Recessions and depressions

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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People walk with bags after shopping at the Selfridges department store in London, Monday, June 15, 2020. After three months of being closed under coronavirus restrictions, shops selling fashion, toys and other non-essential goods are being allowed to reopen across England for the first time since the country went into lockdown in March.(AP Photo/Matt Dunham)
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June 16, 2020 - 7:30 am
LONDON (AP) — Unemployment in the U.K. is widely expected to hit levels not seen since the mid-1980s over the coming months as a result of the coronavirus-induced recession. Though the number of people officially labelled as unemployed held steady in April, the first full month after lockdown,...
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A man looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Monday, June 15, 2020. Asian shares were mostly lower Monday on concern over a resurgence of coronavirus cases and pessimism after Wall Street posted its worst week in nearly three months. (AP Photo/Eugene Hoshiko)
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June 15, 2020 - 5:20 pm
NEW YORK (AP) — Wall Street rallied back from a sharp, early slump on Monday to notch modest gains after the Federal Reserve unveiled its latest push to prop up the economy. The S&P 500 climbed 0.8% in the latest day of big swings for global markets, as a remarkable, weekslong rally shows some...
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FILE - In this July 31, 2019 file photo, The Federal Reserve logo is shown before the start of a scheduled news conference by Chairman Jerome Powell when it ends its latest policy meeting in Washington. The Federal Reserve on Friday, June 12, 2020, promised to use its “full range of tools” to pull the country out of a deep recession caused by a global pandemic, signaling that it would keep interest rates low through 2022. (AP Photo/Manuel Balce Ceneta, File)
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June 12, 2020 - 12:58 pm
WASHINGTON (AP) — The Federal Reserve is promising to use its “full range of tools” to pull the country out of a recession brought on by a global pandemic, signaling that it would keep interest rates low through 2022. In its semi-annual monetary policy report to Congress, the central bank said...
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Union flags and support messages are seen in the shopping street, Oxford Street, ahead of the reopening of the non-essential businesses on Monday, June 15, as some of the coronavirus lockdown measures are eased, in London, Friday, June 12, 2020. The British economy shrank by a colossal 20.4% in April, the first full month that the country was in its coronavirus lockdown, official figures showed Friday. (AP Photo/Alberto Pezzali)
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June 12, 2020 - 10:06 am
LONDON (AP) — The British economy has seen nearly two decades worth of growth wiped out as a result of the lockdown measures put in place during the coronavirus pandemic. The Office for National Statistics said Friday that the economy shrank by a colossal 20.4% in April, the first full month that...
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German Chancellor Angela Merkel attends a special cabinet meeting of the German government about the a stimulus program to booster the German economy after the coronavirus lockdown, at the chancellery in Berlin, Germany, Friday, June 12, 2020. (AP Photo/Markus Schreiber, Pool)
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June 12, 2020 - 6:31 am
BERLIN (AP) — Germany’s Cabinet has approved a temporary cut in value-added tax starting next month in a bid to boost consumer demand in Europe’s biggest economy, a centerpiece of the country’s 130 billion-euro ($148 billion) stimulus package. The finance minister made clear Friday that he doesn't...
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