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Wednesday, October 28, 2020
Home Tags Recessions and depressions

Tag: Recessions and depressions

Visa 4Q profits plunge as pandemic slows payments worldwide

CHARLOTTE, N.C. (AP) — Visa Inc. said Wednesday that its fiscal fourth quarter profits dropped 29% due to fewer dollars crossing on its namesake...

UK vaccine chief warns of over-optimism, early imperfection

LONDON (AP) — Warning that the first COVID-19 vaccines may be imperfect, the head of the U.K effort to develop a vaccine called Wednesday...

Keeping your credit profile healthy during a pandemic

Credit may not be top of mind for many consumers these days. But as the pandemic and its associated economic woes drag on, they...

US long-term mortgage rates hit new low; 30-year at 2.80%

WASHINGTON (AP) — U.S. long-term mortgage rates slipped this week as the key 30-year loan marked a new all-time low for the 11th time...

US jobless claims drop to 787,000, but layoffs remain high

WASHINGTON (AP) — The number of laid-off Americans seeking unemployment benefits fell last week to 787,000, a sign that job losses may have eased...

Trump the dancer? His moves to ‘YMCA’ at rallies are a hit

TUCSON, Ariz. (AP) — He adjusts his coat. He gazes out at the crowd. And then he goes for it. ...

Older workers face higher unemployment amid virus pandemic

For the first time in nearly 50 years, older workers face higher unemployment than their midcareer counterparts, according to a study released Tuesday by...

Report showing gains in bank access overshadowed by COVID

CHARLOTTE, N.C. (AP) — ...

IMF: Nearly all Mideast economies hit by pandemic recession

DUBAI, United Arab Emirates (AP) — The coronavirus pandemic has pushed nearly all Mideast nations into the throes of an economic recession this year,...

Japan exports fall amid slow recovery from pandemic downturn

TOKYO (AP) — Japan's exports fell at a slower pace in September in a sign that trade damage from the coronavirus pandemic is easing,...

Dark déjà vu for European economy as virus cases spike

LONDON (AP) — Europe’s economy was just catching its breath from what had been the sharpest recession in modern history. A resurgence in coronavirus...

California jobless rate dips as jobs added despite pandemic

SACRAMENTO, Calif. (AP) — California has regained more than a third of the 2.6 million nonfarm jobs the nation's most populous state lost to...

A late slide erases gains for US indexes, leaving them mixed

Wall Street closed out a choppy week of trading with more of the same Friday, as a late-afternoon stumble led U.S. stock indexes to...

Awash in red ink: US posts record $3.1T 2020 budget deficit

WASHINGTON (AP) — The federal budget deficit hit an all-time high of $3.1 trillion in the 2020 budget year, more than double the previous...

US industrial production fell a sharp 0.6% in September

WASHINGTON (AP) — U.S. industrial production fell 0.6% in September, the weakest showing since spring and a sign that the economy’s recovery from the...

South Africa extends relief grants to help poor amid virus

JOHANNESBURG (AP) — South African President Cyril Ramaphosa announced Thursday that his government will extend relief grants to 6 million of the country’s unemployed...

IMF warns global economy could be permanently scarred

WASHINGTON (AP) — The global economy's recovery from the pandemic recession is tentative and uneven and “marked by significant uncertainty” as confirmed coronavirus cases...

US long-term mortgage rates fall to low; 30-year at 2.81%

WASHINGTON (AP) — U.S. long-term mortgage rates fell this week as the key 30-year loan reached a new all-time low for the tenth time...

US jobless claims rise to 898,000 with layoffs still high

WASHINGTON (AP) — The number of Americans seeking unemployment benefits rose last week by the most in two months, to 898,000, a historically high...

‘Driving While Black’ shows history of US Black motorists

ALBUQUERQUE, N.M. (AP) — A new film examines the history of African Americans driving on the road from the Great Depression to the height...

Asian shares track Wall Street decline on pandemic jitters

Shares were mostly lower in Asia on Wednesday after pandemic concerns snapped a four-day winning streak on Wall Street. ...

JPMorgan, Citi profits improve amid signs of recovery

CHARLOTTE, N.C. (AP) — Two of the nation's biggest banks — JPMorgan Chase and Citigroup — said Tuesday that their profits improved markedly over...

IMF envisions a sharp 4.4% drop in global growth for 2020

WASHINGTON (AP) — The International Monetary Fund foresees a steep fall in international growth this year as the global economy struggles to recover from...

Trump vs. Biden: Where they stand on health, economy, more

WASHINGTON (AP) — Amid the tumult of the 2020 presidential campaign, one dynamic has remained constant: The Nov. 3 election offers voters a choice...

Biden harnesses history to describe urgency of 2020 campaign

GETTYSBURG, Pa. (AP) — Presidential hopefuls tend to declare every upcoming election the most important one that voters have faced in their lifetime. Joe...

COVID-19 relief pushes U.S. budget deficit to a record $3.1T

WASHINGTON (AP) — New, eye-popping federal budget figures released Thursday show an enormous $3.1 trillion deficit in the just-completed fiscal year, a record swelled...

US layoffs still high, but so is skepticism on jobless data

WASHINGTON (AP) — The number of Americans seeking unemployment benefits dipped last week to a still-high 840,000, evidence that layoffs remain elevated seven months...

US long-term mortgage rates change little; 30-year at 2.87%

WASHINGTON (AP) — U.S. long-term mortgage rates changed little this week, flattening in recent weeks following a year-long decline amid economic anxiety in the...

In about-face, Trump seeks to salvage parts of virus aid

WASHINGTON (AP) — President Donald Trump on Wednesday tried to salvage a few priority items lost in the rubble of COVID-19 relief talks that...

US consumer borrowing fell by $7.2 billion in August

WASHINGTON (AP) — U.S. consumers cut back on their borrowing in August, with credit card use dropping for a sixth straight month, reflecting caution...

Spain unveils economic recovery plan amid pandemic

LISBON, Portugal (AP) — Spain’s prime minister unveiled a major plan Wednesday to boost his country out of recession by spending 140 billion euros...

Trump halts COVID-19 relief talks until after election

WASHINGTON (AP) — President Donald Trump on Tuesday called an abrupt end to negotiations with Democrats over additional COVID-19 relief, delaying action until after...

Asian shares mixed after Trump calls off stimulus talks

Stocks were mixed in Asia on Wednesday despite an overnight decline on Wall Street after President Donald Trump ordered a stop to talks on...

Fed’s Powell: Lack of further stimulus imperils recovery

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell warned Tuesday that a tentative recovery from the pandemic recession could falter unless the federal government...

US job postings edge lower, to 6.49 million

WASHINGTON (AP) — U.S. employers advertised slightly fewer jobs in August as hiring ticked up modestly. ...

Survey: Business economists see coronavirus as biggest risk

WASHINGTON (AP) — The U.S. economy faces risks from a potential resurgence of the coronavirus and from the failure so far of Congress to...

Pre-election economy: Unemployment falls, but hiring slows

WASHINGTON (AP) — The final jobs report before Election Day a month from now showed hiring slowed in September even as the U.S. unemployment...

Inflation slump in Europe could presage more stimulus

FRANKFURT, Germany (AP) — Annual inflation in the 19-country eurozone sagged further below zero in September, bolstering expectations that the European Central Bank will...

Unemployment marches higher in Europe as pandemic grinds on

FRANKFURT, Germany (AP) — Unemployment rose for a fifth straight month in Europe in August and is expected to grow further amid concern that...

US layoffs remain elevated as incomes and spending weaken

WASHINGTON (AP) — The number of Americans seeking unemployment benefits declined last week to a still-high 837,000, evidence that the economy is struggling to...

US housing roars back despite recession, high unemployment

LOS ANGELES (AP) — The U.S. housing market has staged a furious comeback this summer, even as the economy struggles to regain its footing...

September growth for US manufacturing, fifth straight month

SILVER SPRING, Md. (AP) — U.S manufacturing grew at a slightly slower pace last month, continuing to rebound from spring's coronavirus recession. ...

31.4% spring slide for a US economy likely to shrink in 2020

WASHINGTON (AP) — The U.S. economy plunged at an unprecedented rate this spring and even with a record rebound expected in the just-ended third...

California law prioritizes people over corporate home-buyers

SACRAMENTO, Calif. (AP) — Tenants, affordable housing groups and local governments will get first crack at buying foreclosed homes under a measure approved Monday...

At UN, Africa urges fiscal help against virus ‘apocalypse’

JOHANNESBURG (AP) — African nations came out swinging on the third day of the United Nations annual gathering of world leaders Thursday, calling for...

Mnuchin and Powell back jobless aid and small business loans

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell said Thursday that the government’s top priorities in any new economic...

High court fight adds to pile of issues weighing on voters

JOHNSTOWN, Pa. (AP) — The Republican Party headquarters in this former steel town was buzzing Saturday as supporters filed in to pick up Trump...

Powell faces lawmakers’ skepticism on some Fed aid programs

WASHINGTON (AP) — Chairman Jerome Powell on Wednesday defended the Federal Reserve's efforts to support the economy during the pandemic-induced recession from assertions that...

Powell and Mnuchin voice optimism but back more economic aid

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin expressed cautious optimism Tuesday that the U.S. economy is rebounding from...

Watchdog: Millions in danger of missing virus relief payouts

WASHINGTON (AP) — Millions of Americans are in danger of missing coronavirus relief payments of up to $1,200 per individual because of incomplete government...

Soaring wealth during pandemic highlights rising inequality

WASHINGTON (AP) — Americans' household wealth rebounded last quarter to a record high as the stock market quickly recovered from a pandemic-induced plunge in...

California jobless rate falls with help of temporary jobs

SACRAMENTO, Calif. (AP) — A raft of temporary government jobs for the U.S. Census boosted California's economy in August as the state added 101,900...

Bank of England eyes sub-zero rates in face of virus, Brexit

LONDON (AP) — The Bank of England indicated Thursday that it could cut interest rates below zero for the first time in its 326-year...

New companies face tough task overcoming pandemic, recession

NEW YORK (AP) — Julie Campbell had to rethink her new wallpaper business before she could sell her first sheet. ...

Fed sees rates near zero through 2023, perhaps longer

WASHINGTON (AP) — With the economy still struggling to recover from the pandemic recession, Federal Reserve policymakers signaled Wednesday that their benchmark short-term interest...

Federal Reserve to meet after sharp changes to its outlook

WASHINGTON (AP) — Federal Reserve policymakers will meet this week for the first time since they significantly revised the Fed's operating framework in ways...

ADB forecasts developing Asian economies in recession in ’20

Developing economies in Asia will contract in 2020, the first such downturn in nearly 60 years, the Asian Development Bank said Tuesday in an...

Chloe Zhao’s “Nomadland” wins top prize at Venice Film Fest

VENICE, Italy (AP) — Chloe Zhao’s “Nomadland,” a recession-era road trip drama starring Frances McDormand, won the Golden Lion for best film Saturday at...

US budget deficit hits record $3 trillion through 11 months

WASHINGTON (AP) — The U.S. budget deficit hit an all-time high of $3 trillion for the first 11 months of this budget year, the...

Tech falters again as Wall Street ends worst week in months

NEW YORK (AP) — Wall Street closed out its worst week since June with another day of churning trading Friday, as big technology stocks...

Poll: Pandemic takes toll on mental health of young adults

PHOENIX (AP) — The coronavirus pandemic has taken a harsh toll on the mental health of young Americans, according to a new poll that...

Poll: Pandemic takes toll on mental health of young adults

PHOENIX (AP) — The coronavirus pandemic has taken a harsh toll on the mental health of young Americans, according to a new poll that...

Jane Fraser to become Citi CEO; 1st woman to lead major bank

NEW YORK (AP) — Citigroup's Jane Fraser will become the first woman to ever lead a Wall Street bank when she succeeds CEO Michael...

Now hiring: California offers credits to small businesses

SACRAMENTO, Calif. (AP) — With millions of people out of work in California, Gov. Gavin Newsom on Wednesday signed a law giving tax breaks...

Virus lockdown plunges South Africa deeper into recession

JOHANNESBURG (AP) — South Africa’s economy has sunk deeper into recession, with its gross domestic product for the second quarter of 2020 plummeting by...

Falling prices flash warning light for Europe’s economy

FRANKFURT, Germany (AP) — A startling fall in consumer prices and a stronger euro have increased pressure on the European Central Bank to provide...

Japan’s economy shrinks 28% in 2Q, worse than 1st estimate

TOKYO (AP) — Japan’s economy shrank at a record, even worse rate in the April-June quarter than initially estimated. ...

During pandemic, Black families put trust in Black doctors

JACKSON, Miss. (AP) — Dr. Janice Bacon was exactly the person Kay McField hoped to talk to when she found herself spending most of...

States plan for cuts as Congress deadlocks on more virus aid

Spending cuts to schools, childhood vaccinations and job-training programs. New taxes on millionaires, cigarettes and legalized marijuana. Borrowing, drawing from rainy day funds and...

Dueling versions of reality define 1st week of fall campaign

NEW YORK (AP) — On the campaign trail with President Donald Trump, the pandemic is largely over, the economy is roaring back, and murderous...

Dueling versions of reality define 1st week of fall campaign

NEW YORK (AP) — On the campaign trail with President Donald Trump, the pandemic is largely over, the economy is roaring back, and murderous...

Apple delays debut of anti-tracking tool in iPhone software

SAN RAMON, Calif. (AP)...

Many more likely sought jobless aid as layoffs remain high

WASHINGTON (AP) — The...

U.S. productivity rises a record 10.1% in second quarter

SILVER SPRING, Md. (AP)...

Budget deficit to hit record $3.3T due to virus, recession

WASHINGTON (AP) — The...

Depression, anxiety spike amid outbreak and turbulent times

Mental health therapists’ caseloads...

Fed survey finds widespread pessimism about economic future

WASHINGTON (AP) — The...

Budget deficit to hit record $3.3T due to virus, recession

WASHINGTON (AP) — The...

Mercedes-Benz unveils new flagship S-Class sedan

FRANKFURT, Germany (AP) —...

Australia’s economy takes sharpest dive since the 1930s

CANBERRA, Australia (AP) —...

Asian shares mixed after US rally, positive data

TOKYO (AP) — Asian...

Survey: US factories grow in August for third straight month

WASHINGTON (AP) — American...

Asian shares edge lower following Wall St retreat

TOKYO (AP) — Major...

Argentina says it reaches deal to avoid debt default

BUENOS AIRES, Argentina (AP)...

US consumer spending rose a moderate 1.9% in July

WASHINGTON (AP) — U.S....

As virus rages, US economy struggles to sustain a recovery

WASHINGTON (AP) — Home...

California’s jobless rate improves; economy still struggling

SACRAMENTO, Calif. (AP) —...

European economic rebound slows as virus cases rise

LONDON (AP) — The...

Rise in jobless claims reflects still-struggling US economy

WASHINGTON (AP) — The...

Apple reaches $2 trillion market value as tech fortunes soar

BERKELEY, Calif. (AP) —...

The Latest: Australia announces coronavirus vaccine deal

CANBERRA, Australia —...

UK rates of depression double among adults during lockdown

LONDON (AP) — Rates...

Asia Today: Philippine capital’s virus lockdown to be eased

MANILA, Philippines (AP) —...

AP survey: States uncommitted to Trump’s unemployment boost

President Donald Trump’s plan...

Japan’s economy shrinks at record rate, slammed by pandemic

TOKYO (AP) — Japan’s...

Former Illinois Gov. Thompson, who fought corruption, dies

CHICAGO (AP) — Former...

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