Recessions and depressions

FILE - In this July 9, 2020, file photo, a large video display reads "Now hiring for our new hotel coming soon!," at the new Emerald Queen Casino, which is open, and owned by the Puyallup Tribe of Indians, in Tacoma, Wash. The United States added 1.8 million jobs in July, a pullback from the gains of May and June and evidence that the resurgent coronavirus has weakened hiring and the economic rebound. (AP Photo/Ted S. Warren, File)
Associated Press
August 07, 2020 - 3:55 pm
WASHINGTON (AP) — U.S. hiring slowed in July as the coronavirus outbreak worsened, and the government’s jobs report offered signs Friday that the economic damage from the pandemic could last far longer than many observers originally envisioned. The United States added 1.8 million jobs in July, a...
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August 06, 2020 - 5:50 am
LONDON (AP) — Turkey’s currency dropped to an all-time low against the dollar on Thursday as the global recession created by the pandemic brings to the fore weaknesses in the country's economy. The Turkish lira fell to 7.2775 against the dollar before recovering slightly to around 7.24, compared...
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FILE - In this Feb. 5, 2019, file photo, Alaska Airlines planes are parked at a gate area at Seattle-Tacoma International Airport in Seattle. Alaska Airlines said over 300 employees among the company's workforce in Anchorage may lose their jobs on Oct. 1, 2020. The company said the Anchorage layoffs are part of company-wide job cuts because of the economic fallout from the coronavirus pandemic, Alaska Public Media reported Tuesday, Aug. 4. (AP Photo/Ted S. Warren, File)
Associated Press
August 06, 2020 - 5:43 am
WASHINGTON (AP) — Nearly 1.2 million laid-off Americans applied for state unemployment benefits last week, evidence that the coronavirus keeps forcing companies to slash jobs just as a critical $600 weekly federal jobless payment has expired. The Labor Department’s report Thursday marked the 20th...
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House Majority Whip Rep. James Clyburn, D-S.C., stands during a House Select Subcommittee hearing on the Coronavirus, Friday, July 31, 2020 on Capitol Hill in Washington. (Erin Scott/Pool via AP)
August 05, 2020 - 7:42 pm
Rep. James Clyburn said Wednesday the COVID-19 crisis is “much, much worse” than the 2008 Great Recession because the U.S. is without a national strategy to contain the coronavirus. “Our entire economy is at stake,” Clyburn told The Associated Press in a Newsmakers interview. The third-ranking...
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This photo provided by Samsung shows the Galaxy Note20 Ultra, from Samsung. Samsung aims to lift sinking smartphone sales with two new models that will test consumers' willingness to buy high-priced gadgets during the worst economic downturn since the Great Depression. The company's latest Galaxy phones, unveiled Wednesday, Aug. 5, 2020, during an online showcase, will cost $1,000 to $1,300. (Samsung via AP)
August 05, 2020 - 11:44 am
Samsung aims to lift its sinking smartphone sales with three new models that will test consumer willingness to buy high-priced gadgets during the worst economic downturn since the Great Depression. The latest Galaxy phones, unveiled Wednesday during an online showcase, will cost $1,000 to $1,300...
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President Donald Trump speaks during a meeting with U.S. tech workers, before signing an Executive Order on hiring American workers, in the Cabinet Room of the White House, Monday, Aug. 3, 2020, in Washington.(AP Photo/Alex Brandon)
August 03, 2020 - 9:45 am
WASHINGTON (AP) — President Donald Trump said Monday that he had fired the chair of the Tennessee Valley Authority claiming it has betrayed American workers. Trump told reporters at the White House that he was formally removing the authority's chair of the board and another member of the board and...
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FILE - In this Wednesday, May 13, 2020 file photo, Ford Motor Co. employees work a ventilator at the Rawsonville plant in Ypsilanti Township, Mich. The plant was converted into a ventilator factory, as hospitals battling the coronavirus report shortages of the life-saving devices. According to the Institute for Supply Management, U.S. manufacturing rebounded in June 2020 as major parts of the country opened back up, ending three months of contraction in the sector caused by the coronavirus pandemic. (AP Photo/Carlos Osorio)
August 03, 2020 - 7:42 am
WASHINGTON (AP) — U.S. manufacturing improved again in July with a key gauge of activity rising further into expansion territory. The Institute for Supply Management, an association of purchasing managers, said Monday that its manufacturing index rose to 54.2 last month, up from a June reading of...
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FILE - In this June 17, 2020 file photo, a sign advertises a sale at an H&M store along Lincoln Road Mall in Miami Beach, Fla. U.S. consumer confidence had a sharp drop in July to a reading of 92.6 as coronavirus cases in many parts of the country began rising again. (AP Photo/Lynne Sladky, File
July 31, 2020 - 6:45 am
WASHINGTON (AP) — American consumers increased their spending in June by a solid 5.6%, helping regain some of record plunge that occurred after the coronavirus struck hard in March and paralyzed the economy. But the virus' resurgence in much of the country could impede further gains. Last month’s...
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FILE - In this June 1, 2020, file photo, waiters prepare the terrace of a restaurant in order to respect distancing measures in Paris as France gradually lifts its lockdown due to the coronavirus. France's economy shrank by nearly 14% in the second quarter when the country was in coronavirus lockdown, a third consecutive quarter of negative growth in a worsening recession, the national statistics agency said Friday, July 31, 2020. (AP Photo/Christophe Ena, File)
July 31, 2020 - 5:32 am
PARIS (AP) — The economy of the 19-country eurozone shrank by a devastating 12.1% in the April-June period from the quarter before - the largest drop on record - as coronavirus lockdowns shut businesses and hampered consumer spending. Economists say the worst of the downturn is past as many...
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FILE - In this June 25, 2020, file photo Rep. Karen Bass, D-Calif., speaks during a news conference on the House East Front Steps on Capitol Hill in Washington ahead of the House vote on the George Floyd Justice in Policing Act of 2020. California Congresswoman Bass has emerged a leading contender to be Democrats' vice presidential candidate. Allies say her reputation as a bridge-builder would make her a strong partner to presumptive Democratic presidential nominee. (AP Photo/Carolyn Kaster, File)
July 31, 2020 - 4:52 am
SACRAMENTO, Calif. (AP) — California's leaders were deadlocked and on the verge of financial catastrophe in 2008. Five negotiators, including Republican Gov. Arnold Schwarzenegger, couldn't agree on a budget that would guide the nation's most populous state through the Great Recession. Enter Karen...
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