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.
By Andre Damon, 2 May 2015
The ongoing global economic slump is inseparable from the parasitic activities of the financial oligarchy, aided and abetted by the state.
By Kathleen Martin, 1 May 2015
The suit alleges that the firm, owned by billionaire Dan Gilbert, encouraged employees to underwrite loans they knew would go into default.
By Andre Damon, 30 April 2015
Business investment collapsed in the first quarter, even as US companies sat atop a record $1.4 trillion cash hoard.
By Zaida Green, 25 April 2015
Some 73 percent of people enrolled in public welfare programs, including food assistance, come from families with at least one member who is employed.
By Ed Hightower, 24 April 2015
Nonfarm payroll employment declined in 31 states and the District of Columbia last month, further belying the Obama administration’s claims of an economic “recovery.”
By Niles Williamson, 18 April 2015
The world’s largest oilfield service company, Schlumberger, announced this week that as a result of declining oil production it will cut 11,000 jobs worldwide, bringing the firm’s total layoffs so far this year to 20,000.
By Andre Damon, 18 April 2015
Bernanke’s new job constitutes little more than a kickback for services rendered to Wall Street.
By Barry Grey, 8 April 2015
In America, “justice” for the working class and poor is remorseless, brutal and final.
By Andre Damon, 4 April 2015
The latest jobs report adds to a growing body of data showing that US economic growth has slowed significantly over the past six months.
By Andre Damon, 28 March 2015
US steel companies announced thousands of layoffs this week.
By Patrick Martin, 28 March 2015
Similar plans were passed by the House of Representatives Wednesday and the Senate early Friday.
By Gabriel Black, 27 March 2015
H.J. Heinz and Kraft Foods announced Wednesday that they would merge to form the world’s fifth-largest food company.
By E.P. Bannon, 23 March 2015
Only 23.1 percent of unemployed workers were receiving benefits in December 2014, the lowest level since unemployment insurance benefits were first established.
By Andre Damon, 21 March 2015
As many as 28,000 households in America’s poorest large city face having their water service shut off.
By Barry Grey, 19 March 2015
Any tightening of the central bank cash spigot threatens to bring the bull market, and the windfalls it provides the rich and the super-rich, crashing down.
By Nick Beams, 18 March 2015
Global financial markets are waiting to see how soon the Fed may begin to raise interest rates.
By Shannon Jones, 18 March 2015
The $28.5 billion in Wall Street bonuses is double the annual pay for the 1 million US workers employed full time at the federal minimum wage of $7.25 per hour.
By Gabriel Black, 14 March 2015
The sustained decline in retail sales underscores the emergence of a new economic slump threatening workers’ livelihoods.
By Samuel Davidson, 13 March 2015
Tax increases for the working class, including sales and income taxes, underwrite much of what is new in Democratic Governor Tom Wolf’s budget.
By Tom Hall, 12 March 2015
The scandal exposes the social devastation wrought by the pro-corporate charter “reform” implemented following Hurricane Katrina in 2005.
By Gabriel Black, 7 March 2015
The nominal fall in the unemployment rate ignores the millions of workers who have given up looking for a job, while those jobs that have been created are primarily low-wage.
By Matthew MacEgan, 5 March 2015
The retail giant Target announced this week that it is cutting jobs in order to save $2 billion, which will be invested in its online business.
By Joseph Kishore, 4 March 2015
The inexorable rise in the wealth of the ultra-rich, amidst economic stagnation, is an expression of the parasitic character of world capitalism.
By Andre Damon, 28 February 2015
The latest figures belie claims that the US is a counterbalance to the overall slump and deflation that now encompass most of the world.
By Nick Beams, 27 February 2015
The emergence of negative bond yields signifies that the international bond market is being transformed into a gigantic Ponzi scheme.
By Patrick Martin, 26 February 2015
Detroit, once an industrial powerhouse, now has a child poverty rate of 59 percent, while African-American child poverty rates are actually worse in the Midwest than in the Deep South.
By Andre Damon, 26 February 2015
Fed Chair Janet Yellen stressed “patience” in raising interest rates, sending stock prices to new record highs.
By Andre Damon, 24 February 2015
The White House economic report released last week seeks to justify right-wing, pro-business policies in the name of “middle-class economics.”
By our reporters, 23 February 2015
Ford workers in Chicago and Chrysler workers outside Detroit called for expanding the strike to other industries.
By John Marion, 13 February 2015
The breakdown of the Greater Boston public transportation system, caused by years of grossly inadequate maintenance funding, has deepened in the wake of another storm.
By Nick Barrickman, 7 February 2015
Media figures and politicians hailed the latest US jobs report as evidence of an economic turnaround, ignoring the thousands of store closings and layoffs announced in recent days.
By Evan Blake, 6 February 2015
The company has been squeezed by competition from Walmart and Amazon, as well as Best Buy and other traditional electronics retailers.
By Nick Barrickman, 6 February 2015
The deal, which will lead to job losses for thousands of workers, is part of the growing monopolization in all parts of the American economy.
By Jerry White, 6 February 2015
The profit-sharing checks being passed out by the Detroit automakers are a pittance compared to what auto workers have lost through wage and benefit cuts.
By E.P. Bannon, 5 February 2015
Low oil prices have sparked layoffs and pay cuts throughout all sectors of industry.
By Patrick Martin, 4 February 2015
The budget document released Monday is another attempt by President Obama to disguise his program of war and austerity with populist phrases.
By Andre Damon, 4 February 2015
The settlement amounts to yet another slap on the wrist for companies whose fraudulent activities contributed to the 2008 financial collapse.
By Gabriel Black, 2 February 2015
While the United States has been slowly adding jobs, many of these jobs are in low-wage sectors or industries that are moving in that direction.
By Trent Novak, 31 January 2015
In his first move since taking office last week, Maryland’s newly inaugurated governor, Republican Larry Hogan, unveiled an austerity budget aimed at eliminating a $750 million shortfall.
By Andre Damon, 30 January 2015
In the period between 1979 and 2007, every state in the US saw the income share of the top 1 percent grow by at least 25 percent.
By Barry Grey, 29 January 2015
The Fed has come under increasing pressure from Wall Street to delay any rate hike until the final months of this year or some time in 2016.