Latest Recessions and depressions News

FILE - In this Sept. 2, 2020 file photo, pedestrians walk past a business storefront with store closing and sale signs in Dedham, Mass. The U.S. economy plunged at a record rate in the spring but is poised to break a record for an increase in the just-ending July-September quarter. The Commerce Department reported Wednesday, Sept. 30, that the gross domestic product, the economy’s total output of goods and services, fell at a rate of 31.4% in the April-June quarter, only slightly changed from the 31.7% drop estimated one month ago. (AP Photo/Steven Senne)

31.4% spring slide for a US economy likely to shrink in 2020

Sep. 30, 2020 10:51 AM EDT

WASHINGTON (AP) — The U.S. economy plunged at an unprecedented rate this spring and even with a record rebound expected in the just-ended third quarter, the U.S. economy will likely shrink this year, the first time that has happened since the Great Recession. The gross domestic product, the...

President Donald Trump listens to Democratic presidential candidate former Vice President Joe Biden during the first presidential debate Tuesday, Sept. 29, 2020, at Case Western University and Cleveland Clinic, in Cleveland, Ohio. (AP Photo/Morry Gash, Pool)

The Latest: Trump casts election doubts, Biden urges voting

Sep. 29, 2020 11:05 PM EDT

WASHINGTON (AP) — The Latest on the 2020 presidential election (all times local): 10:50 p.m. President Donald Trump and Democrat Joe Biden are painting a very different picture of the reliability of the upcoming election. Biden urged voters to cast their ballots and not be intimidated by Trump’s...

Diners eat lunch before the closure of restaurants and bars, in Marseille, southern France, Sunday Sept. 27, 2020. As restaurants and bars in Marseille prepared Sunday to shut down for a week as part of scattered new French virus restrictions, Health Minister Olivier Veran insisted that the country plans no fresh lockdowns. (AP Photo/Daniel Cole)

France to release $49 billion in economic stimulus next year

Sep. 28, 2020 10:03 AM EDT

PARIS (AP) — France's government presented its 2021 budget on Monday, a plan that aims to rescue the country's beleaguered economy from the impact of the coronavirus pandemic by injecting a 42 billion-euro ($49 billion) stimulus next year. Finance Minister Bruno Le Maire said “we are convinced that...

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...

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