Recessions and depressions

FILE - In this May 13, 2020, file photo, Ford Motor Co., line workers put together ventilators that the automaker is assembling at the Ford Rawsonville plant in Ypsilanti Township, Mich. American industry rebounded last month as factories began to reopen for the first time since being shut down by the coronavirus in Aprll. The Federal Reserve said Tuesday, June 16, 2020, that industrial production — including output at factories, mines and utilities — rose 1.4% in May after plummeting a record 12.4% in April and 4.6% in March. (AP Photo/Carlos Osorio, File)
August 14, 2020 - 9:49 am
WASHINGTON (AP) — American industry continued to regain ground lost in the coronavirus recession last month, but production remains well below where it was before the pandemic struck. The Federal Reserve reported Friday that industrial production — including output at factories, mines and utilities...
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FILE - In this June 11, 2020 file photo, workers on scaffolding lay blocks on one of the larger buildings at a development site where various residential units and commercial sites are under construction in Cranberry Township, Butler County, Pa. U.S. productivity rose at a 7.3% rate in the second quarter, the largest quarterly increase since 2009. Labor costs also jumped, rising 12.2%. The Labor Department report Friday, Aug. 14, is its first estimate of second-quarter productivity and follows the first quarter’s 0.9% decline. (AP Photo/Keith Srakocic, File)
August 14, 2020 - 9:44 am
SILVER SPRING, Md. (AP) — U.S. productivity rose at a 7.3% rate in the second quarter as the number of hours worked fell by nearly half, the biggest drop-off since the government started tracking the data more than 70 years ago. The Labor Department said Friday that output decreased 38.9%, also the...
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FILE - In this Friday, May 22, 2020, file photo, a sold sign sits in front of a house in Brighton, N.Y. The coronavirus pandemic helped shape the housing market by influencing everything from the direction of mortgage rates to the inventory of homes on the market to the types of homes in demand and the desired locations. (AP Photo/Ted Shaffrey, File)
August 14, 2020 - 3:07 am
NEW YORK (AP) — A renter most of his adult life, Clarence Swann became fearful that landlords would use the coronavirus pandemic as an excuse to gouge their tenants. So, with a desire to move near family, the retired veteran bought his first home last month at the age of 74. Swann said he used his...
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Democratic presidential candidate former Vice President Joe Biden joined by his running mate Sen. Kamala Harris, D-Calif., replaces his face mask after speaking at the Hotel DuPont in Wilmington, Del., Thursday, Aug. 13, 2020. (AP Photo/Carolyn Kaster)
August 13, 2020 - 3:29 pm
WILMINGTON, Del. (AP) — Joe Biden is calling for a nationwide protective mask mandate, citing health experts’ predictions that it could save 40,000 lives from coronavirus over the next three months. ”Wearing the mask is less about you contracting the virus,” Biden said. “It’s about preventing other...
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FILE - This July 21, 2020 file photo shows The New York Stock Exchange. Stocks are rebounding in early trading on Wall Street Wednesday, Aug. 12, carrying the S&P 500 back toward the cusp of its record high. The benchmark index was up 1% after the first half-hour of trading and on pace for its eighth gain in nine days. (AP Photo/Mark Lennihan, File)
August 12, 2020 - 5:53 pm
Stocks marched broadly higher on Wall Street Wednesday, briefly nudging the S&P 500 above its all-time closing high set in February, before the coronavirus pandemic led to a historic market plunge. The benchmark index notched a 1.4% gain, its eighth in nine days. It ended within 0.2% of its...
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FILE - In this July 16, 2019, file photo an American flag flies on the Capitol Dome in Washington. The U.S. budget deficit climbed to $2.81 trillion in the first 10 months of the budget year, exceeding any on record, the Treasury Department said Wednesday, Aug. 12, 2020. (AP Photo/Carolyn Kaster, File)
August 12, 2020 - 5:24 pm
SILVER SPRING, Md. (AP) — The U.S. budget deficit climbed to $2.81 trillion in the first 10 months of the budget year, exceeding any on record, the Treasury Department said Wednesday. The nation's budgetary shortfall is expected to eventually reach levels for the fiscal year that ends Sept. 30 more...
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FILE - In this Thursday, April 30, 2020 file photo, a woman wearing a mask to protect against coronavirus, rides a bicycle past a job centre in Shepherd's Bush, as the lockdown to curb the spread of coronavirus continues, in London. The U.K. economy has officially fallen into a recession after official figures showed it contracting by a record 20.4% in the second quarter as a result of lockdown measures put in place to counter the coronavirus pandemic. The slump recorded by the Office for National Statistics follows a 2.2% quarterly contraction in the first three months of the year. (AP Photo/Alberto Pezzali, File)
August 12, 2020 - 10:05 am
LONDON (AP) — Britain has suffered the deepest recession among the world’s top economies this year, shrinking by a fifth in the second quarter alone when much of the economy was mothballed as part of efforts to contain the coronavirus pandemic. The 20.4% quarterly drop is the worst since records...
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August 12, 2020 - 8:51 am
WASHINGTON (AP) — U.S. consumer prices jumped 0.6% in July as gasoline prices continued to rise. The Labor Department reported Wednesday that the increase last month in its consumer price index matched a 0.6% rise in June. The uptick was about twice what economists expected. But inflation remains...
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A woman walks by a closed store, in London, Thursday, July 16, 2020. Unemployment across the U.K. has held steady during the coronavirus lockdown as a result of a government salary support scheme, but there are clear signals emerging that job losses will skyrocket over coming months. The Office for National Statistics said Thursday there were 649,000 fewer people, or 2.2%, on payroll in June when compared with March when the lockdown restrictions were imposed. (AP Photo/Alastair Grant)
August 11, 2020 - 9:27 am
LONDON (AP) — The U.K. has kept a lid on its unemployment rate so far during the coronavirus pandemic but, scratch beneath the surface, there are worrying trends that will likely see the jobless total soaring by the end of the year. As department store Debenhams announced another 2,500 job losses...
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FILE - In this Aug. 27, 2013, file photo, workers load large containers of nectarines for sorting at Eastern ProPak Farmers Cooperative in Glassboro, N.J. U.S. wholesale prices fell 0.6% in February 2020, the biggest decline in five years, led by a sharp drop in energy costs. The Labor Department said the decline in its producer price index, which measures price pressures before they reach the consumer, followed a 0.5% rise in January. It was the sharpest decline since a similar 0.6% drop in January 2015. (AP Photo/Mel Evans, File)
August 11, 2020 - 8:42 am
WASHINGTON (AP) — U.S. wholesale prices shot up an unexpected 0.6% in July, biggest gain since October 2018, with energy prices moving sharply higher. The Labor Department said Tuesday that the jump last month in its producer price index — which measures inflation before it reaches consumers —...
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