Latest Recessions and depressions News

Lots of sound and fury on US debt, but not a crisis — yet

Jan. 27, 2023 13:07 PM EST

WASHINGTON (AP) — For all the sound and fury about raising the nation's debt limit, most economists say federal borrowing is not at a crisis point ... at least not yet. The national debt is at the core of a dispute about how to raise the government's legal borrowing authority, a...

US inflation and consumer spending cooled in December

Jan. 27, 2023 11:32 AM EST

WASHINGTON (AP) — The Federal Reserve's preferred inflation gauge eased further in December, and consumer spending fell — the latest evidence that the Fed's series of interest rate hikes are slowing the economy. Friday’s report from the Commerce Department showed that prices...

Asian shares edge higher, tracking Wall Street rally

Jan. 26, 2023 22:32 PM EST

TOKYO (AP) — Asian shares advanced Friday, tracking a rally on Wall Street following reports suggesting the economy and corporate profits may be doing better than feared. In Tokyo, data showed the core consumer price index was up 4.3%, slightly higher than expected at 4.2%, and...

Bed Bath & Beyond says it's in default on its loans

Jan. 26, 2023 16:36 PM EST

NEW YORK (AP) — Bed Bath & Beyond said Thursday that it's in default on its loans and doesn't have sufficient funds to repay what it owes. The home goods chain said in a Securities and Exchange Commission filing that the default would force it to consider alternatives including...

US economy slowed but still grew at 2.9% rate last quarter

Jan. 26, 2023 16:11 PM EST

WASHINGTON (AP) — The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession. Thursday’s estimate from the Commerce Department showed that the...

Yellen visits Zambian farm to showcase Africa's ag potential

Jan. 26, 2023 11:35 AM EST

CHONGWE, Zambia (AP) — U.S. Treasury Secretary Janet Yellen traveled from a small farm on a rural red clay road to a ramen noodle manufacturing plant in Zambia's bustling capitol of Lusaka on Tuesday to showcase Africa's potential to help solve the world's problems with food shortages. ...

How will we know if the US economy is in a recession?

Jan. 26, 2023 09:49 AM EST

WASHINGTON (AP) — The second consecutive quarter of economic growth that the government reported Thursday underscored that the nation isn't in a recession despite high inflation and the Federal Reserve's fastest pace of interest rate hikes in four decades. Yet the U.S. economy is...

US economy grew at 2.9% pace from October through December despite pressure from high rates and fear of coming recession

Jan. 26, 2023 08:40 AM EST
WASHINGTON (AP) — US economy grew at 2.9% pace from October through December despite pressure from high rates and fear of coming recession.

Toyota CEO Akio Toyoda to step aside, become chairman

Jan. 26, 2023 06:56 AM EST

TOKYO (AP) — Toyota set up a new leadership team Thursday in what the Japanese automaker said was a move to stay abreast of social changes like electrification and becoming a wider “mobility company.” Chief Executive and President Akio Toyoda, grandson of the company's...

UN forecasts fall in global economic growth to 1.9% in 2023

Jan. 25, 2023 23:13 PM EST

UNITED NATIONS (AP) — The United Nations forecast Wednesday that global economic growth will fall significantly to 1.9% this year as a result of the food and energy crisis sparked by the war in Ukraine, the impact of the COVID-19 pandemic, persistently high inflation and the climate emergency. ...