Latest Recessions and depressions News

Key inflation gauge tracked by the Fed remains a high 6.3%

Jun. 30, 2022 08:43 AM EDT

WASHINGTON (AP) — A measure of inflation that is closely tracked by the Federal Reserve rose 6.3% in May from a year earlier, unchanged from its level in April. Thursday's report from the Commerce Department provided the latest evidence that painfully high inflation is pressuring...

Asia stocks mixed after Wall St down, China manufacturing up

Jun. 29, 2022 23:48 PM EDT

BEIJING (AP) — Asian stock markets were mixed Thursday after the U.S. economy contracted and China reported stronger factory activity. Shanghai and Hong Kong gained, while Tokyo and Seoul declined. Oil prices advanced. Wall Street's benchmark S&P 500 index edged...

Gas lines and scuffles: Sri Lanka faces humanitarian crisis

Jun. 29, 2022 21:08 PM EDT

COLOMBO, Sri Lanka (AP) — Chamila Nilanthi is tired of all the waiting. The 47-year-old mother of two spent three days lining up to get kerosene in the Sri Lankan town of Gampaha, northeast of the capital Colombo. Two weeks earlier, she spent three days in a queue for cooking gas — but came...

Most say nation on wrong track, including Dems: AP-NORC poll

Jun. 29, 2022 17:31 PM EDT

WASHINGTON (AP) — An overwhelming and growing majority of Americans say the U.S. is heading in the wrong direction, including nearly 8 in 10 Democrats, according to a new poll that finds deep pessimism about the economy plaguing President Joe Biden. Eighty-five percent of U.S....

Powell: 'No guarantee' Fed can tame inflation, spare jobs

Jun. 29, 2022 12:28 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said there's “no guarantee'' the central bank can tame runaway inflation without hurting the job market. Speaking Wednesday at a European Central Bank forum in Sintra, Portugal, Powell repeated his hope that the Fed can...

US economy slipped 1.6% to start year; return to growth eyed

Jun. 29, 2022 09:40 AM EDT

WASHINGTON (AP) — The U.S. economy shrank at a 1.6% annual pace in the first three months of the year, the government reported Wednesday in a slight downgrade from its previous estimate for January-March quarter. It was the first drop in gross domestic product — the broadest...

Asian shares track Wall St drop as inflation fears drag on

Jun. 29, 2022 01:06 AM EDT

BANGKOK (AP) — Shares skidded in Asia on Wednesday after another broad decline on Wall Street as markets remain gripped by uncertainty over inflation, rising interest rates and the potential for a recession. U.S. futures edged higher while oil prices fell back. A...

Ducey OKs $18B budget upping school, infrastructure spending

Jun. 28, 2022 20:03 PM EDT

PHOENIX (AP) — Arizona Gov. Doug Ducey on Tuesday signed into law his eighth and final state budget, an $18 billion spending plan that uses a record surplus to invest in education and infrastructure while lowering state debt and preparing for an economic downturn. The massive...

How major US stock indexes fared Tuesday 6/28/2022

Jun. 28, 2022 16:18 PM EDT

Stocks slid on Wall Street Tuesday as the market remains gripped by uncertainty over pervasive inflation, rising interest rates and the potential for a recession. The S&P 500, the Dow Jones Industrial Average and the Nasdaq fell. The Conference Board reported that consumer...

EXPLAINER: G7 provides forum for like-minded democracies

Jun. 27, 2022 04:44 AM EDT

ELMAU, Germany (AP) — In 1975, leaders of the world’s wealthy democracies gathered to deal with an energy crisis sparked by a war and rampant inflation. Those same sore points are bedeviling their successors representing 46% of the global economy at this week's Group of Seven summit, with high...