Latest Recessions and depressions News

Vice Media says 'several hundred' staff members will be laid off, Vice.com news site shuttered

Feb. 22, 2024 19:10 PM EST

NEW YORK (AP) — Vice Media plans to lay off several hundred employees and no longer publish material on its Vice.com website, the company's CEO said in a memo to staff Thursday. Vice, which filed for bankruptcy last year before being sold for $350 million to a consortium led by the...

Home sales rose in January as easing mortgage rates, more homes for sale enticed homebuyers

Feb. 22, 2024 16:53 PM EST

LOS ANGELES (AP) — Sales of previously occupied U.S. homes rose in January as homebuyers were encouraged by easing mortgage rates and a modest pickup in properties on the market. Existing home sales rose 3.1% last month from December to a seasonally adjusted annual rate of 4...

Japan's Nikkei stock index breaks its 1989 record and surges to an all-time high

Feb. 22, 2024 06:39 AM EST

Japan’s benchmark Nikkei 225 index surged Thursday past the record it set in 1989 before its financial bubble burst, ushering in an era of faltering growth. The index closed Thursday at 39,098.68, up 2.2%. Its previous record was 38,915.87, set on Dec. 29, 1989. So now it is back...

Robots and happy workers: Productivity surge helps explain US economy's surprising resilience

Feb. 21, 2024 07:47 AM EST

WASHINGTON (AP) — Trying to keep up with customer demand, Batesville Tool & Die began seeking 70 people to hire last year. It wasn't easy. Attracting factory workers to a community of 7,300 in the Indiana countryside was a tough sell, especially having to compete with big-name manufacturers...

Japan's exports surged nearly 12% in January in 2nd straight month of gains

Feb. 21, 2024 03:01 AM EST

TOKYO (AP) — Japan's exports surged a stronger than expected nearly 12% in January, helped by robust demand for vehicles, auto parts and machinery. That helped the nation’s trade deficit shrink to 1.76 trillion yen ($12 billion), or about half of what it was a year earlier. ...

Maryland Gov. Wes Moore testifies for bills aimed at making housing more affordable

Feb. 20, 2024 19:47 PM EST

ANNAPOLIS, Md. (AP) — Maryland Gov. Wes Moore testified Tuesday in support of measures aimed at making housing more affordable and protecting renters, some of the governor's top priorities this legislative session. Moore, a Democrat, told lawmakers that the state is facing “a...

Bank of England says UK recession is modest in historical terms and that upturn is probably underway

Feb. 20, 2024 10:42 AM EST

Bank of England Gov. Andrew Bailey said Tuesday that the U.K.’s economic recession that was confirmed last week is modest by historical standards and is probably over. In testimony to lawmakers, Bailey said the two successive quarters of negative growth recorded in the second half...

Nigeria’s currency has fallen to a record low as inflation surges. How did things get so bad?

Feb. 17, 2024 01:11 AM EST

ABUJA, Nigeria (AP) — Nigerians are facing one of the West African nation’s worst economic crises in years triggered by surging inflation, the result of monetary policies that have pushed the currency to an all-time low against the dollar. The situation has provoked anger and protests across...

Japan slips into a recession and loses its spot as the world's third-largest economy

Feb. 15, 2024 16:08 PM EST

TOKYO (AP) — Japan’s economy is now the world’s fourth-largest after it contracted in the last quarter of 2023 and fell behind Germany. The government reported the economy shrank at an annual rate of 0.4% in October to December, according to Cabinet Office data on real GDP...

UK fell into recession at the end of 2023 as economy takes center stage in runup to general election

Feb. 15, 2024 16:07 PM EST

LONDON (AP) — The British economy fell into recession at the end of 2023 for the first time since the onset of the coronavirus pandemic, as output shrank more than anticipated in the final three months of the year, official figures showed Thursday. In what is a blow for the...