Latest Recessions and depressions News

California agency predicts $7 billion state budget surplus

Nov. 20, 2019 7:56 PM EST

SACRAMENTO, Calif. (AP) — California is expected to have a $7 billion budget surplus next year, but lawmakers were urged Wednesday not to spend all of it because a sizable chunk depends on an upcoming decision by the Trump administration as it feuds with state Democratic leaders. A report from the...

Asian shares retreat on poor Japan trade data, China news

Nov. 19, 2019 10:34 PM EST

BEIJING (AP) — Shares retreated in Asia on Wednesday after Japan reported its worst monthly decline in exports in three years, putting pressure on the economy as growth slows following a sales tax hike. Adding to regional jitters, the U.S. Senate passed a resolution overnight to support human rights in...

Markets Right Now: S&P 500 ekes out a record at the close

Nov. 14, 2019 4:17 PM EST

NEW YORK (AP) — The latest on developments in financial markets (all times local): 4 p.m. The S&P 500 has eked out a new record on an otherwise uneventful day on Wall Street. The benchmark index closed with a gain of 2 points at 3,096, its third straight increase after a decline on Monday....

Powell urges Congress to tackle growing budget deficit

Nov. 14, 2019 3:23 PM EST

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell on Thursday urged Congress to tackle the growing budget deficit but also underscored the current health of the nation’s economy. Powell’s testimony before the House Budget Committee came a day after he told Congress’ Joint...

The Latest: Powell dismisses recession concerns

Nov. 14, 2019 11:30 AM EST

WASHINGTON (AP) — The Latest on Federal Reserve Chairman Jerome Powell’s testimony before the House Budget Committee on Thursday (all times local): ___ 11:30 a.m. Fed Chairman Jerome Powell says the United States has the “star economy” in the world at the moment and there is no reason...

Global markets lower amid uncertainty about US-China trade

Nov. 14, 2019 7:58 AM EST

BEIJING (AP) — Global stock markets slipped Thursday amid doubts about a U.S.-Chinese trade deal and after the U.S. Federal Reserve chairman said it is likely to leave its benchmark interest rate unchanged. London and Frankfurt were trading lower after Tokyo and Hong Kong closed down for the day. Wall...

German economy avoids recession in 3Q, but challenges remain

Nov. 14, 2019 4:03 AM EST

BERLIN (AP) — Germany’s economy, Europe’s largest, avoided entering a widely-anticipated recession in the third quarter as strong domestic spending helped spark modest growth, the Federal Statistical Office reported Thursday. The Wiesbaden-based agency said the economy grew 0.1% in the...

German economy grows slightly in 3rd quarter, averting feared recession

Nov. 14, 2019 2:06 AM EST
BERLIN (AP) — German economy grows slightly in 3rd quarter, averting feared recession.

Fed’s Powell sees steady growth, signals pause in rate cuts

Nov. 13, 2019 4:27 PM EST

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell said Wednesday that the Fed is likely to keep its benchmark short-term interest rate unchanged in the coming months, unless the economy shows signs of worsening. But for now, in testimony before a congressional panel, Powell expressed optimism about...

Brazil launches job program amid mass unemployment

Nov. 11, 2019 7:43 PM EST

BRASILIA, Brazil (AP) — President Jair Bolsonaro launched a jobs program Monday largely based on tax reductions as Brazil struggles to put more than 12 million people back to work. The pension and labor secretary said the administration aims to create 1.8 million jobs for people ages 18-29 and almost 1...