Recessions and depressions

FILE - In this Sept. 2, 2020, file photo, a shopping center is sparsely attended in Sydney. Australia's economy grew by 3.3% in the third quarter, rebounding from its first recession in nearly three decades as it recovered from pandemic-related shocks, according to figures released Wednesday, Dec. 2.(AP Photo/Rick Rycroft, File)
December 02, 2020 - 12:42 am
WELLINGTON, New Zealand (AP) — Australia's economy grew by 3.3% in the third quarter, rebounding from its first recession in nearly three decades as it recovered from pandemic-related shocks, according to figures released Wednesday. Treasurer Josh Frydenberg told reporters the country still has a...
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A cat sits next to a homeless woman sleeping on the Mediterranean Sea corniche in Beirut, Lebanon, Sunday, July 19, 2020. Lebanon should quickly form a reform-minded government to carry out badly needed reforms to help get the tiny country out of its severe economic crisis where the Real GDP growth is projected to contract nearly 20% in 2020 and a crash in local currency led to triple-digit inflation rates, the World Bank said Tuesday. (AP Photo/Hassan Ammar)
December 01, 2020 - 5:13 am
BEIRUT (AP) — Lebanon’s economy faces an “arduous and prolonged depression,” with real GPD projected to plunge by nearly 20% because its politicians refuse to implement reforms that would speed up the country’s recovery, the World Bank said Tuesday. It said Lebanon should quickly form a reform-...
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A patient walks on a corridor of the Rouvray psychiatric hospital, in Rouen, western France, Wednesday, Nov. 25, 2020. Lockdowns that France has used to fight the coronavirus have come at considerable cost to mental health. Surveying points to a surge of depression most acute among people without work, in financial hardship and young adults. (AP Photo/Thibault Camus)
December 01, 2020 - 1:54 am
ROUEN, France (AP) — The panicked 22-year-old is led to Consultation Room No. 2, with its easy-mop floor and honeycombed meshing over the window. Behind her, the psychiatric emergency ward's heavy double doors — openable only with a staff member's key — thud shut. With anxious taps of her white...
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FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. (AP Photo/Andrew Harnik, File)
November 30, 2020 - 8:05 pm
WILMINGTON, Del. (AP) — With unemployment still high and the pandemic threatening yet another economic slump, President-elect Joe Biden is assembling a team of liberal advisers who have long focused on the nation’s workers and government efforts to address economic inequality. Janet Yellen,...
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FILE - In this Thursday Sept. 24, 2020 file photo, Federal Reserve Board Chairman Jerome Powell testifies during a Senate Banking Committee hearing, on Capitol Hill in Washington. The Fed on Wednesday, Nov. 25, released minutes of its Nov. 4-5 meeting revealing that while officials believed that no changes were needed to the bond purchase program at that time, “they recognized that circumstances could shift to warrant such adjustments.” (Drew Angerer/Pool via AP, file)
November 25, 2020 - 2:55 pm
WASHINGTON (AP) — At their meeting earlier this month, Federal Reserve officials discussed possible future adjustments to the central bank's monthly bond purchases to boost the economy. The Fed on Wednesday released minutes of its Nov. 4-5 meeting revealing that while officials believed that no...
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A shopper in a face mask looks over cuts of beef piled up in a cold room for purchase at a Costco warehouse store Tuesday, May 5, 2020, in west Denver. The U.S. economy rebounded at an even-stronger pace in the July-September quarter than first reported but a resurgence in the coronavirus is expected to slow growth sharply in the current quarter with some analysts even raising the specter of a double-dip recession. (AP Photo/David Zalubowski)
November 25, 2020 - 9:51 am
WASHINGTON (AP) — The second of three estimates on U.S. growth for the July-September quarter was unchanged at a record pace of 33.1%. But a resurgence in the coronavirus is expected to slow growth sharply in the current quarter with some economists even raising the specter of a double-dip...
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Christmas lights are lit up on New Bond Street in Mayfair, London, Tuesday, Nov. 24, 2020. Haircuts, shopping trips and visits to the pub will be back on the agenda for millions of people when a four-week lockdown in England comes to an end next week, British Prime Minister Boris Johnson said Monday. (AP Photo/Alberto Pezzali)
November 25, 2020 - 7:46 am
LONDON (AP) — The British government has ditched its long-standing target for overseas aid in order to finance other spending priorities in the year ahead as the pandemic caused the deepest recession in more than three centuries. In a statement to lawmakers on Wednesday, Treasury chief Rishi Sunak...
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FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. (AP Photo/Andrew Harnik, File)
November 23, 2020 - 11:01 pm
WASHINGTON (AP) — Janet Yellen is in line for another top economic policy job — just in time to confront yet another crisis. Yellen, President-elect Joe Biden's apparent choice for treasury secretary, served on the Federal Reserve's policymaking committee during the 2008-2009 financial crisis that...
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FILE - In this Dec. 10, 2019 file photo, Securities and Exchange Commission (SEC) Chairman Jay Clayton testifies to the Senate Committee on Banking, Housing, and Urban Affairs about oversight of the SEC, on Capitol Hill in Washington. Clayton, a former Wall Street lawyer who has headed the Securities and Exchange Commission as the financial markets’ top regulator during the Trump administration, is leaving the position at year’s end. Clayton’s term runs through mid-2021. (AP Photo/Jacquelyn Martin, File)
November 16, 2020 - 10:42 am
WASHINGTON (AP) — Jay Clayton, a former Wall Street lawyer who has headed the Securities and Exchange Commission as the financial markets’ top regulator during the Trump administration, is leaving the position at year’s end, the SEC announced Monday. Clayton’s term runs through mid-2021. It is...
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FILE - This Aug. 24, 2020 file photo shows Treasury Secretary Stephen Mnuchin at the White House in Washington. The U.S. is starting the 2021 budget year the way the old year ended, with soaring deficits. The Treasury Department reported Thursday, Nov. 12 that the federal government ran up a record October deficit of $284.1 billion, nearly double the red ink of a year ago. (AP Photo/J. Scott Applewhite, File)
November 12, 2020 - 5:03 pm
WASHINGTON (AP) — The U.S. is starting the 2021 budget year the way the old year ended, with soaring deficits. The Treasury Department reported Thursday that the federal government ran up a record October deficit of $284.1 billion, double the red ink of the same month a year ago, as revenues...
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