By Clement Daly, 29 December 2015
A large budget shortfall in the state’s Public Employees Insurance Agency has prompted “draconian” cuts to the health care of more than 200,000 state workers and retirees.
By Nick Beams, 22 December 2015
The decision to end the Doha Round signifies the end of the multilateralism that formed a crucial foundation of post-World War II economic expansion.
By Nick Beams, 19 December 2015
The growing turbulence in financial markets is a manifestation of deepening recessionary trends in the global economy.
By Kate Randall, 19 December 2015
The deal includes restrictions on the visa-waiver program and a cybersecurity measure that removes restrictions on direct information sharing by companies with government agencies.
By Barry Grey, 17 December 2015
Fed Chair Janet Yellen stressed that further increases would be incremental and gradual and interest rates would remain abnormally low, triggering a sharp rise in US stock prices.
By Nick Beams, 15 December 2015
The price of oil is at its lowest point for seven years with natural gas prices at the lowest level in more than a decade, sparking a crisis in the bond markets.
By Barry Grey, 14 December 2015
The mounting crisis in the junk bond market has profound and convulsive implications for the entire credit system, in the US and internationally.
By Barry Grey, 12 December 2015
The global slowdown, reflected in collapsing prices for oil and other basic commodities, is now wreaking havoc on the corporate bond market.
By Gabriel Black, 11 December 2015
Two of the world’s largest chemical companies could merge in a move to cut costs amidst a deepening economic slump.
By Nick Beams, 10 December 2015
Corporate defaults are on the rise, not only in the energy sector hit by falling prices, but across the board.
By Gabriel Black, 9 December 2015
The fifth largest mining corporation in the world, Anglo American, will reduce its workforce by 63 percent in response to low commodity prices and a stagnating global economy.
By Nick Beams, 8 December 2015
Junk bonds are heading for their first losses since the global financial crisis, indicating the present stock market boom may be living on borrowed time.
By Andre Damon, 5 December 2015
The growth in the number of “high net worth individuals,” who make up slightly more than one percent of the population, comes as the earnings of a typical household continue to decline.
By Nick Barrickman, 5 December 2015
Today, there are 4.7 million less manufacturing jobs located within the United States than before the 2008 financial collapse.
By Barry Grey, 4 December 2015
The US economy remains depressed more than seven years after the 2008 Wall Street crash, with economic growth at about half the average rate for the post-World War II period.
By Andre Damon, 2 December 2015
The money that corporations are refusing to spend on productive investment is being channeled back to the financial elite in the form of share buybacks, dividend hikes and increased CEO pay.
By Steve Filips, 2 December 2015
The upsurge in nuclear plant closures is being driven by lower energy prices due to the glut in the supply of oil and natural gas from the recent boom in fracturing.
By Jake Dean, 1 December 2015
All 97 of the chain’s locations in California, Arizona and Nevada were shut down last month.
By Shannon Jones, 30 November 2015
The business press is gloating over the fact that the new contracts imposed on autoworkers by the UAW are tailored to the needs of the auto bosses.
By James Brewer, 21 November 2015
The layoffs are a direct product of the corporate drive toward monopoly, the rationalization of production and the slashing of labor costs in pursuit of ever greater profits.
By Josh Varlin, 7 November 2015
While the US economy added more jobs in October than in previous months, the great majority of new jobs were in low-wage sectors of the economy.
By Barry Grey, 5 November 2015
The Democrats on the House Financial Services Committee demonstrated their subservience to the banks by arguing against any increase in interest rates until 2016 at the earliest.
By Andre Damon, 3 November 2015
Global stock markets are surging as negative economic news makes interest rate cuts by central banks more likely.
Mass layoffs in US point to deepening slump
By Tom Hall, 31 October 2015
Friday's announcement by Chevron was in response to the continuing slump in oil prices, due in large part to falling demand.
By David Brown, 29 October 2015
The decades-long stagnation of wages in the US has left millions of workers unable to start a family or buy a house.
By Barry Grey, 29 October 2015
The Fed has come under enormous pressure to abandon its stated intention, declared last year, to begin gradually raising interest rates in 2015 for the first time in nine years.
By Jerry White, 27 October 2015
With the auto companies, the corporate media and the UAW warning workers not to make “unrealistic” demands, Ford and GM have raked in billions in profits in North America.
By Naomi Spencer, 27 October 2015
Local governments and schools across West Virginia are making deep reductions as the coal industry continues to contract and the state imposes a fresh round of cuts.
By Naomi Spencer, 26 October 2015
As the coal industry has hemorrhaged jobs, state and local social services have been slashed and inequality has soared.
By Douglas Lyons, 20 October 2015
With state funding cut back, some schools and non-profits have had to scale back or fully eliminate programs and lay off workers.
By Barry Grey, 15 October 2015
Walmart’s financial problems are above all a reflection of the devastating impact of years of wage-cutting and austerity on the company’s largely working class clientele.
By Gabriel Black, 13 October 2015
The Supreme Court refused to hear a challenge to a recent ruling making the enforcement of insider trading laws virtually impossible.
By Nick Beams, 12 October 2015
A report issued on the eve of the IMF-World Bank meeting said that emerging market economies had over-borrowed by $3 trillion over the past decade.
By Andre Damon, 10 October 2015
The Obama administration, Wall Street, major corporations and the trade unions have conspired to slash hundreds of billions of dollars from multi-employer pension funds.
By Nick Beams, 6 October 2015
Like players in a gambling casino given free chips by the house, financial investors boosted share prices on the prospect that interest rises in the US are off the table for this year.
By Nick Beams, 3 October 2015
The recessionary trends and falling commodity prices gripping the global economy are having a growing impact on the United States.
By Nick Barrickman, 3 October 2015
The total net worth for the multi-billionaires on the list set new records, displacing last year’s all-time high of $2.29 trillion.
By Nick Beams, 1 October 2015
The crisis of mining giant Glencore, whose shares plunged by 30 percent this week, is only one expression of the slump gripping the global economy.
By Nick Beams, 25 September 2015
The speech by US Fed chairwoman Janet Yellen Thursday sought to counter criticisms of the decision last week to keep interest rates on hold.
By Barry Grey, 24 September 2015
The very economies that were hailed as the engines of global growth following the Wall Street crash of September 2008 are now at the forefront of a deflationary crisis that threatens to plunge the world into a full-scale depression.
By Nick Beams, 22 September 2015
Divisions have emerged in financial circles over the Fed’s decision not to lift interest rates, highlighting the absence of any coherent policy on the part of those in charge of the financial system.
By Niles Williamson, 19 September 2015
The US Census Bureau reported this week that staggering levels of poverty remained unchanged between 2013 and 2014 as median household income held steady.
By Barry Grey, 18 September 2015
Exuberance over the decision to delay a rate hike was tempered by concerns over the state of the global economy and financial system as reflected in the Fed statement.
By a reporter, 17 September 2015
The cuts bring the job losses at HP to 87,000 in the past three years, one quarter of the total company workforce.
By Gabriel Black, 16 September 2015
The US auto industry has increasingly become dominated by financial capital, leading to the destruction of jobs, wages, and benefits.
By Nick Beams, 15 September 2015
Seven years after the eruption of the crisis, financial parasitism has reached unprecedented heights while the global economy stagnates.
By Nick Beams, 11 September 2015
The market gyrations are an expression of the combination of greed and fear that underlies financial markets, arising from their parasitic dependence upon ultra-cheap money.
By Gabriel Black, 5 September 2015
US employers added 173,000 jobs last month, while the labor force participation rate remained at 62.6 percent—the lowest rate since October 1977.
By Andre Damon, 4 September 2015
Pay for a typical US worker has fallen by 4 percent since 2009, and the incomes of many lower-paid workers have fallen up to twice as fast.
By Andre Damon, 31 August 2015
Once again, the world’s central banks and governments have made clear that they will do whatever it takes to preserve the wealth of the financial elite.
By Barry Grey, 27 August 2015
The US central bank is prepared to provide whatever public funds are needed to shield the financial elite from the consequences of a new eruption of the capitalist crisis.
By Andre Damon, 24 August 2015
The global stock market selloff reflects the inability of governments and central banks to address the fundamental contradictions of the capitalist system that led to the Wall Street crash of 2008–2009.
By Barry Grey, 22 August 2015
The meltdown on equity markets is being driven by signs that the world economy is sliding into a new recession or outright depression.
By Andre Damon, 21 August 2015
US stocks fell by the largest amount since February 2014, as fears of a world economic slowdown mixed with concerns over global exchange rate instability and geopolitical conflict.
By Barry Grey, 19 August 2015
Seven years after the Wall Street crash, fears are growing within ruling circles internationally that the world capitalist economy is descending into depression.
By Andre Damon, 15 August 2015
Under conditions of slowing economic growth and record amounts of cash on corporate balance sheets, mergers and acquisitions are being used to intensify the assault on the working class.
By Nick Beams, 12 August 2015
Stock markets and commodity prices fell sharply in the wake of the decision to devalue the yuan, reflecting concerns about the perilous state of the Chinese and world economy.
By Tom Hall, 8 August 2015
Friday’s jobs report shows that the American labor market failed to make any meaningful improvements last month as conditions for American workers continue to stagnate or decline.
By Steve Filips, 8 August 2015
Despite a decline in the official unemployment rate, thousands of people living in New York’s fifth largest city continue to struggle to find jobs and earn a decent living.
By Andre Damon, 5 August 2015
The filing signals a new assault on jobs in the already devastated US coal industry.
By Nick Beams, 4 August 2015
The latest US economic data show a contraction in investment amid the lowest wage increases in more than 30 years.
By Mike Head, 3 August 2015
The latest failure of Trans-Pacific Partnership negotiations is a debacle for the US drive to counter China.
By Oscar Grenfell, 3 August 2015
The Obama administration’s ongoing push for the Trans-Pacific Partnership (TPP)—a trade bloc of 12 countries—seeks to enshrine US economic dominance over the Asia-Pacific in binding agreements.
By Gabriel Black, 30 July 2015
The law, largely a token measure to begin with, has been watered down further to the point of near irrelevancy.
By Shannon Jones, 28 July 2015
The $105 million penalty is a derisory amount, a small fraction of the automaker’s annual revenue and profits.
By Nick Beams, 27 July 2015
Anglo American’s decision to cut one-third of its workforce is symptomatic of the job destruction ripping through the global mining industry as commodity prices plunge.
By Andre Damon, 25 July 2015
Amazon CEO Jeff Bezos made more money Thursday than 300,000 US workers earn in an entire year.
By Barry Grey, 21 July 2015
The explosion of asset values and wealth accumulation at the very top of the economic ladder has occurred alongside an intractable and continuing slump in the real economy.
By Kevin Martinez, 15 July 2015
California’s high cost of living has accelerated the decline of real wages.
By Andre Damon, 9 July 2015
The prevalence of “Depression-era” youth unemployment goes virtually unmentioned by the American corporate media and political establishment.
By Barry Grey, 9 July 2015
The shutdown was by far the longest ever trading halt attributed to computer problems.
By David Brown, 9 July 2015
Microsoft's layoffs highlight a broader trend of tech industry job cuts in response to increasingly speculative financial markets.
By Nick Barrickman, 8 July 2015
The share of teenagers who are employed during the summer has plunged by nearly 50 percent since 2000.
By Sandy English, 6 July 2015
The average sale price of an apartment in the New York City borough of Manhattan, the home of Wall Street, is now $1.87 million.
By Andre Damon, 4 July 2015
The vast sums of money pocketed by bank executives are bound up with activities that range from borderline legal to flagrantly illegal.
By Andre Damon, 3 July 2015
The latest US jobs report, despite being greeted by the political establishment as another sign of a "recovery," points to continued economic stagnation.
By Andre Damon, 2 July 2015
A new report by economist Emmanuel Saez found that the share of income going to the top one percent of US earners increased by one percentage point last year.
By David Brown, 29 June 2015
While the average worker made the same in 2014 as they did in 2009, CEO compensation at top companies rose by 54.3 percent.
By David Brown, 25 June 2015
In an effort to drive down labor costs, companies are replacing regular employees with cheaper contract workers with no job security or health care.
By Gabriel Black, 20 June 2015
US layoffs were up 13 percent in the first five months of 2015 compared to the prior year.
By Andre Damon, 18 June 2015
A series of recent court rulings highlight the drive of the American financial aristocracy to assert the untrammeled domination of private capital over the public interest.
By Barry Grey, 18 June 2015
Fed Chairwoman Janet Yellen repeatedly stressed that the rate increases, once begun, would be small and incremental.
“School is like a second home”
By Zac Corrigan, 13 June 2015
The impoverished Detroit enclave’s emergency manager declared that keeping the school was no longer “financially feasible.”
By Nick Beams, 5 June 2015
The downgrade follows what the OECD called the worst quarter for global economic growth since the 2008 financial crash.
By Andre Damon, 2 June 2015
Seven years after the 2008 financial crisis, the world economy has become the object of unremitting plunder by the global financial aristocracy.
By George Gallanis and Alexander Fangmann, 2 June 2015
The American farming sector is facing declining revenue and land value, creating a cascading effect on farm equipment, fertilizer, and other agriculture-related companies.
By Douglas Lyons, 1 June 2015
Pennsylvania lawmakers have passed a comprehensive pension reform bill that will permanently end pensions for future workers and diminish the returns of current workers.
By Andre Damon, 30 May 2015
The ongoing slump in the US economy comes amid a roaring stock market, combined with record share buybacks, mergers and acquisitions, and surging CEO pay.
By Nick Beams, 29 May 2015
An article in the Wall Street Journal this week has pointed to the growing role of share buybacks as a source of profit accumulation.
By Nick Barrickman, 25 May 2015
The top 200 highest-paid US CEOs made an average of $22.6 million last year.
By Gabriel Black, 23 May 2015
The growth of inequality has been accompanied by the expansion of part-time and contingent labor, particularly for younger workers.
By Evan Winters and Samuel Davidson, 23 May 2015
Hundreds of people attended a job fair Wednesday to apply for part-time work, paying $10.75 an hour, at Amazon’s newly opened warehouse.
By Andre Damon, 22 May 2015
Behind the threadbare trappings of democracy, America increasingly resembles an aristocratic society.
By Adam McLean and Jerry White, 21 May 2015
The Los Angeles City Council voted to draft an ordinance to raise the city’s minimum wage from $9 to $15 an hour by 2020.
By Andre Damon, 20 May 2015
Jobs created in the aftermath of the 2008 crisis have been disproportionately contingent and part-time, according to a new report published by the International Labor Organization.
By Andre Damon, 15 May 2015
The effect of guilty pleas for crimes involving massive manipulation of financial markets will be essentially zero, beyond the immediate costs the fines levied on the institutions.
By John Marion, 12 May 2015
Social service agencies could lose as much as half of their staff under an early retirement measure enacted by the Republican governor with the backing of the Democrats.
By Gabriel Black, 9 May 2015
The jobs added in the US last month were overwhelmingly in sectors dominated by part-time, low-wage work.
By Nick Beams, 8 May 2015
In the last two weeks an estimated $2 trillion has been wiped off share and bond markets.
By Andre Damon, 6 May 2015
On average, the 25 top-earning hedge fund managers last year took home $400 million, or more than 10,000 times the median household income in the United States.