Latest Recessions and depressions News

Ejaz Tarar stands next to his makeshift sign keeping customers six feet apart while cleaning the inside of the Food Mart in Newton County on Thursday, March 26, 2020, in Newborn. The store laid down tape to mark six foot barriers for customers. (Curtis Compton/Atlanta Journal-Constitution via AP)

As virus spreads, so does gloomy outlook for Georgia budget

Mar. 28, 2020 8:01 PM EDT

ATLANTA (AP) — Deaths and the number of confirmed COVID-19 cases in Georgia continued to increase Saturday, even as lawmakers tried to grapple with what the pandemic will mean for state finances. State House Speaker David Ralston and the top budget writers in the House and Senate said efforts to cut income...

Brazil's President Jair Bolsonaro speaks to journalists about the new coronavirus at Planalto presidential palace in Brasilia, Brazil, Friday, March 27, 2020. Even as coronavirus cases mount in Latin America’s largest nation, Bolsonaro is calling the pandemic a momentary, minor problem and saying strong measures to contain it are unnecessary. (AP Photo/Andre Borges)

Brazil’s Bolsonaro makes life-or-death coronavirus gamble

Mar. 28, 2020 5:29 PM EDT

RIO DE JANEIRO (AP) — Even as coronavirus cases mount in Latin America’s largest nation, Brazilian President Jair Bolsonaro has staked out the most deliberately dismissive position of any major world leader, calling the pandemic a momentary, minor problem and saying strong measures to contain it are...

FILE - In this Feb. 3, 2020, file photo, Sen. Pat Toomey, R-Pa., walks at the Capitol in Washington. The nation's fiercest fiscal conservatives are largely embracing the massive economic rescue package moving through Congress. In many cases, those conservatives who support the $2 trillion coronavirus spending bill are the very same who raged against the $800 billion economic stimulus package backed by the Obama administration after the 2008 financial crisis. (AP Photo/J. Scott Applewhite, File)

Hawks no more: Fiscal conservatives embrace rescue package

Mar. 28, 2020 1:45 PM EDT

NEW YORK (AP) — Republicans who have spent the past decade howling about the danger of ballooning deficits embraced the coronavirus rescue package approved by Congress and signed by President Donald Trump, shrugging off past concerns about spending in the face of a public health crisis. In many cases, the...

North Carolina receives 26,000 unemployment claims Friday

Mar. 28, 2020 11:55 AM EDT

North Carolina is reporting another heavy day of unemployment claims as nonessential businesses close or scale back operations during the COVID-19 outbreak. The North Carolina Department of Commerce said in a news release that the state had received more than 26,000 unemployment claims on Friday. Prior to the...

President Donald Trump speaks before he signs the coronavirus stimulus relief package in the Oval Office at the White House, Friday, March 27, 2020, in Washington. Listening are from left, Larry Kudlow, White House chief economic adviser, Treasury Secretary Steven Mnuchin, Senate Majority Leader Mitch McConnell, R-Ky., and House Minority Leader Kevin McCarty of Calif. (AP Photo/Evan Vucci)

Trump signs $2.2T stimulus after swift congressional votes

Mar. 28, 2020 12:09 AM EDT

WASHINGTON (AP) — President Donald Trump signed an unprecedented $2.2 trillion economic rescue package into law after swift and near-unanimous action by Congress to support businesses, rush resources to overburdened health care providers and help struggling families during the deepening coronavirus...

Indiana arts groups dealing with pandemic postponements

Mar. 28, 2020 12:02 AM EDT

SOUTH BEND, Ind. (AP) — Arts organizations often call themselves “a light in the darkness” — a source of hope, meaning and solace that, especially with the performing arts, brings people together as a community. “Going to a performance is an event,” the president of The...

Gyasi Subira, a courier with FedEx, delivers a package at a business closed to the public along his route amid the coronavirus outbreak Friday, March 27, 2020, in Las Vegas. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo/John Locher)

Nevada swamped by record jobless claims after virus closures

Mar. 27, 2020 11:47 PM EDT

LAS VEGAS (AP) — A record-setting wave of jobless applicants overwhelmed Nevada's unemployment system following casino closures because of the coronavirus pandemic, state officials acknowledged Friday. Officials promised that people having trouble submitting claims will not lose benefits regardless of...

A worker passes by a sculpture outside a coffee shop open for pickup and take-away orders during a statewide stay-at-home order in an effort to reduce the spread of the new coronavirus Friday, March 27, 2020, in Evergreen, Colo. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo/David Zalubowski)

More records broken in virus-related Colorado jobless claims

Mar. 27, 2020 7:39 PM EDT

Emilio Fernandez has worked for a restaurant chain for eight years and signed up with Rover, an online dog walking service, to pad his income. Then the coronavirus hit. Now the Denver resident works one shift a week at the restaurant. He has stopped walking dogs, fearing he will get sick by entering unknown...

A man balances boxes of food that he picked up from Masbia Soup Kitchen, Thursday, March 26, 2020 during the coronavirus pandemic in the Brooklyn borough of New York. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo/Mark Lennihan)

Staying afloat: $2.2 trillion bill offers economic lifeline

Mar. 27, 2020 6:33 PM EDT

WASHINGTON (AP) — In the coronavirus crisis, even doctors can face a cash crunch. Dr. Benjamin Ticho, an ophthalmologist in Chicago Ridge, Illinois, has seen his revenue plunge 80% as patients stay home and he cancels non-emergency surgeries. He’s cut his staff’s hours sharply and is...

FILE - In this Tuesday, March 24, 2020 file photo, Gov. Andrew Cuomo speaks during a news conference against a backdrop of medical supplies at the Jacob Javits Center that will house a temporary hospital in response to the COVID-19 outbreak in New York. Cuomo, a Democrat, ripped the GOP-led Senate's version of the coronavirus package as

Coronavirus deals one-two financial punch to state budgets

Mar. 27, 2020 5:42 PM EDT

The coronavirus is pounding state governments with a financial one-two punch, costing them millions to try to contain the disease just as businesses are shutting down and tax revenue is collapsing. The sharp drop in revenue could jeopardize some states' ability to provide basic services. States ranging from tiny...