Latest Recessions and depressions News

In this Thursday, May 28,2020 photo Virginia Binkerhoff stands outside the Just Dandy women's clothing store she owns in downtown Cheyenne, Wyo. The cancellation of this summer's Cheyenne Frontier Days rodeo and cowboy festival due to the coronavirus portends more hard times ahead for businesses struggling in Wyoming's capital city. (AP Photo/Mead Gruver)

No rodeo festival dashes Wyoming city's hopes amid COVID-19

May. 29, 2020 5:56 PM EDT

CHEYENNE, Wyo. (AP) — The Just Dandy women's clothing store in downtown Cheyenne has endured fire, flooding, recessions and so far the coronavirus pandemic, but will this year's cancellation of the city's famous cowboy-and-rodeo festival, Cheyenne Frontier Days, be the daddy-of-'em-all disaster? “I...

A man walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Friday, May 29, 2020. Shares fell Friday in Asia after Wall Street’s rally petered out amid worries about flaring U.S.-China tensions. (AP Photo/Eugene Hoshiko)

Stocks erase a loss as worries over China tensions fizzle

May. 29, 2020 5:13 PM EDT

Stocks closed out a solid week on Wall Street Friday with a late-afternoon rebound after worries that President Donald Trump would reignite a costly trade war with China faded. The benchmark S&P 500 index rose 0.5%, recovering from a 1% slide, after Trump outlined several actions in response to a move by...

FILE - In this March 3, 2020 file photo, Federal Reserve Chair Jerome Powell speaks during a news conference to discuss an announcement from the Federal Open Market Committee, in Washington. The Federal Reserve will issue the first loans under its groundbreaking Main Street Lending program in a “few days,”  Powell said Friday, May 29.  (AP Photo/Jacquelyn Martin)

Powell: Fed to soon begin 'challenging' Main Street lending

May. 29, 2020 2:21 PM EDT

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell acknowledged Friday that the Fed faces a major challenge with the launch in the coming days of a program that will lend to companies other than banks for the first time since the Great Depression. The Fed's Main Street Lending is geared toward...

Wearing masks to prevent the spread of the new coronavirus, Thiago do Nascimento, right, and Keilla de Almeida kiss during their drive-thru wedding at the registry office in the neighborhood of Santa Cruz, Rio de Janeiro, Brazil, Thursday, May 28, 2020. Couples have begun turning to this unconventional union at a notary in Santa Cruz since the COVID-19 started battering Brazil. (AP Photo/Silvia Izquierdo)

What you need to know today about the virus outbreak

May. 29, 2020 12:35 PM EDT

U.S. consumer spending plunged by a record-shattering 13.6% in April as the pandemic shuttered businesses, forced millions of layoffs and sent the economy into deep recession. Europe’s extensive social welfare net is showing signs of fraying under economic strain from the coronavirus. The Spanish...

A woman walks into a closing Gordmans store, Thursday, May 28, 2020, in St. Charles, Mo. Stage Stores, which owns Gordmans, is closing all its stores and has filed for Chapter 11 bankruptcy. (AP Photo/Jeff Roberson)

US consumer spending sinks by record 13.6% in face of virus

May. 29, 2020 11:29 AM EDT

WASHINGTON (AP) — U.S. consumer spending plunged by a record-shattering 13.6% in April as the viral pandemic shuttered businesses, forced millions of layoffs and sent the economy into a deep recession. Last month's spending decline was far worse than the revised 6.9% drop in March, which itself had set a...

Restaurant worker Madelyn Figgers stands in front of her porch Wednesday, May 27, 2020, in Richmond, Va. Figgers lost her job doing the coronavirus shutdown and is hoping to go to work when the city starts reopening next week. (AP Photo/Steve Helber)

Debate over $600 in jobless aid to intensify as claims rise

May. 29, 2020 10:36 AM EDT

WASHINGTON (AP) — A debate in Congress over whether to extend $600 a week in federally provided benefits to the unemployed looks sure to intensify with the number of people receiving the aid now topping 30 million — one in five workers. The money, included in a government relief package enacted in...

In this May 21, 2020, photo, grave diggers bury a body at Radwan Cemetery in Aden, Yemen. At a cemetery in Yemen’s largest southern city, dozens of fresh graves are a testament to a spike in deaths amid the coronavirus pandemic. The cemetery workers who bury them don’t know what killed the newly deceased. But there’s no denying that there's been an increasing number of people getting sick in the port city of Aden — likely from the coronavirus. (AP Photo)

The Latest: UN urges $2.4 billion in aid for war-torn Yemen

May. 29, 2020 1:31 AM EDT

The Latest on the coronavirus pandemic. The new coronavirus causes mild or moderate symptoms for most people. For some, especially older adults and people with existing health problems, it can cause more severe illness or death. TOP OF THE HOUR: — UN urgently appeals for $2.4 billion to help Yemen cope...

A man walks past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Friday, May 29, 2020. Shares fell Friday in Asia after Wall Street’s rally petered out amid worries about flaring U.S.-China tensions. (AP Photo/Eugene Hoshiko)

Asia shares fall as US-China tensions douse rally on Wall St

May. 28, 2020 11:57 PM EDT

BANGKOK (AP) — Shares fell Friday in Asia after Wall Street’s rally petered out amid worries about flaring U.S.-China tensions. Benchmarks declined in Hong Kong, Tokyo and Sydney but rose in Shanghai. Investors are nervously awaiting a news conference about China by President Donald Trump later in...

Senate Majority Leader Mitch McConnell of Ky., wears a face mask used to protect against the spread of the new coronavirus as he attends a press conference after meeting with Senate Republicans at their weekly luncheon on Capitol Hill in Washington, Tuesday, May 19, 2020. (AP Photo/Patrick Semansky)

What you need to know today about the virus outbreak

May. 28, 2020 7:03 PM EDT

Roughly 2.1 million people applied for U.S. unemployment benefits last week, a sign companies are still slashing jobs in the face of a deep recession even as more businesses reopen and rehire some laid-off employees. About 41 million people have applied for aid since the virus outbreak intensified in March....

FILE - In this Feb. 20, 2020, file photo President Donald Trump arrives to speak at a campaign rally at The Broadmoor World Arena in Colorado Springs, Colo. As the economy faces a once-in-a-century recession, with more than 38 million people out of work, Trump is increasingly talking up a future recovery that probably won't materialize until after the November election. (AP Photo/Evan Vucci, File)

White House punts economic update as election draws near

May. 28, 2020 5:58 PM EDT

WASHINGTON (AP) — The White House took the unusual step on Thursday of deciding not to release an updated economic forecast as planned this year, a fresh sign of the administration's anxiety about how the coronavirus has ravaged the nation just months before the election. The decision, which was confirmed...