The Associated Press is publishing this week the third installment of "The Great Reset," a yearlong, multi-format series that explores major changes wrought by the Great Recession.
The latest installment documents how households around the world are still spending and investing cautiously and how this could have long-lasting effects on global economic growth.
There are text and video stories, photos and an interactive, as well as six profiles. All are embargoed for use Sunday, Oct. 6 and thereafter. Stories, photos and a print graphic have been sent in advance. An abridged version of BC-US--AP IMPACT: GREAT RESET-INVESTING also moved in advance.
We see this story of interest to news, business and weekend editors and producers.
Questions should be directed to Editor Hal Ritter at 212-621-1751 or email@example.com.
AP IMPACT: GREAT RESET-INVESTING
NEW YORK — Five years after the financial crisis, households around the world are still playing it safe with their money, too spooked and distrustful to take risks needed to revive a sluggish global economy. An AP analysis of households in the 10 largest economies shows they have pulled hundreds of billions of dollars out of stocks, cut borrowing for the first time in decades and poured money into savings and bonds that offer puny interest payments, often too low to keep up with inflation. It's a flight to safety not seen on such a global scale since World War II, and the implications are huge. Shunning debt and spending less can be good for one family's finances. When hundreds of millions do it together, it can starve the global economy. By Business Writer Bernard Condon. UPCOMING: 3,400 words. Embargoed for use Sunday, Oct. 6 and thereafter. An abridged version of 1,900 words, with photos, was sent Thursday, Oct. 3. With AP Photos NYBZ610-19.
— AP Video: An overview of Great Reset-Investing.
— AP Photos: A mobile-friendly photo gallery showing nearly a dozen ways people in the world's 10 biggest economies have been playing it safe with their money. Sent Friday, Oct. 4 in advance.
— AP Interactive: A data visualization comparing statistical trends in personal debt, spending and investing in the world's 10 largest economies.
— AP Graphic: Compares statistical trends in personal debt, spending and investing in the world's 10 largest economies.
— AP Glance: Shows key events and milestones in the stock market and economy in the five years since the financial crisis. AP photos NYBZ627-631.
GREAT RESET-DEVELOPING ECONOMIES
NEW YORK — Spending by the developing countries of Brazil, Russia, India and China in the financial crisis helped keep a global recession from becoming a global depression. But now the BRICs are stumbling. Indians are buying fewer cars, Chinese and Russians are struggling with soaring living expenses and Brazilians are turning thrifty. A look at what's tripped them up, and why hopes they could drive a post-crisis global economy were bound to disappoint anyway. By Business Writer Bernard Condon. Embargoed for use Sunday, Oct. 6 and thereafter. 780 words. With AP photos NYBZ620-26.
GREAT RESET-HOLZHAUSEN Q&A
NEW YORK — Investors have retreated from risk before, but this time may be different. Arne Holzhausen, a senior economist at insurer Allianz, says what's keeping people from taking chances is not just a fear of loss, but something more deeply rooted and unlikely to disappear soon: a mistrust of the financial system. By Business Writer Bernard Condon. Embargoed for use Sunday, Oct. 6 and thereafter. 890 words. With AP photos NYBZ607-9.
The following profiles were sent in advance on Wednesday, Oct. 2:
NEW YORK — Profile of Madeleine Bosco of California, who has struggled to pay off debt after the financial crisis. By Business Writer Bernard Condon. UPCOMING: 415 words, photo by 6 p.m. Embargoed for use Sunday, Oct. 6 and thereafter.
SAO PAULO — Profile of Paulo Sergio of Brazil, who worries about a darker future as his earnings drop and the economy stagnates. By Stan Lehman. UPCOMING: 340 words, photo by 6 p.m. Embargoed for use Sunday, Oct. 6 and thereafter.
KOUNOSU, Japan — Profile of Teruyuki and Haruna Kawabata of Japan, who rarely eat out or splurge in other ways and worry about layoffs. By Business Writer Yuri Kageyama. UPCOMING: 390 words, photo by 6 p.m. Embargoed for use Sunday, Oct. 6 and thereafter.
BEIJING — Profile of Wang Younghui of China, who is dipping into savings to make ends meet as living costs rise. By Joe McDonald. UPCOMING: 430 words, photo by 6 p.m. Embargoed for use Sunday, Oct. 6 and thereafter.
FRANKFURT, GERMANY — Profile of Maria Schoenberg of Germany, who has sold stocks and put cash into banks in a flight to safety. By Business Writer David McHugh. UPCOMING: 420 words, photo by 6 p.m. Embargoed for use Sunday, Oct. 6 and thereafter.
NEW DELHI — Profile of Pradeep Kumar of India, whose business making water pumps is booming, but still struggles to get ahead as inflation eats into his earnings. By Nirmala George. UPCOMING: 410 words, photo by 6 p.m. Embargoed for use Sunday, Oct. 6 and thereafter.