Recessions and depressions

FILE - In this April 24, 2020, file photo, a man wearing a face mask to help stop the spread of the new coronavirus stands in a middle of a walking street in the Shinjuku ward in Tokyo. Recession-hit Japan's exports plunged nearly 22% in April, the country's worst drop in more than a decade as the coronavirus pandemic slammed global demand, the Finance Ministry said Thursday, May 21, 2020. (AP Photo/Eugene Hoshiko, File)
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May 21, 2020 - 1:41 am
TOKYO (AP) — Recession-hit Japan's exports plunged nearly 22% in April, marking their worst drop in more than a decade, as the coronavirus pandemic slammed global demand for autos, machinery and chemicals. Imports fell 7% from a year earlier, according to Finance Ministry data released Thursday...
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People sit at a cafe in Milan, Italy, Monday, May 18, 2020. On Monday, Italians enjoyed a first day of regained freedoms, including being able to sit down at a cafe or restaurant, shop in all retail stores or attend church services such as Mass. (Marco Alpozzi/LaPresse via AP)
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May 20, 2020 - 7:30 am
BRUSSELS (AP) — The European Union signaled Wednesday that it will not punish member countries for breaking the bloc’s deficit rules to tackle the coronavirus but that it could condition their access to sorely-needed recovery funds on them following its advice on how to manage their budgets. The 27...
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In this March 3, 2020 file photo Federal Reserve Chair Jerome Powell speaks during a news conference in Washington. Powell is pledging to reveal the names and other details of the entities that borrow from the emergency programs the central bank has set up to offset the economic hit from the viral outbreak. In prepared testimony for a Tuesday, May 19, 2020 congressional hearing, Powell says the central bank will disclose the amounts borrowed and the interest rates it levies under its programs to provide credit for large corporations, state and local governments, and medium-sized businesses. (AP Photo/Jacquelyn Martin, file)
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May 19, 2020 - 3:44 pm
WASHINGTON (AP) — Facing the gravest U.S. economic crisis in decades, Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell offered Congress contrasting views Tuesday of what the government's most urgent priority should be. Striking a theme frequently pushed by President Donald...
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Customers drink coffee at the Versailles restaurant and pastry shop in Lisbon, Monday, May 18, 2020. Some cafes and restaurants are reopening in Portugal on Monday. The government is gradually easing measures introduced to stem the spread of the new coronavirus. (AP Photo/Armando Franca)
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May 18, 2020 - 6:16 pm
The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Monday related to national and global response, the work place and the spread of the virus. ________________________ DAY AFTER: States are trying to figure out the safest way...
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FILE - In this March 1, 2020, file photo, a department store employee with a mask dresses a mannequin in Tokyo. Japan's economic growth plunged into recession in the first quarter as the coronavirus pandemic squelched production, exports and spending, and fears are growing worse times may lie ahead, according to a report on Monday, May 18, 2020. (AP Photo/Jae C. Hong, File)
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May 18, 2020 - 4:50 am
TOKYO (AP) — Japan plunged into recession in the first quarter as the coronavirus pandemic battered manufacturing, exports and spending, and economists expect worse damage lies ahead. The world's third-largest economy contracted at a 3.4% annual, seasonally adjusted rate in January-March, the...
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May 18, 2020 - 2:38 am
MIAMI (AP) — Tropical Storm Arthur crawled closer to the North Carolina coast early Monday, amid threats of some minor flooding and rough seas as the system moves off the Southeast seaboard. Arthur formed Saturday in waters off Florida, marking the sixth straight year that a named storm has...
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FILE - In this March 1, 2020, file photo, a department store employee with a mask dresses a mannequin in Tokyo. Japan's economic growth plunged into recession in the first quarter as the coronavirus pandemic squelched production, exports and spending, and fears are growing worse times may lie ahead, according to a report on Monday, May 18, 2020. (AP Photo/Jae C. Hong, File)
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May 17, 2020 - 11:23 pm
TOKYO (AP) — Japan's economic growth plunged into recession in the first quarter as the coronavirus pandemic squelched production, exports and spending, and fears are growing that worse times may lie ahead. The Cabinet Office reported Monday a 3.4% drop in the annual pace of seasonally adjusted...
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University of California at Berkeley graduate Tyler Lyson stands in front of Sather Gate on the closed Cal campus in Berkeley, Calif., on Monday, May 11, 2020. For the Class of 2020, the future looks grim. The pandemic has shattered the economy and the high hopes of graduates who, until recently, seemed all but assured of success. (AP Photo/Ben Margot)
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May 17, 2020 - 11:07 pm
Tyler Lyson watched his parents’ financial collapse in the Great Recession, a decade ago. He vowed he’d find the security they never had: He would get a college degree. The 27-year-old won a full scholarship to the University of California-Berkeley and, on Monday, will become the first in his...
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FILE - In this Tuesday, March 3, 2020 file photo, Federal Reserve Chair Jerome Powell pauses during a news conference to discuss an announcement from the Federal Open Market Committee, in Washington. The Federal Reserve says it will keep buying bonds, Wednesday, June 10, to maintain low borrowing rates and support the U.S. economy in the midst of a recession. And it says nearly all the Fed’s policymakers foresee no rate hike through 2022. .(AP Photo/Jacquelyn Martin, File)
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May 17, 2020 - 7:31 pm
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell expressed optimism Sunday that the U.S. economy can begin to recover from a devastating recession in the second half of the year, assuming the coronavirus doesn't erupt in a second wave. But he suggested that a full recovery won't likely be...
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May 17, 2020 - 5:03 am
MIAMI (AP) — Tropical Storm Arthur formed off the coast of Florida on Saturday, making it the sixth straight year for a named storm to develop before the official June 1 start of the Atlantic hurricane season. The U.S. National Hurricane Center in Miami issued a tropical storm warning for North...
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