Latest Recessions and depressions News

Political hero's death overshadows Australian campaign

May. 16, 2019 11:44 PM EDT

CANBERRA, Australia (AP) — Australia's opposition leader said he wants to win elections on Saturday for his Australian political hero whose death overshadows the final days of campaigning. The death of former Prime Minister Bob Hawke at his Sydney home on Thursday has turned the national focus to the...

Ex-Australian Prime Minister Bob Hawke dies at age 89

May. 16, 2019 7:54 AM EDT

CANBERRA, Australia (AP) — Bob Hawke, Australia's longest-serving Labor Party prime minister, whose charisma and powers of persuasion earned him near-folk hero status among many Australians, died on Thursday, his wife said. He was 89. The former union leader dedicated much of his political career to trade...

Trump faces backlash over plan to dip into Pell reserves

May. 14, 2019 6:43 PM EDT

Education advocates say a Trump administration plan to use federal Pell Grant money to fund space exploration would jeopardize aid for future college students and could trigger a budgeting crisis within just a few years. The plan aims to redirect $1.9 billion from a Pell Grant surplus to jumpstart other projects,...

Stocks rebound as hopes rise that trade tensions will ease

May. 10, 2019 5:08 PM EDT

Wall Street capped a turbulent week with a late-day rally Friday after shaking off an early slump triggered by the latest escalation in the trade war between the U.S. and China. The market fell sharply in the early going after the U.S. raised tariffs on $200 billion worth of Chinese goods when negotiators failed...

New budget proposal tackles homelessness in California

May. 9, 2019 8:48 PM EDT

SACRAMENTO, Calif. (AP) — Calling it "a stain on the state of California," Gov. Gavin Newsom on Thursday vowed to use part of a historic budget surplus to tackle homelessness in the nation's most prosperous state. "This homeless issue is out of control," Newsom told reporters on as he unveiled his revised...

Board extends power to cover Puerto Rico's 78 municipalities

May. 9, 2019 12:28 PM EDT

SAN JUAN, Puerto Rico (AP) — A federal control board that oversees Puerto Rico's finances voted on Thursday to extend its power and bring all of the U.S. territory's 78 municipalities under its supervision for the first time. The board announced that it also will require fiscal plans and budgets from 10 of...

Game of Thrones: Like many CEOs, Dany sees confidence slip

May. 6, 2019 3:57 PM EDT

WASHINGTON (AP) — Faith is waning in Daenerys Targaryen's ability to conquer and then justly rule Westeros. The Mother of Dragons is down to only one firedrake, after a barrage of oversized crossbow bolts from an enemy ship killed her dragon Rhaegal. As the playwright Oscar Wilde might say, to lose one...

IPOs bring tax jackpot for California; can lawmakers resist?

May. 5, 2019 3:21 PM EDT

SACRAMENTO, Calif. (AP) — Uber and Airbnb are among at least six California-based companies valued at more than $1 billion expected to go public this year, creating a new class of millionaires and billionaires and a welcome quandary for the state's budget writers. Though it's tough to gauge the total tax...

Hiring surge lifts economy - and Trump's reelection chances

May. 4, 2019 5:52 AM EDT

NEW YORK (AP) — The lowest unemployment rate in a half century. More than 260,000 new jobs. And higher hourly wages. "I'll be running on the economy," President Donald Trump declared on Friday. And why wouldn't he? The day's new round of sunny employment figures offered fresh evidence of a strong national...

Unemployment hits 49-year low as US employers step up hiring

May. 3, 2019 5:13 PM EDT

WASHINGTON (AP) — Hiring accelerated and pay rose at a solid pace in April, setting the stage for healthy U.S. economic growth to endure despite fears of a slowdown earlier this year. Employers added 263,000 jobs, with the unemployment rate dropping to a five-decade low of 3.6% from 3.8%, though that drop...