Recessions and depressions

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)
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June 19, 2020 - 5:19 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)
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June 19, 2020 - 7:59 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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FILE - In this June 4, 2020, file photo, a customer walks out of a U.S. Post Office branch and under a banner advertising a job opening, in Seattle. The U.S. government will issue its latest snapshot Thursday, June 18, of the layoffs that have left millions unemployed but have slowed as businesses have increasingly reopened and rehired some of their laid-off workers. (AP Photo/Elaine Thompson, File)
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June 18, 2020 - 1:48 pm
WASHINGTON (AP) — Three months after the viral outbreak shut down businesses across the country, U.S. employers are still shedding jobs at a heavy rate, a trend that points to a slow and prolonged recovery from the recession. The number of laid-off workers seeking unemployment benefits barely fell...
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Builders work on ascaffolding in London, Wednesday, June 17, 2020. After the easing of lockdown during the COVID-19 pandemic, most construction companies have restarted their business but official figures show that the British economy shrank by a colossal 20.4% in April, the first full month that the country was in its lockdown. (AP Photo/Frank Augstein)
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June 18, 2020 - 10:50 am
LONDON (AP) — The Bank of England unveiled another big stimulus for the U.K. economy as it tries to limit the scale of the coronavirus recession, which it now thinks will be “less severe” than it thought last month. In a statement Thursday, the bank’s policy making panel said it was increasing its...
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A couple adjust sunshades at the beach of Palma de Mallorca, Spain, Tuesday, June 16, 2020. Borders opened up across Europe on Monday after three months of coronavirus closures that began chaotically in March. But many restrictions persist, it's unclear how keen Europeans will be to travel this summer and the continent is still closed to Americans, Asians and other international tourists. (AP Photo/Joan Mateu)
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June 18, 2020 - 7:43 am
PALMA DE MALLORCA, Spain (AP) — Thermometer guns, face masks and plastic gloves in airports, hotels and restaurants. Shops shuttered in sleepy streets. Night life verboten. Holidays in pandemic times are offering many fewer frills for the international traveler. But Spain’s Balearic Islands are...
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An electronic stock board showing Japan's Nikkei 225 index at a securities firm is seen at a street in Tokyo Wednesday, June 17, 2020. Major Asian stock markets declined Wednesday after Wall Street gained on hopes for a global economic recovery and Japan's exports sank. (AP Photo/Eugene Hoshiko)
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June 18, 2020 - 12:08 am
BANGKOK (AP) — Shares fell Thursday in Asia after another day of wobbly trading on Wall Street as markets eased off the accelerator following their big rally. Japan's Nikkei 225 shed 0.3% to 22,394.45 and the Hang Seng in Hong Kong also fell 0.3%, to 24,407.59. South Korea's Kospi slipped 0.2% to 2...
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In this May 21, 2020 photo, Loren Ackerman cleans the ink plate of the 1890s-era press he uses to print wooden money in Tenino, Wash. In an effort to help residents and local merchants alike get through the economic fallout of the coronavirus pandemic, the small town has issued wooden currency for residents to spend at local businesses, decades after it created a similar program during the Great Depression. (AP Photo/Ted S. Warren)
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June 17, 2020 - 12:46 pm
TENINO, Wash. (AP) — The blue-cheese salad dressing, butter, ground turkey, cans of grain-free dog food and new toothbrush came to $24.97. Laurie Mahlenbrei handed the cashier a slice of wood marked $25, and walked out. The wooden currency is good only in the small city of Tenino, Washington, part...
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In this Tuesday, June 16, 2020, photo, a pedestrian walks past the headquarters for United Way of King County, in downtown Seattle. A recession is expected to curtail Americans’ generosity following a record year for charitable donations. But the recent wave of money dedicated to fighting the coronavirus and racial inequality in the U.S. is offering a beacon of hope for nonprofits in 2020. United Way, a nonprofit that relies heavily on middle-class donors, said it has raised $900 million worldwide since mid-March. (AP Photo/Ted S. Warren)
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June 17, 2020 - 1:14 am
SEATTLE (AP) — A recession is expected to curtail Americans' generosity following a record year for charitable donations, but the recent wave of money dedicated to fighting the coronavirus and racial inequality in the U.S. is offering a beacon of hope for nonprofits in 2020. The Giving USA report,...
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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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June 16, 2020 - 2:39 pm
WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell warned Tuesday that the U.S. economy faces a deep downturn with “significant uncertainty” about the timing and strength of a recovery. He cautioned that the longer the recession lasts, the worse the damage that would be inflicted on the job...
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FILE - In this May 7, 2020 file photo a woman sitting on a stoop reading a book in the sun is seen reflected by a closed clothing store's window on West Broadway in the SoHo neighborhood of the Manhattan borough in New York. U.S. retail sales likely recovered somewhat in May as the economy increasingly reopened from closures caused by the coronavirus and more shoppers felt confident enough to spend. The Commerce Department is expected to report Tuesday, June 16, 2020 that retail purchases climbed 9% from April to May, according to economists surveyed by the data provider FactSet. (AP Photo/Mary Altaffer, file)
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June 16, 2020 - 11:16 am
BALTIMORE (AP) — U.S. retail sales jumped by a record 17.7% from April to May, with spending partially rebounding after the coronavirus had shut down businesses, flattened the economy and paralyzed consumers during the previous two months. The government’s report Tuesday showed that retail sales...
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