Latest Recessions and depressions News

US jobless claims rise by 28,000, but still low at 222,000

Dec. 02, 2021 09:03 AM EST

WASHINGTON (AP) — The number of Americans applying for unemployment benefits rose last week even though the U.S. job market has been rebounding from last year's coronavirus recession. Jobless claims climbed by 28,000 to 222,000 from the previous week's 52-year low...

India's economy grows by 8.4% amid signs of recovery

Nov. 30, 2021 22:30 PM EST

NEW DELHI (AP) — India's economy grew at an 8.4% annual pace in the July-September quarter in the latest sign of an economic recovery in Asia’s third-largest economy, the government reported Tuesday. India suffered one of the biggest setbacks of any major economy in...

Nevada casinos match 8-month mark for $1B in house winnings

Nov. 30, 2021 18:49 PM EST

LAS VEGAS (AP) — Nevada casinos matched a record streak of eight straight months of $1 billion or more in house winnings in October, with travel, tourism and events returning to pre-pandemic levels in a state dependent on gambling revenues, according to several economic reports. ...

US home prices register 19.1% annual gain in September

Nov. 30, 2021 09:44 AM EST

WASHINGTON (AP) — U.S. home prices rose briskly in September, another sign that the housing market is booming in the aftermath of last year's coronavirus recession. The S&P CoreLogic Case-Shiller 20-city home price climbed 19.1% in September from a year earlier. The...

Businesses luring employees along with customers this season

Nov. 27, 2021 10:18 AM EST

FOLSOM, Calif. (AP) — The Hampton Inn in Folsom, California, has 147 rooms, but General Manager Enid Baldock could only rent 117 of them recently because she did not have enough workers to clean them. “I was turning people away with 30 rooms (available)....

Fed officials express resolve to address inflation risks

Nov. 24, 2021 17:27 PM EST

WASHINGTON (AP) — Federal Reserve officials in discussions earlier this month said the central bank “would not hesitate” to take appropriate actions to address inflation pressures that posed risks to the economy. In minutes released Wednesday of the Fed's Nov. 2-3...

US jobless claims hit 52-year low after seasonal adjustments

Nov. 24, 2021 09:24 AM EST

WASHINGTON (AP) — The number of Americans applying for unemployment benefits plummeted last week to the lowest level in more than half a century, another sign that the U.S. job market is rebounding rapidly from last year's coronavirus recession. Jobless claims dropped...

Biden aims to do what presidents often can't: Beat inflation

Nov. 23, 2021 16:43 PM EST

WASHINGTON (AP) — LBJ tried jawboning. Richard Nixon issued a presidential edict. The Ford administration printed buttons exhorting Americans to “Whip Inflation Now.’’ Over the years, American presidents have tried, and mostly floundered, in their efforts to quell...

Fed's Powell will aim to win a high-stakes bet in 2nd term

Nov. 23, 2021 06:56 AM EST

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell gambled last year that his ultra-low rate policies would help revive an economy that had sunk deep into a pandemic-induced recession. So far, his bet has mostly paid off. Growth and hiring have rebounded faster than...

Biden to keep Powell as Fed chair, Brainard gets vice chair

Nov. 22, 2021 15:18 PM EST

WASHINGTON (AP) — President Joe Biden said Monday he is nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing his stewardship of the economy through a brutal pandemic recession in which the Fed's ultra-low rate policies helped bolster confidence and...