Recessions and depressions

An empty parking lot is seen at a temporarily closed Kohl's department store, Wednesday, April 29, 2020, in Havertown, Pa. Devastated by the coronavirus, the U.S. economy is sinking. Now, as some businesses in a few states start to trickle back to work, hopes are beginning to arise that the economy, damaged as it is, might be poised to rebound by the second half of the year. (AP Photo/Matt Slocum)
June 25, 2020 - 8:52 am
WASHINGTON (AP) — The U.S. economy shrank at a 5.0% rate in the first quarter with a much worse decline expected in the current three-month economic period, which will show what happened when the pandemic began spread across the U.S. The Commerce Department reported Thursday that the decline in the...
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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. The International Monetary Fund has sharply lowered its forecast for global growth this year because it envisions far more severe economic damage from the coronavirus than it did just two months ago. (AP Photo/Jens Meyer, File)
June 24, 2020 - 12:58 pm
WASHINGTON (AP) — The International Monetary Fund has sharply lowered its forecast for global growth this year because it envisions far more severe economic damage from the coronavirus than it did just two months ago. The IMF predicts that the global economy will shrink 4.9% this year,...
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A woman wearing a face mask walks past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Tuesday, June 23, 2020. Asian shares were mostly higher on Tuesday, tracking a late rally on Wall Street led by technology shares. (AP Photo/Vincent Yu)
June 23, 2020 - 2:21 pm
Stocks headed higher in afternoon trading on Wall Street Tuesday, as investors focus on the prospects for an economic recovery as more businesses reopen after being shut down due to the coronavirus pandemic. The S&P 500 was up 0.8%, extending gains from a day earlier and on pace for its third...
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Cars and trucks are seen on a highway as the sun rises in Frankfurt, Germany, Tuesday, June 23, 2020. (AP Photo/Michael Probst)
June 23, 2020 - 6:38 am
FRANKFURT, Germany (AP) — German economic experts say output won't completely bounce back to pre-virus levels until 2022 after a sharp plunge of 6.5% this year, describing the pandemic recession and recovery as taking the shape of a “pronounced V.” The five-member German Council of Economic Experts...
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FILE - In this June 11, 2020, file a passer-by wears a mask out of concern for the coronavirus while walking past a storefront window in Boston. Eighty-five percent of Democrats call economic conditions “poor,” while 65% of Republicans describe them as “good,” according to a new survey by The Associated Press-NORC Center for Public Affairs Research. (AP Photo/Steven Senne, File)
June 22, 2020 - 7:01 am
WASHINGTON (AP) — Americans' outlook on the national economy has improved somewhat from its lowest points during the early weeks of the coronavirus pandemic, but a new poll suggests Democrats and Republicans are living in alternate economic realities amid the sharpest recession in the nation’s...
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Barber Josue Yacahuanca styles the hair of a resident free of charge at the top of a hill in the San Juan de Lurigancho neighborhood of Lima, Peru, Friday, June 19, 2020. "I want them to look in the mirror and see a bit of hope," said Yacahuanca, who's just 21 years old but already considers himself a veteran barber because he starting cutting hair age 13. (AP Photo/Martin Mejia)
June 19, 2020 - 6:52 pm
LIMA, Peru (AP) — Once a week, barber Josué Yacahuanca makes his way up the dusty hills of Peru's capital, heading into its poorest neighborhoods carrying a treasured golden briefcase that holds his life's passion — five clipper blades, 20 combs, four scissors and a bottle with alcohol. Yacahuanca...
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A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea, Friday, June 19, 2020. Asian stock markets were mixed Friday after Wall Street closed little-changed amid as optimism about a possible global economic recovery was tempered by concern over rising coronavirus infections. (AP Photo/Lee Jin-man)
June 19, 2020 - 4:19 pm
NEW YORK (AP) — Wall Street careened through all the forces that have pushed and pulled it through the week, at first rising on Friday amid hope for the economy and then falling on worries about worsening coronavirus levels in some states, all before ending with modest losses. The S&P 500...
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FILE - In this June 16, 2020, file photo, a lone visitor enjoys the swing ride at the Yomiuriland amusement park in Tokyo,. Japan’s economy is opening cautiously, with social-distancing restrictions amid the coronavirus pandemic. (AP Photo/Eugene Hoshiko, File)
June 19, 2020 - 6:59 am
TOKYO (AP) — The roller coasters are back running in Tokyo but with requests to not scream. Restaurants are offering more take-out and outdoor seating. Major retailer Uniqlo’s new “cool and dry” mask, three for 990 yen ($9), sold out Friday shortly after it was put on the shelves. Japan’s economy...
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Builders work on ascaffolding in London, Wednesday, June 17, 2020. After the easing of lockdown during the COVID-19 pandemic, most construction companies have restarted their business but official figures show that the British economy shrank by a colossal 20.4% in April, the first full month that the country was in its lockdown. (AP Photo/Frank Augstein)
June 18, 2020 - 12:55 pm
LONDON (AP) — The Bank of England unveiled another big stimulus package for the U.K. economy as it tries to limit the scale of the coronavirus recession, which it now believes will be “less severe” than it feared last month. In a statement Thursday, the bank’s policy making panel said it was...
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FILE - In this June 4, 2020, file photo, a customer walks out of a U.S. Post Office branch and under a banner advertising a job opening, in Seattle. The U.S. government will issue its latest snapshot Thursday, June 18, of the layoffs that have left millions unemployed but have slowed as businesses have increasingly reopened and rehired some of their laid-off workers. (AP Photo/Elaine Thompson, File)
June 18, 2020 - 6:07 am
WASHINGTON (AP) — The U.S. government will issue its latest snapshot Thursday of the layoffs that have left millions unemployed but have slowed as businesses have increasingly reopened and rehired some of their laid-off workers. The pace of job cuts has steadily declined in the three months since...
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