recession

EU forecasts recession this year amid persistent inflation

By David McHugh, Associated Press

The European Union's executive commission slashed its forecast for economic growth next year. It says spreading the message that the countries that use the euro currency will slide into recession over the winter will erode consumer purchasing power.

Federal Reserve unleashes another big rate hike but hints at a pullback soon

By Christopher Rugaber, Associated Press

It was the Fed's sixth rate hike this year — a streak that has made mortgages and other loans increasingly expensive and heightened the risk of a recession.

More Americans feel financially vulnerable, AP-NORC poll finds

By Josh Boak, Emily Swanson, Associated Press

More U.S. adults are now feeling financially vulnerable amid high inflation. That's a political risk for President Joe Biden and fellow Democrats a month before the midterm elections.

Stocks slump on fears about rates, recession after jobs data

By Stan Choe, Associated Press

Good news on the economy remains bad news for Wall Street, as stocks fell sharply Friday on worries a still-strong U.S jobs market may actually make a recession more likely.

Haiti reaches a breaking point as the economy tanks and violence soars

By Evens Sanon, Dánica Coto, Associated Press

Daily life in Haiti began to spin out of control last month just hours after Prime Minister Ariel Henry said fuel subsidies would be eliminated, causing prices to double.

UK scraps tax cut for wealthy that sparked market turmoil

By Jill Lawless, Associated Press

The British government has dropped plans to cut income tax for top earners. The move was part of a package of unfunded cuts that sparked turmoil on financial markets and sent the pound to record lows.

UK’s Prime Minister Liz Truss defends economic plan that sent pound tumbling

By Jill Lawless, Danica Kirka, Associated Press

British Prime Minister Liz Truss has defended her economic plan that roiled financial markets, saying she's willing to make "difficult decisions" to get the economy growing.

Bank of England intervenes in market to halt economic crisis

By Danica Kirka, Jill Lawless, Associated Press

The move Wednesday comes after the government spooked investors with a program of unfunded tax cuts, sending the pound tumbling and the cost of government debt soaring.

The British pound has taken a plunge. What’s the impact?

By Kelvin Chan, Associated Press

The British currency has taken a plunge, sliding against the U.S. dollar to touch an all-time low. Financial markets are alarmed at new Prime Minister Liz Truss' emergency budget measures to jump-start the economy.

U.S. stocks slide deeper into a slump as recession fears grow

By Damian J. Troise, Associated Press

Stocks mostly fell on Wall Street and put major indexes deeper into a slump as recession fears grow. The losses were broad and included banks, health care companies and retailers.