Latest Recessions and depressions News

US budget deficit hits $2.77 trillion in 2021, 2nd highest

Oct. 22, 2021 15:41 PM EDT

WASHINGTON (AP) — The U.S. budget deficit totaled $2.77 trillion for 2021, the second highest on record but an improvement from the all-time high of $3.13 trillion reached in 2020. The deficits in both years reflect trillions of dollars in government spending to counteract the devastating...

IMF foresees a slight drop in global growth from pandemic

Oct. 12, 2021 11:17 AM EDT

WASHINGTON (AP) — The International Monetary Fund is slightly downgrading its outlook for the global recovery from the pandemic recession, reflecting the persistence of supply chain disruptions in industrialized countries and deadly disparities in vaccination rates between rich and poor...

EXPLAINER: 5 key takeaways from the September jobs report

Oct. 09, 2021 10:30 AM EDT

WASHINGTON (AP) — September wasn't exactly the robust month for hiring that many had expected and hoped for. With the delta variant still disrupting the economy and employers struggling to find enough workers, the gain for the month amounted to 194,000 jobs — not even...

4th Aussie rules football player had CTE before death

Oct. 08, 2021 22:44 PM EDT

MELBOURNE, Australia (AP) — The former captain of a championship-winning team in Australian rules football has become the fourth league player to be posthumously diagnosed with a debilitating neurological disease linked to head trauma and concussions. Murray Weideman,...

Delta variant and worker shortage keep a lid on job growth

Oct. 08, 2021 18:12 PM EDT

WASHINGTON (AP) — U.S. employers added just 194,000 jobs in September, a second straight tepid gain and evidence that the pandemic has kept its grip on the economy, with many companies struggling to fill millions of open jobs. Friday’s report from the Labor...

US average mortgage rates decline; 30-year at 2.99%

Oct. 07, 2021 18:31 PM EDT

WASHINGTON (AP) — Average long-term mortgage rates declined this week, with the benchmark 30-year loan slipping back below 3%. Mortgage buyer Freddie Mac reported Thursday that the average rate for a 30-year mortgage eased to 2.99% from 3.01% last week. The rate stood...

Puzzle overhanging job market: When will more people return?

Oct. 07, 2021 13:51 PM EDT

WASHINGTON (AP) — When the U.S. government issues the September jobs report on Friday, the spotlight will fall not only on how many people were hired last month. A second question will command attention, too: Are more people finally starting to look for work? To an...

US jobless claims fall to 326,000, first drop in four weeks

Oct. 07, 2021 09:01 AM EDT

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell last week, another sign that the U.S. job market and economy continue their steady recovery from last year's coronavirus recession. Unemployment claims fell by 38,000 to 326,000, the first...

Congress foresees short-term debt fix amid perilous standoff

Oct. 06, 2021 22:27 PM EDT

WASHINGTON (AP) — Republican and Democratic leaders edged back Wednesday from a perilous standoff over lifting the nation's borrowing cap, with Democratic senators signaling they were receptive to an offer from Senate GOP leader Mitch McConnell that would allow an emergency extension into...

New California laws aim to combat fraud in jobless benefits

Oct. 05, 2021 22:22 PM EDT

SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom signed new laws Tuesday to tighten security in the state's unemployment system after his administration OK’d billions of dollars in fraudulent payments during the pandemic while legitimate claimants languished in a backlog awaiting...