Recessions and depressions

A Wells Fargo office is shown, Wednesday, Jan. 13, 2021 in New York. Wells Fargo & Co. says its profit rose 4% to $2.99 billion in the fourth quarter of 2020. The bank, based in San Francisco, said Friday that it had earnings of 64 cents per share, compared with earnings of 60 cents a year earlier. (AP Photo/Mark Lennihan)
January 15, 2021 - 10:41 am
CHARLOTTE, N.C. (AP) — The pandemic and recession aren’t over by a long shot, but banks are feeling optimistic enough to start taking potentially “bad” loans off their books and move them back into the “good” pile. The financial performance of the big U.S. banks has improved from earlier in 2020,...
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A woman wearing a face covering walks past a shop window in London, Thursday, Jan. 14, 2021 during England's third national lockdown to curb the spread of coronavirus. (AP Photo/Kirsty Wigglesworth)
January 15, 2021 - 4:06 am
LONDON (AP) — The British economy looks set to fall back into recession after official figures on Friday showed that it shrank by 2.6% month-on-month in November, when much of the country was in a second coronavirus lockdown. The Office for National Statistics said that as a result of the fall, the...
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Federal Reserve Chairman Jerome Powell testifies before a House Financial Services Committee hearing on Capitol Hill in Washington, Wednesday, Dec. 2, 2020. (Greg Nash/Pool via AP)
January 14, 2021 - 1:49 pm
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell sought Thursday to tamp down any concerns that the Fed might soon withdraw some of its support for the U.S. economy and stressed that any such pullback would be signaled far in advance. During an online discussion hosted by Princeton University...
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FILE - In this Tuesday, Feb. 25, 2020 file photo, Electric car ID.3 cars stand at the factory area during a press tour at the plant of the German manufacturer Volkswagen AG ,VW, in Zwickau, Germany. Automaker Volkswagen tripled sales of battery-only cars last year as its new electric compact ID.3 came on the market ahead of tough new limits on auto emissions. (AP Photo/Jens Meyer, file)
January 12, 2021 - 6:13 am
FRANKFURT, Germany (AP) — Europe's push into electric cars is gathering speed — despite the pandemic. Automaker Volkswagen tripled sales of battery-only cars in 2020 as its new electric compact ID.3 came on the market ahead of tough new European Union limits on auto emissions. And Germany, long a...
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FILE - This May 22, 2020, file photo shows the Federal Reserve building in Washington. Newly released transcripts show that many Federal Reserve officials had concerns in late 2015 over whether they were making a mistake in raising a key interest rate for the first time in nearly decade. Transcripts of their discussions, released Friday, Jan. 8, 2021 showed that the chief concern was whether the Fed would be acting prematurely in starting to raise rates given how low inflation was at the time. (AP Photo/Patrick Semansky, File)
January 08, 2021 - 9:31 am
WASHINGTON (AP) — Newly released transcripts show that many Federal Reserve officials had concerns in late 2015 over whether they were making a mistake in raising a key interest rate for the first time in nearly decade. Transcripts of their discussions, released Friday, showed that the chief...
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FILE - In this Dec. 14, 2020 file photo, Zeida Hernandez, of Tampa, Fla., left, makes Factory Throwout cigars using an antique hand-operated cigar machine at the J.C. Newman Cigar Co., Tampa's last cigar factory, in Fla. American factories grew in December at the fastest pace in more than two years as manufacturing continued to weather the pandemic better than the battered services sector. (Douglas R. Clifford/Tampa Bay Times via AP)
January 07, 2021 - 7:16 am
WASHINGTON (AP) — The number of Americans seeking unemployment aid fell slightly last week to 787,000, a historically high number that points to a weak job market held back by the viral pandemic. Thursday's figure from the Labor Department, a slight decline from the previous week, shows that even...
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A "Now Hiring" sign hangs on the front wall of a Harbor Freight Tools store, Thursday, Dec. 10, 2020, in Manchester, N.H. The number of Americans seeking unemployment benefits fell by 19,000 to a still-high 787,000, evidence that the job market remains under stress as a resurgent coronavirus continues to batter the economy. (AP Photo/Charles Krupa)
December 31, 2020 - 6:44 am
WASHINGTON (AP) — The number of Americans seeking unemployment benefits fell by 19,000 last week to still historically high 787,000 as a resurgent coronavirus grips the U.S. economy. While at the lowest level in four weeks, the new figures released Thursday by the Labor Department are nearly four...
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A hiring sign shows outside of Gray M. Sanborn Elementary School in Palatine, Ill., Thursday, Nov. 5, 2020. Illinois reports biggest spike in unemployment claims of all states. On Wednesday, Dec. 23, the number of Americans seeking unemployment benefits fell by 89,000 last week to a still-elevated 803,000, evidence that the job market remains under stress nine months after the coronavirus outbreak sent the U.S. economy into recession and caused millions of layoffs. (AP Photo/Nam Y. Huh)
Associated Press
December 23, 2020 - 7:33 am
WASHINGTON (AP) — The number of Americans seeking unemployment benefits fell by 89,000 last week to a still-elevated 803,000, evidence that the job market remains under stress nine months after the coronavirus outbreak sent the U.S. economy into recession and caused millions of layoffs. The latest...
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In this Dec. 15, 2029, photo, Senate Majority Leader Mitch McConnell of Ky., walks past reporters on Capitol Hill in Washington. (AP Photo/Susan Walsh)
Associated Press
December 19, 2020 - 3:37 pm
WASHINGTON (AP) — An arcane battle over emergency Federal Reserve powers foiled efforts on Saturday to lock down an agreement on an almost $1 trillion COVID-19 economic relief package. Saturday's deadlock was just the latest stumble in a partisan, months-long fight over pandemic relief and the lack...
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A woman wears a face mask as she steps out of Bank underground station, in London, Tuesday, Dec. 8, 2020. The United Kingdom is beginning a mass vaccination campaign to inoculate the population against COVID-19 virus, with the elderly, vulnerable and key workers among the first to receive the first part of the inoculation. (AP Photo/Alberto Pezzali)
December 17, 2020 - 4:47 am
LONDON (AP) — The Bank of England opted against injecting another dose of stimulus into the British economy as it waits to hear whether a post-Brexit trade deal between the U.K. and the European Union is agreed in time for the new year. In a statement released Thursday, it said the nine rate-...
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