%, led once again by a sell-off in technology companies, with Apple, Amazon and Alphabet weighing particularly on the market. Technology...

FILE - In this July 18, 2020 file photo a closed sign hangs in the window of a barber shop in Burbank, Calif. California's unemployment rate has fallen to 11.4% in August. The Employment Development Department says the state added 101,900 jobs in August. Most of those were government jobs, including temporary positions for the U.S. Census. California lost more than 2.6 million jobs in March and April because of the coronavirus. (AP Photo/Marcio Jose Sanchez, File)

California jobless rate falls with help of temporary jobs

Sep. 18, 2020 4:28 PM EDT

SACRAMENTO, Calif. (AP) — A raft of temporary government jobs for the U.S. Census boosted California's economy in August as the state added 101,900 jobs as the unemployment rate fell below the high-water mark of the Great Recession for the first time since March. But experts warned that other indicators...

FILE - In this Sept. 2, 2020, file photo, a help wanted sign hangs on the door of a Target store in Uniontown, Pa. Hundreds of thousands of Americans likely applied for unemployment benefits last week, a high level of job insecurity that reflects economic damage from the coronavirus outbreak. Economists expect that 850,000 people sought jobless aid, down from 884,000 the week before, according to a survey by the data firm FactSet. (AP Photo/Gene J. Puskar, File)

COVID-19 danger continues to drive joblessness in US

Sep. 17, 2020 1:07 PM EDT

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell last week to 860,000, a historically high number of people that illustrates the broad economic damage still taking place nine months after the first case of COVID-19 was detected in the U.S. The Labor Department said...

FILE - In this file photo dated Wednesday, March 11, 2020, pedestrians wearing face masks walk past the Bank of England in London.  The Bank of England kept its main interest rate unchanged at the record low of 0.1% on Thursday Sept. 17, 2020, as it waits to see how the economy recovers from recession and what Britain’s future trade relationship with the European Union will be. (AP Photo/Matt Dunham, FILE)

Bank of England eyes sub-zero rates in face of virus, Brexit

Sep. 17, 2020 11:44 AM EDT

LONDON (AP) — The Bank of England indicated Thursday that it could cut interest rates below zero for the first time in its 326-year history as it tries to shore up a U.K. economic recovery that is facing the dual headwinds of the coronavirus and Brexit. After unanimously deciding to maintain the bank's...

FILE - In this early Friday, May 29, 2020 file photo, a protester carries a U.S. flag upside, a sign of distress, next to a burning building in Minneapolis. Protests over the death of George Floyd, a black man who died in police custody Monday, broke out in Minneapolis and across the country. The U.S. has been dramatically disrupted in a matter of months, brought low by a global pandemic, Depression-era economic dislocation, and then, nationwide unrest over racial injustice. (AP Photo/Julio Cortez)

AMERICA DISRUPTED: Troubles cleave a nation, and a city

Sep. 17, 2020 9:41 AM EDT

SAGINAW, Mich. (AP) — It was difficult to celebrate America in Saginaw this year. The deadly coronavirus had torn through the county. Unemployment had surged five-fold. Weeks of protest over racial inequality left many debating what should be hallowed and what must be changed. But Tom Roy had given it his...

Amy and Cody Morgan pose in their new warehouse, Friday, Sept. 4, 2020, in Cypress, Texas. The couple, who lost their jobs as corporate executives during the coronavirus pandemic, decided to start a pool servicing company, Pit Stop Pools. (AP Photo/David J. Phillip)

New companies face tough task overcoming pandemic, recession

Sep. 17, 2020 12:37 AM EDT

NEW YORK (AP) — Julie Campbell had to rethink her new wallpaper business before she could sell her first sheet. Campbell launched Pasted Paper in February, but soon after, the coronavirus forced the cancellation of the trade shows where she expected to introduce her wallpaper to prospective retail...

A driver prepares to tie a load of logs to his truck at the Port of Lyttelton near Christchurch, New Zealand, Thursday, Sept. 17, 2020. New Zealand's economy shrank by a record 12.2% in the second quarter due to a strict coronavirus lockdown, but forecasts show some bright spots among the gloom. (AP Photo/Mark Baker)

New Zealand economy shrinks record 12% due to virus lockdown

Sep. 16, 2020 11:03 PM EDT

WELLINGTON, New Zealand (AP) — New Zealand's economy shrank by a record 12.2% in the second quarter due to a strict coronavirus lockdown, but forecasts indicate activity is bouncing back. Statistics New Zealand released figures Thursday showing GDP had fallen far more than ever previously recorded and...

FILE - In this June 30, 2020, file photo Federal Reserve Board Chairman Jerome Powell, reflected in the sneeze guard set up between himself and members of the House Committee on Financial Services, speaks during a hearing on oversight of the Treasury Department and Federal Reserve pandemic response on Capitol Hill in Washington.  The Federal Reserve adjusted its inflation target to seek price increases above 2% annually, a move that will likely keep interest rates low for years to come.  The Fed on Wednesday, Sept. 16,  also left its benchmark short-term rate unchanged at nearly zero, where it has been since the pandemic intensified in March.  (Bill O'Leary/The Washington Post via AP, Pool)

Fed sees rates near zero through 2023, perhaps longer

Sep. 16, 2020 6:55 PM EDT

WASHINGTON (AP) — With the economy still struggling to recover from the pandemic recession, Federal Reserve policymakers signaled Wednesday that their benchmark short-term interest rate will likely remain at zero at least through 2023 and possibly even longer. Fed chair Jerome Powell said at a press...