Recessions and depressions

A currency trader talks near screens at the foreign exchange dealing room in Seoul, South Korea, Friday, May 15, 2020. Asian shares were mixed Friday as markets meandered on news about economies reopening, mixed with worries about the prolonged health risks from the new coronavirus. (AP Photo/Lee Jin-man)
May 15, 2020 - 3:48 pm
Stocks capped another wobbly day of trading on Wall Street with modest gains Friday, though the S&P 500 still ended with its biggest weekly loss in nearly two months. The benchmark index rose 0.4% after falling 1.3% earlier in the day as investors weighed more grim data showing how badly the...
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FILE - In this Sept. 18, 2017, file photo, two people sleep on a street in downtown Portland, Ore. Voters in metropolitan Portland will be asked Tuesday, May 19, 2020 to approve taxes on personal income and business profits that would raise $2.5 billion over a decade to fight homelessness even as Oregon grapples with the coronavirus pandemic and its worst recession in decades. (AP Photo/Ted S. Warren, File)
May 15, 2020 - 3:46 pm
PORTLAND, Ore. (AP) — Voters in metropolitan Portland, Oregon, will be asked Tuesday to approve taxes on personal income and business profits that would raise $2.5 billion over a decade to fight homelessness even as the state grapples with the coronavirus and its worst recession in years. The...
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The sun rises over one of of the main roads in Frankfurt, Germany, Friday, May 15, 2020. (AP Photo/Michael Probst)
May 15, 2020 - 5:30 am
BERLIN (AP) — The German economy shrank by 2.2% in the first quarter compared with the previous three-month period as shutdowns in the country and beyond started to bite, official data showed Friday. That means Europe's biggest economy went into recession following a small dip at the end of last...
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A currency trader talks near screens at the foreign exchange dealing room in Seoul, South Korea, Friday, May 15, 2020. Asian shares were mixed Friday as markets meandered on news about economies reopening, mixed with worries about the prolonged health risks from the new coronavirus. (AP Photo/Lee Jin-man)
May 14, 2020 - 10:41 pm
TOKYO (AP) — Asian shares were mixed Friday as markets meandered on news about economies reopening, mixed with worries about the prolonged health risks from the new coronavirus. Japan's benchmark Nikkei 225 edged down nearly 0.2% to 19,881.46 in morning trading. South Korea's Kospi fell 0.3% to 1,...
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This combination photo shows Cary Grant at the 30th Academy Awards ceremony on March 26, 1958, left, and Eva Marie Saint at the Academy Awards on April 17, 1961. Grant and Saint star in the Hitchcock thriller "North by Northwest." (AP Photo)
May 14, 2020 - 3:45 pm
When many were rushing to rewatch “Contagion,” the eerily prophetic 2011 Steven Soderbergh film about the outbreak of an easily transmitted virus, I was searching for more comforting escapes. I reached for “North by Northwest” the way a baby grasps for a pacifier. Even in a pandemic, it’s...
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FILE - In this Jan. 21, 2020, file photo, the Capitol is seen at sunrise in Washington. Businesses are going belly up, tens of millions have been laid off and by some measures, the U.S. seems headed for another Great Depression. But Republicans surveying the wreckage aren't ready for another round of coronavirus aid, instead urging a “pause.” (AP Photo/J. Scott Applewhite, File)
The Associated Press
May 14, 2020 - 10:34 am
WASHINGTON (AP) — Businesses are going belly up, tens of millions have been laid off and, by some measures, the U.S. seems headed for another Great Depression. But Republicans surveying the wreckage aren't ready for another round of coronavirus aid, instead urging a “pause.” Polls show GOP voters...
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A woman looks at signs at a store closed due to COVID-19 in Niles, Ill., Wednesday, May 13, 2020. (AP Photo/Nam Y. Huh)
The Associated Press
May 14, 2020 - 10:05 am
WASHINGTON (AP) — Nearly 3 million laid-off workers applied for U.S. unemployment benefits last week as the viral outbreak led more companies to slash jobs even though most states have begun to let some businesses reopen under certain restrictions. The wave of layoffs has heightened concerns that...
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A man wearing face mask walks past a bank electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Thursday, May 14, 2020. Asian shares declined Thursday on pessimism about life getting back to normal soon amid the coronavirus pandemic, even as Japan prepared to let businesses reopen in some regions. (AP Photo/Vincent Yu)
May 13, 2020 - 10:28 pm
Asian shares declined Thursday on pessimism about life getting back to normal soon amid the coronavirus pandemic, even as Japan prepared to let businesses reopen in some regions. Japan's Nikkei 225 slipped nearly 0.8% in morning trading to 20,112.00. Australia's S&P/ASX 200 lost 0.9% to 5,370...
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FILE - In this March 3, 2020 file photo, Federal Reserve Chair Jerome Powell pauses during a news conference in Washington. Powell provided a bleak outlook for the U.S. economy in remarks Wednesday, May 13, and urged Congress and the White House to act further to offset the damage from the viral outbreak. (AP Photo/Jacquelyn Martin, File)
May 13, 2020 - 3:48 pm
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell warned Wednesday of the threat of a prolonged recession resulting from the viral outbreak and urged Congress and the White House to act further to prevent long-lasting economic damage. The Fed and Congress have taken far-reaching steps to try to...
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May 13, 2020 - 11:42 am
UNITED NATIONS (AP) — The United Nations is forecasting that the coronavirus pandemic will shrink the world economy by 3.2 percent this year, the sharpest contraction since the Great Depression in the 1930s. The U.N.’s mid-year report released Wednesday said COVID-19 is expected to slash global...
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