Latest Recessions and depressions News

Senate Majority Leader Mitch McConnell of Ky., right, speaks with a reporter outside the Senate chamber on Capitol Hill in Washington, Thursday, April 9, 2020. Senate Democrats on Thursday stalled President Donald Trump's request for $250 billion to supplement a

Senators block new virus aid, Pelosi decries 'stunt'

Apr. 10, 2020 12:51 AM EDT

WASHINGTON (AP) — The Senate has twisted itself into knots over President Donald Trump’s new coronavirus aid request, as Democrats refused to rubber stamp his proposal for $250 billion more to boost small businesses, demanding modifications along with an additional $250 billion for health care...

FILE - In this file photo dated Tuesday, March 17, 2020, Britain's Chancellor Rishi Sunak, left, and Prime Minister Boris Johnson arrive for a press briefing about the ongoing situation with the COVID-19 coronavirus outbreak, inside 10 Downing Street in London.  With British Prime Minister Boris Johnson hospitalized and in intensive care Wednesday April 8, 2020, after contracting the new coronavirus, Sunak is among key players in Johnson's Cabinet who will be directing Britain's response to the highly contagious COVID-19 coronavirus, while their leader is being treated. (AP Photo/Matt Dunham, FILE)

The Latest: South Korea reports 27 new coronavirus cases

Apr. 10, 2020 12:14 AM EDT

The Latest on the coronavirus pandemic. The new coronavirus causes mild or moderate symptoms for most people. For some, especially older adults and people with existing health problems, it can cause more severe illness or death. TOP OF THE HOUR — South Korea reports 27 new cases, 9th straight day below...

A graffiti of Brazil's President Jair Bolsonaro wearing a protective mask in Rio de Janeiro, Brazil, Tuesday, April 7, 2020. Brazil is in the midst of a pitched battle over the effectiveness of isolation to avoid the spread of the new coronavirus, with Bolsonaro dismissing the virus’ severity and publicly taking aim at governors who impose shutdowns that he says could cripple the economy. (AP Photo/Silvia Izquierdo)

UN urges governments to tackle recession, scrap debt payment

Apr. 10, 2020 12:13 AM EDT

UNITED NATIONS (AP) — More than 60 U.N. agencies and international organizations urged governments on Thursday to take immediate steps to address the unfolding global recession and financial crisis wrought by the coronavirus pandemic, especially in the world’s poorest countries. The U.N.-led...

In this photo taken from video provided by the New York Stock Exchange, Chief Security Officer Kevin Fitzgibbons rings the opening bell at the NYSE, while recognizing Randy Timmons in Albany, Ga., and thousands of employees of the Proctor & Gamble Company, Thursday, April 9, 2020. (New York Stock Exchange via AP)

Asian shares steady after Wall St caps best week since 1974

Apr. 9, 2020 11:59 PM EDT

BANGKOK (AP) — Asian shares are steady in quiet Good Friday trading after Wall Street closed out its best week in 45 years thanks to the Federal Reserve's titanic effort to support the economy through the coronavirus crisis. Many regional markets were closed. Japan's Nikkei 225 index edged 0.1% lower to...

Commuters wear face masks to protect against the spread of new coronavirus as they walk through a subway station in Beijing, Thursday, April 9, 2020. China's National Health Commission on Thursday reported dozens of new COVID-19 cases, including most of which it says are imported infections in recent arrivals from abroad and two

What you need to know today about the virus outbreak

Apr. 9, 2020 10:22 PM EDT

A staggering 16.8 million Americans have been thrown onto the unemployment rolls in just three weeks, underscoring the terrifying speed with which the coronavirus outbreak has brought world economies to a near standstill. Meanwhile, residents in Wuhan, China, t he city where the coronavirus pandemic began, are...

Bishop William Joensen proceeds down the main aisle at the conclusion of Holy Thursday Mass in a near empty St. Ambrose Cathedral, Thursday, April 9, 2020, in Des Moines, Iowa. COVID-19 causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo/Charlie Neibergall)

US job losses surge as world leaders urge Easter distancing

Apr. 9, 2020 9:39 PM EDT

NEW YORK (AP) — A staggering 16.8 million Americans lost their jobs in just three weeks, a measure of how fast the coronavirus has brought world economies to their knees. Meanwhile, religious leaders worldwide Thursday urged people to celebrate Good Friday and Easter from the safety of their homes. In...

German Finance Minister Olaf Scholz abrief the media after Eurogroup negotiations in front of the finance ministry in Berlin, Germany, Wednesday, April 8, 2020. (Michael Kappeler/dpa via AP)

Euro countries agree half trillion euros in support

Apr. 9, 2020 6:56 PM EDT

FRANKFURT, Germany (AP) — Governments from the 19 countries that use the euro overcame sharp differences to agree Thursday on measures that could provide more than a half-trillion euros ($550 billion) for companies, workers and health systems to cushion the economic impact of the virus outbreak. Mario...

Senate Majority Leader Mitch McConnell of Ky., right, speaks with a reporter outside the Senate chamber on Capitol Hill in Washington, Thursday, April 9, 2020. Senate Democrats on Thursday stalled President Donald Trump's request for $250 billion to supplement a

Senators block new virus aid, Pelosi decries 'stunt'

Apr. 9, 2020 4:55 PM EDT

WASHINGTON (AP) — The Senate twisted itself into knots Thursday over President Donald Trump’s new coronavirus aid request, as Democrats refused to rubber stamp his proposal for $250 billion more to boost small businesses, demanding modifications along with an additional $250 billion for health care...

FILE - In this Feb. 14, 2020 file photo, Kristalina Georgieva, Managing Director of the International Monetary Fund, attends a session on the first day of the Munich Security Conference in Munich, Germany.   Georgieva said Friday, March 27,  it is clear that the global economy has now entered a recession that could be as bad or worse than the 2009 downturn.  She said the 189-nation lending agency was forecasting a recovery in 2021, saying it could be a “sizable rebound.” But she said this would only occur if nations succeed in containing the coronavirus and limiting the economic damage(AP Photo/Jens Meyer, File)

IMF head sees worst economic downturn since Great Depression

Apr. 9, 2020 3:45 PM EDT

WASHINGTON (AP) — The coronavirus pandemic will push the global economy into the deepest recession since the Great Depression, with the world's poorest countries suffering the most, the head of the International Monetary Fund said Thursday. “We anticipate the worst economic fallout since the Great...

FILE - In this Wednesday, March 18, 2020 file photo, Visitors to the Department of Labor are turned away at the door by personnel due to closures over coronavirus concerns in New York. Americans are seeking unemployment benefits at unprecedented levels due to the coronavirus, but many are finding more frustration than relief. (AP Photo/John Minchillo, File)

Record 16.8 million have sought US jobless aid since virus

Apr. 9, 2020 10:56 AM EDT

WASHINGTON (AP) — With a startling 6.6 million people seeking unemployment benefits last week, the United States has reached a grim landmark: More than one in 10 workers have lost their jobs in just the past three weeks to the coronavirus outbreak. The figures collectively constitute the largest and...