Recessions and depressions

September 02, 2020 - 1:30 pm
WASHINGTON (AP) — The federal budget deficit is projected to hit a record $3.3 trillion due to COVID-19 costs and the recession, the Congressional Budget Office said Wednesday. That’s more than triple the 2019 shortfall. The deficit projection was attributed to the coronavirus disruption of the...
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Ola Kaellenius, Chairman of the Board of Management of Daimler AG, presents the new Mercedes-Benz S-Class at the world premiere in the "Factory 56" in Sindelfingen, Germany, Wednesday, Spt.2, 2020. (Silas Stein/dpa via AP)
September 02, 2020 - 11:04 am
FRANKFURT, Germany (AP) — Daimler AG on Wednesday unveiled the new version of its Mercedes-Benz S-Class luxury sedan, the company's most important model and one it hopes will generate fat profits to help the Stuttgart-based automaker through the COVID-19 recession and wrenching structural changes...
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A shopping center is sparsely attended in Sydney, Wednesday, Sept. 2, 2020. Australia's economy has suffered its sharpest quarterly drop since the Great Depression because of the pandemic, with data released on Wednesday confirming the country is experiencing its first recession in 28 years. (AP Photo/Rick Rycroft)
September 02, 2020 - 4:04 am
CANBERRA, Australia (AP) — Australia’s economy suffered its sharpest economic contraction since the Great Depression due to the pandemic, with data released Wednesday confirming the country is in its first recession in 28 years. The economy shrank 7% in the June, the biggest contraction since...
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FILE - In this June 24, 2019, file photo machines work on a Ford vehicle assembly line at Ford's Chicago Assembly Plant in Chicago. American factories expanded at a faster pace last month, continuing a rebound from the coronavirus recession. The Institute for Supply Management, an association of purchasing managers, reported Tuesday, Sept. 1, 2020, that its manufacturing index climbed to 56 in August from 54.2 in July. (AP Photo/Amr Alfiky, File)
September 01, 2020 - 9:43 am
WASHINGTON (AP) — American factories expanded last month at the fastest pace since late 2018, continuing a rebound from the coronavirus recession. The Institute for Supply Management, an association of purchasing managers, reported Tuesday that its manufacturing index climbed to 56 in August from...
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August 31, 2020 - 6:50 pm
BUENOS AIRES, Argentina (AP) — Argentina said Monday that private creditors have “massively” accepted an offer to restructure $65 billion in debt, allowing it to avoid another default and messy legal battle in international courts. Economy Minister Martín Guzmán said 93.55% of the bondholders...
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A banner for Utz Brands, which is listed at the New York Stock Exchange, hangs on the exterior of the building, Monday, Aug. 31, 2020, in New York. The Hanover, Pa. based company is known for its potato chips and snack foods. (AP Photo/Mark Lennihan)
August 31, 2020 - 3:50 pm
Stocks ended lower on Wall Street's Monday, but the market still closed out August with its fifth monthly gain in a row. The S&P 500 fell 0.2% after spending much of the day wavering between gains and losses of less than 0.1%. The modest decline, which snapped the index's seven-day winning...
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Japanese Prime Minister Shinzo Abe bows during a press conference at the prime minister official residence in Tokyo Friday, Aug. 28, 2020. Abe, Japan’s longest-serving prime minister, says he’s resigning because a chronic illness has resurfaced. (Franck Robichon/Pool Photo via AP)
August 28, 2020 - 11:12 pm
TOKYO (AP) — Japan's longest-serving prime minister, Shinzo Abe, said he is stepping down because a chronic health problem has resurfaced. He told reporters Friday that it was “gut wrenching” to leave many of his goals unfinished. Abe has had ulcerative colitis since he was a teenager and has said...
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FILE - In this July 21, 2020 file photo, people walk by the New York Stock Exchange. Stocks keep ticking higher on Wall Street, and more gains for the S&P 500 Friday morning, Aug. 28 have it on pace to close out its fifth straight winning week. (AP Photo/Mark Lennihan, File)
August 28, 2020 - 12:30 pm
NEW YORK (AP) — Stocks keep ticking higher on Wall Street, and more gains for the S&P 500 on Friday have it on pace to close out its fifth straight winning week. The benchmark index was up 0.3% in afternoon trading, adding to its record. It’s up 2.9% for the week and on track for its longest...
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FILE - In this Aug. 11, 2020 file photo, shoppers walk through the Valley Mall in Halfway, Md. U.S. consumer confidence fell for second straight month in August as a resurgence of virus cases in many parts of the country heightened pessimism about the economy. (Colleen McGrath/The Herald-Mail via AP, File)
August 28, 2020 - 9:32 am
WASHINGTON (AP) — U.S. consumers increased their spending by 1.9% last month, a dose of support for an economy struggling to emerge from the grip of a pandemic that has held back a recovery and kept roughly 27 million people jobless. The July gain marked the third straight monthly increase in...
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FILE - This July 21, 2020 file photo shows the New York Stock Exchange. Stocks are drifting close to their record heights in early trading on Wall Street Tuesday, Aug. 25, after the United States and China indicated some progress in trade talks. (AP Photo/Mark Lennihan, File)
August 25, 2020 - 2:26 pm
NEW YORK (AP) — U.S. stocks are drifting close to their record heights Tuesday, as momentum slows on Wall Street. The S&P 500 was up 0.2% in afternoon trading after flipping between small gains and losses for much of the day. The Dow Jones Industrial Average was down 109 points, or 0.4%, at 28,...
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