Latest Recessions and depressions News

South Sudan blames fighting in neighboring Sudan and attacks in the Red Sea for its crisis

Feb. 28, 2024 07:15 AM EST

JUBA, South Sudan (AP) — South Sudan's government on Tuesday blamed the country's economic crisis in part on the fighting in neighboring Sudan and the instability in the Red Sea, where Yemen’s Houthi rebels have been attacking international shipping. With most government workers...

Consumer confidence slips in February as anxiety over potential recession surprisingly reappears

Feb. 27, 2024 14:00 PM EST

American consumers are feeling less confident this month as concerns over a possible recession grew despite most recent data pointing to a healthy U.S. economy. The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 106.7 from a...

Leading British economic think tank thinks there's a 'weak' case for tax cuts in next week's budget

Feb. 27, 2024 06:24 AM EST

LONDON (AP) — A leading British think tank that specializes in the state of the country's public finances thinks there's a “weak economic case” for further tax cuts in next week's budget, which the Conservative government is hoping can give a lift to its prospects at the general election...

Insider Q&A: Builder KB Home on outlook for Spring homebuying season

Feb. 26, 2024 12:47 PM EST

LOS ANGELES (AP) — Rising mortgage rates through much of 2023 kept many prospective homebuyers and sellers on the sidelines and the housing market in a deep slump. Homebuilders responded by lowering prices and offering incentives like mortgage rate buydowns to help buyers get over...

What recession? Professional forecasters raise expectations for US economy in 2024

Feb. 26, 2024 10:45 AM EST

NEW YORK (AP) — This year looks to be a much better one for the U.S. economy than business economists were forecasting just a few months ago, according to a survey released Monday. The economy looks set to grow 2.2% this year after adjusting for inflation, according to the...

Vice Media says 'several hundred' staff members will be laid off, Vice.com news site shuttered

Feb. 22, 2024 19:10 PM EST

NEW YORK (AP) — Vice Media plans to lay off several hundred employees and no longer publish material on its Vice.com website, the company's CEO said in a memo to staff Thursday. Vice, which filed for bankruptcy last year before being sold for $350 million to a consortium led by the...

Home sales rose in January as easing mortgage rates, more homes for sale enticed homebuyers

Feb. 22, 2024 16:53 PM EST

LOS ANGELES (AP) — Sales of previously occupied U.S. homes rose in January as homebuyers were encouraged by easing mortgage rates and a modest pickup in properties on the market. Existing home sales rose 3.1% last month from December to a seasonally adjusted annual rate of 4...

Japan's Nikkei stock index breaks its 1989 record and surges to an all-time high

Feb. 22, 2024 06:39 AM EST

Japan’s benchmark Nikkei 225 index surged Thursday past the record it set in 1989 before its financial bubble burst, ushering in an era of faltering growth. The index closed Thursday at 39,098.68, up 2.2%. Its previous record was 38,915.87, set on Dec. 29, 1989. So now it is back...

Robots and happy workers: Productivity surge helps explain US economy's surprising resilience

Feb. 21, 2024 07:47 AM EST

WASHINGTON (AP) — Trying to keep up with customer demand, Batesville Tool & Die began seeking 70 people to hire last year. It wasn't easy. Attracting factory workers to a community of 7,300 in the Indiana countryside was a tough sell, especially having to compete with big-name manufacturers...

Japan's exports surged nearly 12% in January in 2nd straight month of gains

Feb. 21, 2024 03:01 AM EST

TOKYO (AP) — Japan's exports surged a stronger than expected nearly 12% in January, helped by robust demand for vehicles, auto parts and machinery. That helped the nation’s trade deficit shrink to 1.76 trillion yen ($12 billion), or about half of what it was a year earlier. ...