Latest Recessions and depressions News

Ex-Fed chair Ben Bernanke finds 'significant shortcomings' in Bank of England's economic forecasting

Apr. 12, 2024 08:38 AM EDT

LONDON (AP) — A review of the Bank of England's economic forecasting that was published Friday and undertaken by Ben Bernanke, the former chair of the U.S. Federal Reserve, has found “significant shortcomings” that should be addressed to better inform future interest rate decisions. ...

China's exports tumble 7.5% in March and imports also fall as demand slows

Apr. 12, 2024 07:41 AM EDT

HONG KONG (AP) — China’s exports contracted in March after growing in the first two months of the year, underscoring the uneven nature of the country's recovery from the pandemic. Customs data released Friday show exports declined 7.5% in March from a year earlier, while imports...

Millennial Money: Is financial trauma holding you back from living your best life?

Apr. 09, 2024 10:59 AM EDT

Whether it’s going to bed before midnight, eating broccoli, or dealing with your finances, doing the “right” thing can sometimes feel like a herculean effort. Similar to an erratic sleep schedule or an aversion to eating green things, there are consequences to delaying wise...

Another month of robust US job growth points to continued economic strength

Apr. 05, 2024 11:32 AM EDT

WASHINGTON (AP) — America’s employers delivered another outpouring of jobs in March, adding a sizzling 303,000 workers to their payrolls and bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates. Last...

As international travel grows, so does US use of technology. A look at how it's used at airports

Apr. 03, 2024 14:42 PM EDT

WASHINGTON (AP) — The Belgian family of four was on their fourth trip to the United States. They had been dreading the long line at passport control when they entered the country but had heard about a new app they could use to ease their way and decided to give it a shot. Within minutes, they had...

Embattled University of Arizona president plans 2026 resignation in midst of financial crisis

Apr. 02, 2024 17:42 PM EDT

TUCSON, Ariz. (AP) — Embattled University of Arizona President Robert Robbins, who took a salary cut weeks ago and has become a central figure in the school's financial crisis. announced Tuesday that he will resign when his contract ends on June 30, 2026. Robbins said in a...

WeWork expects to emerge from bankruptcy by the end of May, predicting $8 billion in rental savings

Apr. 02, 2024 14:12 PM EDT

NEW YORK (AP) — Embattled co-working space provider WeWork says it expects to emerge from bankruptcy by the end of May, touting lease-restructuring efforts that it estimates will bring $8 billion in future rental savings. Cutting back on real estate costs has been a top priority...

In Key Bridge collapse, Baltimore lost a piece of its cultural identity

Mar. 31, 2024 00:06 AM EDT

BALTIMORE (AP) — Generations of Maryland workers — longshoremen, seafarers, steelworkers and crabbers whose livelihoods depend on Baltimore’s port — watched in disbelief this week as an iconic symbol of their maritime culture crumbled into the Patapsco River. The deadly...

Who wouldn't like prices to start falling? Careful what you wish for, economists say

Mar. 30, 2024 07:12 AM EDT

WASHINGTON (AP) — Many Americans are in a sour mood about the economy for one main reason: Prices feel too high. Maybe they're not rising as fast as they had been, but average prices are still painfully above where they were three years ago. And they're mostly heading higher...

A timeline of the downfall of Sam Bankman-Fried and the colossal failure of FTX

Mar. 28, 2024 13:33 PM EDT

Sam Bankman-Fried went from cryptocurrency golden boy to the face of the industry's collapse. The founder and former CEO of the massive cryptocurrency exchange FTX was sentenced to 25 years in prison Thursday after being convicted of fraud for stealing at least $10 billion from customers and...