Latest Recessions and depressions News

Former UAW President Owen Bieber dies aged 90

Feb. 17, 2020 1:53 PM EST

Owen Bieber, who led the United Auto Workers union from the auto industry's dark days of the early 1980s to the prosperity of the mid-1990s, has died. He was 90. Neither as charismatic as his predecessor, Douglas Fraser, nor as confrontational as his successor, Stephen Yokich, the low-key Bieber had an easygoing...

Elderly, halfhearted Florida bank robber won't be jailed

Feb. 14, 2020 12:22 PM EST

WEST PALM BEACH, Fla. (AP) — A 74-year-old Florida man whose halfhearted attempt at bank robbery was caused by depression after his wife's death will not spend any time in jail, it was announced Friday. Sandy Hawkins reached an agreement with Palm Beach County prosecutors where he will spend a year living...

European Central Bank President Christine Lagarde addresses European Parliament lawmakers during a monetary dialogue meeting at the European Parliament in Brussels, Thursday, Feb. 6, 2020. (AP Photo/Francisco Seco)

Negative interest rates turn saving, borrowing upside down

Feb. 14, 2020 11:00 AM EST

FRANKFURT, Germany (AP) — Imagine a mortgage that pays you the interest, not the other way around. Or a savings account where it's the bank, not the saver, who collects interest. Welcome to the upside-down world of ultra-low and negative interest rates that is taking hold in many parts of the world where...

File---Picture taken October 4, 2017 shows containers on a cargo ship in Hamburg, Germany. (Axel Heimken/dpa via AP)

German economy stagnates in sign of Europe's difficulties

Feb. 14, 2020 6:41 AM EST

FRANKFURT, Germany (AP) — Growth ground to a halt at the end of the year in Germany, Europe’s largest economy, as manufacturing remained in a slump and exports fell, official figures showed Friday. The flat reading underlines the challenge facing the broader eurozone economy as it struggles against...

Bank of Mexico cuts key interest rate quarter-point to 7%

Feb. 13, 2020 5:48 PM EST

MEXICO CITY (AP) — Mexico’s central bank lowered its benchmark interest rate by a quarter-point to 7% on Thursday, seeking to stimulate an economy that entered into recession last year. In a statement, the Bank of Mexico noted “characteristics of deceleration, low inflation, accommodative...

Members of political parties and social movements protest the visit of an International Monetary Fund (IMF) delegation, one with a sign that reads in Spanish

Argentina and IMF discuss debt in shadow of 2001 crisis

Feb. 12, 2020 5:30 PM EST

BUENOS AIRES, Argentina (AP) — Argentina has been here before: recession, growing poverty, high inflation, billions of dollars in debt, a looming deadline for repayment and simmering anger toward the International Monetary Fund. This is a big week for one of Latin America's biggest economies, which is...

FILE - In this Sept. 18, 2019, file photo people stand in line to inquire about jobs available at the Bean Automotive Group during a job fair designed for people fifty years or older in Miami. On Tuesday, Feb. 11, 2020, the Labor Department reports on job openings and labor turnover for December. (AP Photo/Lynne Sladky, File)

US open jobs fall sharply for 2nd straight month

Feb. 11, 2020 11:14 AM EST

WASHINGTON (AP) — U.S. businesses sharply cut the number of jobs they advertised in December for the second straight month, an unusual sign of weakness in an otherwise healthy job market. The number of available positions dropped 5.4% to 6.4 million, a historically solid number, the Labor Department said...

FILE - This undated file photo provided by NerdWallet shows Liz Weston, a columnist for personal finance website (NerdWallet via AP, File)

Liz Weston: How to navigate your most dangerous decade

Feb. 10, 2020 10:41 AM EST

Losing a job is almost always traumatic. In your 50s, job loss can be devastating — and devastatingly common. More than half the workers who entered their 50s with stable, full-time jobs were laid off or pushed out at least once by age 65, according to an analysis of employment data from 1990 to 2016 by...

AP FACT CHECK: Trump hypes 'comeback,' impeachment acquittal

Feb. 10, 2020 12:54 AM EST

WASHINGTON (AP) — President Donald Trump says the world is witnessing a great American economic revival that he brought on by reversing course from the Obama years. Yet the economy is not so different from the robust one he inherited and disparages at every turn. Trump's State of the Union speech came...

FILE - In this Aug. 21, 2019 file photo, Puerto Rico's Governor Wanda Vazquez holds a press conference to announce new administrative appointments at the governor's official residence La Fortaleza in San Juan, Puerto Rico. Puerto Rico's fragile economy is facing an uncertain future after Vazquez rejected on Sunday, Feb. 9, 2020, a settlement announced late Sunday with bondholders that would reduce the U.S. territory's public debt by 70%. (AP Photo/Carlos Giusti)

Puerto Rico's economy in limbo as governor rejects debt deal

Feb. 10, 2020 12:05 AM EST

SAN JUAN, Puerto Rico (AP) — Puerto Rico's fragile economy is facing an uncertain future after the island's governor rejected a settlement announced late Sunday with bondholders that would reduce the U.S. territory's public debt by 70%. The settlement is the biggest one to date since the island's...