Latest Recessions and depressions News

EXPLAINER: Why the debt limit is again roiling Washington

Sep. 23, 2021 00:32 AM EDT

WASHINGTON (AP) — The idea of the U.S. government breaching its “debt limit” sounds scary. But what, exactly, are lawmakers in Washington fighting about? The debt limit is a nearly century-old artificial cap that Congress placed on the U.S. government's ability to...

Georgia reaps $2.2B surplus even after rainy day fund fills

Sep. 20, 2021 18:23 PM EDT

ATLANTA (AP) — Georgia has more money in the bank than ever before, creating a chance for an election-year spending or tax-cutting spree — if that's what Gov. Brian Kemp and Republican lawmakers want. Figures released Monday show the state ended the 2021 budget with a...

Fed likely to signal a coming pullback in economic support

Sep. 20, 2021 11:46 AM EDT

WASHINGTON (AP) — The Federal Reserve is expected this week to send its clearest signal yet that it will start reining in its ultra-low-interest rate policies later this year, a first step toward unwinding the extraordinary support it's given the economy since the pandemic struck 18 months...

Indian opposition party holds street protest demanding jobs

Sep. 17, 2021 08:12 AM EDT

NEW DELHI (AP) — Youth members of India's main opposition Congress party clashed with police during a street protest Friday demanding jobs as the country’s economy recovers from a coronavirus lockdown last year that triggered massive unemployment. They also urged...

Census: Relief programs staved off hardship in COVID crash

Sep. 14, 2021 17:24 PM EDT

WASHINGTON (AP) — Massive government relief passed in response to the COVID-19 pandemic moved millions of Americans out of poverty last year, even as the official poverty rate increased slightly, the Census Bureau reported Tuesday. The official poverty measure rose 1...

Study: State worker pension systems in best shape since 2008

Sep. 14, 2021 15:08 PM EDT

Pension systems for state government workers across the U.S. are in their best shape since the Great Recession began more than a dozen years ago, according to a study released Tuesday. The Pew Charitable Trust report credits a booming stock market over the past year as...

US budget deficit rises to $2.71 trillion through August

Sep. 13, 2021 16:02 PM EDT

WASHINGTON (AP) — The U.S. budget deficit rose to $2.71 trillion through August, on track to be the second largest shortfall in history due to trillions of dollars in COVID relief. In its monthly budget report, the Treasury Department said Monday that the deficit for...

US producer prices jump an unprecedented 8.3% in August

Sep. 10, 2021 09:10 AM EDT

WASHINGTON (AP) — Inflation at the wholesale level climbed 8.3% last month from August 2020, the biggest annual gain since the Labor Department started calculating the 12-month number in 2010. The Labor Department reported Friday that its producer price index — which...

Europe's central bank eases support, but it's not a taper

Sep. 09, 2021 11:13 AM EDT

FRANKFURT, Germany (AP) — The European Central Bank will dial back some of its massive emergency pandemic support for the economy amid signs of increasing business activity and consumer readiness to spend as the 19 countries that use the euro rebound from the coronavirus recession. ...

Furlough total in UK falls to new low as many return to work

Sep. 09, 2021 11:00 AM EDT

LONDON (AP) — The number of workers still on furlough in Britain has fallen to its lowest level since a salary support program was first introduced at the outset of the coronavirus pandemic 18 months ago, official figures showed Thursday. HM Revenue and Custom, which...