Recessions and depressions

FILE - In this Oct. 23, 2019 file photo, developer Danny Gaekwad talks about the roof top bar on his Hilton Garden Inn hotel that is presently under construction in Ocala, Fla. Since the coronavirus crisis started, hotel owners say they are struggling to get relief on a type of loan that Wall Street investors buy. [Doug Engle/Ocala Star-Banner via AP)
June 25, 2020 - 9:20 am
ORLANDO, Fla. (AP) — Hotel owner and developer Danny Gaekwad survived steep drops in business after the 9/11 attacks and the recession of the late 2000s, but nothing prepared him for the revenue tailspin that followed lockdowns and travel restrictions in March to stop the spread of the new...
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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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FILE - In this May 7, 2020 file photo, a person looks inside the closed doors of the Pasadena Community Job Center in Pasadena, Calif., during the coronavirus outbreak. California's unemployment rate continued to climb in May, reaching 16.3% as businesses continued to lay people off because of a state-at-home order aimed at slowing the spread of the coronavirus that has wrecked the state's economy. (AP Photo/Damian Dovarganes, File)
June 19, 2020 - 5:27 pm
WASHINGTON (AP) — Employers added jobs in 46 states last month, evidence that the U.S. economy's surprise hiring gain in May was spread broadly across the country — in both states that began reopening their economies early and those that did so only later. Unemployment rates fell in 38 states, rose...
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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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