Recessions and depressions

FILE - In this Jan. 3, 2020 file photo, the Wall St. street sign is framed by American flags flying outside the New York Stock Exchange in New York. Stocks are falling early on Wall Street Thursday, Sept. 17, as the late selling from the previous day carries over. (AP Photo/Mary Altaffer, File)
September 21, 2020 - 11:03 am
WASHINGTON (AP) — Americans' household wealth rebounded last quarter to a record high as the stock market quickly recovered from a pandemic-induced plunge in March. Yet the gains flowed mainly to the most affluent households even as tens of millions of people endured job losses and shrunken incomes...
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Treasury Secretary Steven Mnuchin testifies before the House Select Subcommittee on the Coronavirus Crisis, during a hybrid hearing, Tuesday, Sept. 1, 2020, on Capitol Hill in Washington. (Graeme Jennings/Pool via AP)
September 21, 2020 - 10:02 am
WASHINGTON (AP) — A government watchdog says millions of Americans are in danger of missing coronavirus relief payments of up to $1,200 per individual because of incomplete government records. The Government Accountability Office, Congress’ auditing arm, said in a report Monday that possibly 8.7...
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FILE - In this July 18, 2020 file photo a closed sign hangs in the window of a barber shop in Burbank, Calif. California's unemployment rate has fallen to 11.4% in August. The Employment Development Department says the state added 101,900 jobs in August. Most of those were government jobs, including temporary positions for the U.S. Census. California lost more than 2.6 million jobs in March and April because of the coronavirus. (AP Photo/Marcio Jose Sanchez, File)
September 18, 2020 - 3:28 pm
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 jobs as the unemployment rate fell below the high-water mark of the Great Recession for the first time since March. But experts warned that other...
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FILE - In this file photo dated Wednesday, March 11, 2020, pedestrians wearing face masks walk past the Bank of England in London. The Bank of England kept its main interest rate unchanged at the record low of 0.1% on Thursday Sept. 17, 2020, as it waits to see how the economy recovers from recession and what Britain’s future trade relationship with the European Union will be. (AP Photo/Matt Dunham, FILE)
September 17, 2020 - 9:49 am
LONDON (AP) — The Bank of England indicated Thursday that it could cut interest rates below zero for the first time in its 326-year history as it tries to shore up a U.K. economic recovery that is facing the dual headwinds of the coronavirus and Brexit. After unanimously deciding to maintain the...
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FILE - In this June 30, 2020, file photo Federal Reserve Board Chairman Jerome Powell, reflected in the sneeze guard set up between himself and members of the House Committee on Financial Services, speaks during a hearing on oversight of the Treasury Department and Federal Reserve pandemic response on Capitol Hill in Washington. The Federal Reserve adjusted its inflation target to seek price increases above 2% annually, a move that will likely keep interest rates low for years to come. The Fed on Wednesday, Sept. 16, also left its benchmark short-term rate unchanged at nearly zero, where it has been since the pandemic intensified in March. (Bill O'Leary/The Washington Post via AP, Pool)
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September 16, 2020 - 5:55 pm
WASHINGTON (AP) — With the economy still struggling to recover from the pandemic recession, Federal Reserve policymakers signaled Wednesday that their benchmark short-term interest rate will likely remain at zero at least through 2023 and possibly even longer. Fed chair Jerome Powell said at a...
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FILE - In this April 14, 2020, file photo, a foreign tourist walks along an empty road lined with closed shops in Bali, Indonesia. The Asian Development Bank has forecast Tuesday, Sept. 15, 2020 that developing economies in the region will contract in 2020, the first such downturn in nearly 60 years. (AP Photo/Firdia Lisnawati, File)
September 15, 2020 - 2:03 am
Developing economies in Asia will contract in 2020, the first such downturn in nearly 60 years, the Asian Development Bank said Tuesday in an update to its forecasts. The update of the ADB’s outlook estimates the regional economy will contract 0.7% this year, recovering to 6.8% growth in 2021...
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Disney's Marketing Director for Italy, Davide Romani, center, holds the Golden Lion Best Film award for "Nomadland", at the closing ceremony of 77th edition of the Venice Film Festival, in Venice, Italy, Saturday Sept. 12, 2020. Director Chloe Zhao’s “Nomadland,” a recession-era road trip drama starring Frances McDormand, has won the Golden Lion for best film at the Venice Film Festival, held against the backdrop of the coronavirus pandemic. (Gian Mattia D'Alberto/LaPresse via AP)
September 12, 2020 - 3:33 pm
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 a slimmed-down Venice Film Festival, which was held against the backdrop of the coronavirus pandemic. Zhao and McDormand appeared by video from...
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FILE - In this April 29, 2020 file photo, a man wearing a mask to protect against coronavirus, waits to cross the street as a digital sign displays groups of people walking above another sign displaying the size of the national debt along an empty K Street in Washington. The U.S. budget deficit hit an all-time high of $3 trillion for the first 11 months of this budget year, the Treasury Department said Friday, Sept. 11. (AP Photo/Andrew Harnik, File)
September 11, 2020 - 9:38 pm
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 Treasury Department said Friday. The ocean of red ink is a product of the government's massive spending to try to cushion the impact of a coronavirus-fueled recession that...
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FILE - In this July 9, 2020 file photo, signage is shown at the New York Stock Exchange, in New York. Stocks are rising modestly in early trading on Wall Street as a bumpy, holiday-shortened week of trading winds down. The S&P 500 was up 0.4% in the early going Friday, Sept. 11. (AP Photo/Mark Lennihan, File)
September 11, 2020 - 1:58 pm
NEW YORK (AP) — Stocks keep swinging between gains and losses on Wall Street Friday, as a tumultuous week of abrupt stops and starts comes to a close. The S&P 500 was down 0.1% in afternoon trading, after a roller-coaster day where it careened from a gain of 0.9% to an equivalent loss. Momentum...
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FILE - In this June 1, 2020 file photo, a woman looks through a window at a near-empty terminal at an airport in Atlanta. The coronavirus pandemic has taken a harsh toll on the mental health of young Americans, according to a new poll that finds adults under 35 especially likely to report negative feelings or experience physical or emotional symptoms associated with stress and anxiety. (AP Photo/Charlie Riedel, File)
September 11, 2020 - 9:59 am
PHOENIX (AP) — The coronavirus pandemic has taken a harsh toll on the mental health of young Americans, according to a new poll that finds adults under 35 especially likely to report negative feelings or experience physical or emotional symptoms associated with stress and anxiety. A majority of...
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