Latest Recessions and depressions News

FILE - In this May 8, 2019 file photo, then Federal Trade Commission commissioner Rohit Chopra testifies during a House Energy and Commerce subcommittee hearing on Capitol Hill in Washington. President-elect Joe Biden is set to nominate Rohit Chopra as the director of the Consumer Financial Protection Bureau, tapping a progressive ally of Sen. Elizabeth Warren to helm the agency whose creation she championed. (AP Photo/Susan Walsh)

Biden picks Chopra, Gensler for financial oversight roles

Jan. 18, 2021 2:15 PM EST

WASHINGTON (AP) — President-elect Joe Biden has chosen Rohit Chopra to be the director of the Consumer Financial Protection Bureau, tapping a progressive ally of Sen. Elizabeth Warren to helm the agency whose creation she championed. Chopra, now a commissioner at the Federal Trade Commission, helped launch...

The Washington Monument and the National Mall are visible as members of the U.S. Air Force Honor Guard walk along the West Front of the U.S. Capitol at the site of the 59th Presidential Inauguration in Washington, Monday, Jan. 18, 2021. (AP Photo/Andrew Harnik)

Biden's test: Engineering economic boom in a partisan divide

Jan. 18, 2021 12:31 PM EST

BALTIMORE (AP) — When Joe Biden entered the White House as vice president, the economy was cratering. Job losses were mounting. Stocks were crashing. Millions of Americans were in the early stages of losing their homes to foreclosure as the housing bubble burst. Biden returns to the White House as...

A view from the lower west terrace door as preparations are made prior to a dress rehearsal for the 59th inaugural ceremony for President-elect Joe Biden and Vice President-elect Kamala Harris on Monday, January 18, 2021 at the U.S. Capitol in Washington.  (Win McNamee/Pool via AP)

Biden aims for unifying speech at daunting moment for US

Jan. 18, 2021 11:47 AM EST

President-elect Joe Biden will take the stage for his inaugural address at perhaps the most difficult starting point for a president since Franklin Roosevelt began his first term by assuring a nation scarred by the Great Depression that “we have nothing to fear but fear itself.” But memorable turns...

FILE -- This May 2, 2019 file photo shows lawmakers meet on the floor of the state House of Representatives at the Hawaii State Capitol in Honolulu. Cut spending, raise taxes, or perhaps both. Hawaii lawmakers face tough choices as they convene a new legislative session this week amid a pandemic that has pummeled tourism, the state's biggest industry, and depleted tax revenue. Lawmakers expect to spend time addressing how to spend federal funds allocated to help Hawaii test for the coronavirus, distribute vaccines, and bolster hospitals. They'll also consider how to help Hawaii's economy recover from the public health crisis. (AP Photo/Audrey McAvoy, File)

Hawaii lawmakers face tough choices amid pandemic recession

Jan. 18, 2021 9:04 AM EST

HONOLULU (AP) — Cut spending, raise taxes or perhaps both. Hawaii lawmakers face tough choices as they convene a new legislative session this week amid a pandemic that has pummeled tourism, the state's biggest industry, and depleted tax revenue. Lawmakers expect to spend time addressing how to spend...

A Wells Fargo office is shown, Wednesday, Jan. 13, 2021 in New York.  Wells Fargo & Co. says its profit rose 4% to $2.99 billion in the fourth quarter of 2020. The bank, based in San Francisco, said Friday that it had earnings of 64 cents per share, compared with earnings of 60 cents a year earlier. (AP Photo/Mark Lennihan)

Optimistic banks start moving 'bad' loans back to 'good'

Jan. 15, 2021 1:42 PM EST

CHARLOTTE, N.C. (AP) — The pandemic and recession aren’t over by a long shot, but banks are feeling optimistic enough to start taking potentially “bad” loans off their books and move them back into the “good” pile. The financial performance of the big U.S. banks has...

A woman wearing a face covering walks past a shop window in London, Thursday, Jan. 14, 2021 during England's third national lockdown to curb the spread of coronavirus. (AP Photo/Kirsty Wigglesworth)

Another recession looms for UK economy as lockdowns bite

Jan. 15, 2021 7:06 AM EST

LONDON (AP) — The British economy looks set to fall back into recession after official figures on Friday showed that it shrank by 2.6% month-on-month in November, when much of the country was in a second coronavirus lockdown. The Office for National Statistics said that as a result of the fall, the economy...

'Zombie subdivisions' coming back to life in Casa Grande

Jan. 15, 2021 12:23 AM EST

CASA GRANDE, Ariz. (AP) — “Zombie subdivisions" left behind when the Great Recession collapsed the homebuilding industry in Casa Grande are coming back to life. The partially built neighborhoods launched from 2005 to 2007 were left incomplete, some with water and sewer lines and even paved streets,...

Federal Reserve Chairman Jerome Powell testifies before a House Financial Services Committee hearing on Capitol Hill in Washington, Wednesday, Dec. 2, 2020. (Greg Nash/Pool via AP)

Powell signals Fed will keep aiding economy with bond buying

Jan. 14, 2021 4:50 PM EST

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell sought Thursday to tamp down any concerns that the Fed might soon withdraw some of its support for the U.S. economy and stressed that any such pullback would be signaled far in advance. During an online discussion hosted by Princeton University, from...

Italian Senator, former premier and head of the political party 'Italia Viva' (IV), Matteo Renzi holds a press conference at the Italian Chamber of Deputies in Rome, Wednesday, Jan. 13, 2021. The Italian cabinet was in crisis on January 13, 2021 following the resignations of ministers Teresa Bellanova and Elena Bonetti, members of former premier Matteo Renzi's Italia Viva party. (Alberto Pizzoli/pool via AP)

Ex-premier yanks ministers from Italy's coalition government

Jan. 13, 2021 3:28 PM EST

ROME (AP) — A former leader of Italy yanked his party's ministers Wednesday from Premier Giuseppe Conte's government, triggering a political crisis in the middle of a pandemic that could lead to a revamped Cabinet, a different coalition leader or the early election eagerly sought by right-wing opposition...

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Job openings down in most industries, while layoffs spike

Jan. 12, 2021 11:10 AM EST

WASHINGTON (AP) — Layoffs spiked in November compared with the previous month and the number of job openings slipped, signaling that the job market has stalled as the resurgent coronavirus has brought about another wave shutdowns of restaurants and bars and hobbled consumer spending. While the layoffs were...