By Nick Beams, 29 September 2016
Both the World Trade Organisation and the International Monetary Fund warned of an increase in protectionist measures alongside a fall in the rate of world trade growth.
By Jessica Goldstein, 29 September 2016
The announcement of mass layoffs at the largest employer in the US comes amid a wave of cuts in the retail industry.
By Nick Beams, 27 September 2016
The turmoil surrounding Deutsche Bank is only the sharpest expression of a crisis gripping the whole of the European banking system.
By Douglas Lyons, 26 September 2016
A recent report underscores the economic decline workers have experienced over the past half century while the super-rich carried out a “radical redistribution” of wealth.
By Nick Beams, 22 September 2016
Global stocks rallied as the Organisation for Economic Co-operation and Development revised down its global growth estimate, citing weak trade growth and lower productivity.
By Nick Beams, 20 September 2016
Amid signs of increased volatility, the Bank for International Settlements issued another warning that financial markets rely too much on central banks.
By Gabriel Black, 17 September 2016
Carrie Tolstedt has made tens of millions overseeing massive consumer fraud as Wells Fargo’s Vice President for community banking.
By Patrick Martin, 15 September 2016
The Obama administration and the Democratic Party have seized on the latest Census Bureau report as support for their bogus claims of a genuine economic recovery.
By Nick Beams, 15 September 2016
The ensuing eight years have shown that the financial crisis of 2008 was not a conjunctural downturn but a breakdown in the very foundations of the global capitalist economy.
By Nick Beams, 13 September 2016
There are warnings that the rise in bond prices could turn into a rout with significant losses for investors.
By Toby Reese, 12 September 2016
The appointment of a number of new academics and scientists to the University of California, San Diego’s (UCSD) Contextual Robotics Institute is bound up with the US drive to war.
By Nick Beams, 9 September 2016
Questions are sure to asked as to how a bank, supposedly with tight internal controls and reviews, did not know about the creation of two million fake accounts.
By Nick Beams, 6 September 2016
At the conclusion of the summit, IMF managing director Christine Lagarde also addressed these issues warning that economic growth had been “too low for too long for too few.”
By Douglas Lyons, 5 September 2016
Harley-Davidson has recently announced approximately 200 workers will be laid off due to declining profits.
By Shelley Connor, 3 September 2016
The publication of a lackluster jobs report by the Labor Department followed the announcement by Wal-Mart that it plans to slash 7,000 jobs.
By Nick Beams, 2 September 2016
International Monetary Fund managing director Christine Lagarde has said the world economy could suffer from “disappointing growth for a long time to come.”
“The union is letting the company do what it wants”
By Shannon Jones, 1 September 2016
In a not so veiled warning, Fiat Chrysler CEO Sergio Marchione told Jefferson North workers last week that the status of their facility is up in the air.
By E.P. Bannon, 31 August 2016
The Obama bull market is the product of years of pro-corporate, anti-working class policies, including the bailout of the banks and attacks on wages and benefits.
By Nick Beams, 30 August 2016
With the business cycle set to enter a “dangerous” phase, central bankers are concerned that interest rates are already so low they will not be able to counter any economic downturn.
No end to central bank subsidies for financial markets
By Barry Grey, 27 August 2016
Yellen all but acknowledged that low levels of economic growth and extreme financial instability were permanent features of the US and world capitalist economy.
By Nick Beams, 26 August 2016
The central bankers and financial authorities gathered at Jackson Hole have no economic answer to the crisis of the profit system over which they preside.
By Nick Beams, 19 August 2016
Underlying the divisions in the Federal Reserve is the lack of any clear understanding of where the US economy is heading.
By Barry Grey, 19 August 2016
So far this year, American technology companies have eliminated 63,000 jobs.
By Nick Beams, 16 August 2016
The rise in the markets and the underlying weakening of the real economy are interconnected phenomena as finance seeks to accumulate profits through parasitism.
The impact of financial parasitism
By Barry Grey, 13 August 2016
The surge in stock and bond prices has come amid mounting indications of stagnation in the real economy and a worsening social crisis.
By Shannon Jones, 13 August 2016
Ford, General Motors and Toyota recorded sales declines in July.
By Patrick Martin, 12 August 2016
The largest US department store chain announced it would close 100 stores, which will likely eliminate more than 12,000 jobs.
By Patrick Martin, 10 August 2016
Both Clinton and Trump are fully committed to increasing the wealth of the corporate and financial elite at the expense of working people.
By Shannon Jones, 6 August 2016
A closer look at the employment numbers for July reveals many indications of continuing economic stagnation and deepening hardship for wide layers of the population.
By Gabriel Black, 3 August 2016
Declining household income and rising rent prices are preventing workers and young people from owning homes.
By Tom Eley, 1 August 2016
Second-quarter gross domestic product figures for the US and Europe show a further slowing in economic growth and business investment.
By George Gallanis, 1 August 2016
The third round of layoffs in 2016 raises the total number of workers cut by Deere in the US to 2,000 over the last two years.
By Shannon Jones, 23 July 2016
The auto company confirmed that it is under investigation by both the SEC and the FBI for an alleged scheme to pad its monthly sales totals.
By Buster Haycook, 22 July 2016
Years of cuts in state funding for public colleges and universities have driven up tuition and have led to faculty reductions, fewer course offerings and campus closings.
By Gabriel Black, 16 July 2016
A new report from McKinsey Global Institute finds that for most people in the advanced capitalist countries there has been no recovery from the 2008 Wall Street crash.
By Gabriel Black, 15 July 2016
The House Financial Services Committee report makes clear that the Obama administration’s failure to hold criminally liable a single leading Wall Street figure is the result of a highly conscious and systematic policy.
By Tom Hall, 9 July 2016
The number of people counted as unemployed actually increased by 347,000, a higher figure than the number of jobs added.
By Nick Beams, 8 July 2016
International Monetary Fund head Christine Lagarde warned against the dangers posed by the prospect of a “wave of protectionism.”
By Patrick Martin, 2 July 2016
Average incomes of the top 1 percent rose twice as fast as the incomes of the remaining 99 percent of Americans in 2015.
By Nick Beams, 30 June 2016
The Brexit outcome has revealed acute problems in the “quantitative easing” program that the world’s major central banks have used to sustain the global financial system over the past eight years.
By our reporter, 30 June 2016
The layoffs, which will hit workers in Michigan, North Carolina and Japan, are just the beginning of the bloodletting being prepared by the merging chemical giants.
By Alexander Fangmann, 29 June 2016
Many parts of state and local government will soon run out of money as the Democratic-controlled state legislature and the Republican governor continue wrangling over how to slash public services.
By Nick Beams, 28 June 2016
British government leaders have issued statements claiming they have the situation under control, but to no avail as financial markets continue to plummet.
By Andre Damon, 27 June 2016
The ongoing sell-off in global financial markets comes amid a chorus of warnings by international institutions that the world economy faces a deepening crisis.
Reports document social crisis
By Patrick Martin, 23 June 2016
Two reports issued over the past week shed light on the deepening social crisis in the United States and the deteriorating economic position of the working class.
By Nick Beams, 23 June 2016
The IMF’s latest report on the US economy highlights “pernicious” tendencies that will impact heavily on growth and economic well-being.
By Andre Damon, 22 June 2016
The World Trade Organization warned that protectionist measures by leading economies has hit the highest level on records dating back to 2009.
By Nick Beams, 17 June 2016
Fed chairwoman Janet Yellen’s comments on Wednesday pointed to the emergence of “secular stagnation” in the global economy, a term first developed in the 1930s.
By Nick Beams, 16 June 2016
The Fed decision to keep interest rates on hold is an expression of the fact that what were once considered “normal” operations of the capitalist economy are breaking down.
By Barry Grey, 8 June 2016
The response of markets to signs of economic distress and signals that the Fed will keep cheap credit flowing was typical of the period since the financial crash—relief and exultation.
By Evan Blake, 4 June 2016
The US economy added only 38,000 jobs in May, the fewest since 2010, in another indication of the persistent slump gripping the US economy.
By Nick Beams, 3 June 2016
The decision by the US International Trade Commission to launch an investigation into 40 Chinese steel producers has far-reaching implications.
By Niles Niemuth, 2 June 2016
The mortality rate in the United States increased across the board last year, reflecting the impact of mass unemployment, austerity, stagnating wages and benefit cuts.
By Nick Beams, 28 May 2016
Falling investment and declining productivity threaten to trap the US economy in what commentators are calling a “low-growth mode.”
By Nick Beams, 23 May 2016
As with other major economic summits in the recent period, the weekend meeting of the G-7 could reach no agreement on co-ordinated measures to halt the stagnation of the global economy.
By George Gallanis, 21 May 2016
The announcement by Sports Authority (SA) follows a wave of recent closures from other retail companies.
By Barry Grey, 17 May 2016
The slump in major chain store sales reflects the impact of a vast reordering of class relations in the US with devastating consequences for the working class.
By Samuel Davidson, 16 May 2016
East Cleveland, a suburb of Cleveland, Ohio, is seeking permission to file for bankruptcy.
By Niles Niemuth, 11 May 2016
The top hedge fund managers made more in a year than the cost of replacing all lead pipes in Flint, Michigan and fixing the city’s poisoned public water system.
By Barry Grey, 7 May 2016
In typical fashion, President Obama and others in his administration attempted to present the April jobs report as a positive vindication of their economic policies.
By Nick Beams, 5 May 2016
Just as the economics of the present period are increasingly resembling the 1930s, so are the politics.
By Nancy Hanover, 2 May 2016
A new study reveals the dramatic increase in “high poverty” districts throughout the US in the wake of the 2008 crash.
By Barry Grey, 28 April 2016
Apple exemplifies the unprecedented and unsustainable inflation of stock prices since the Wall Street crash of September 2008.
By Clement Daly, 26 April 2016
Amidst the deepening global economic crisis, the world’s largest coal company declared bankruptcy, threatening the living standards and working conditions of its 7,100 global workforce.
By Shelley Connor, 20 April 2016
Houston’s working class residents have been forced to flee rising waters with little assistance from the city or state governments.
By Gabriel Black, 16 April 2016
Not a single bank executive or government official referred by the Financial Crisis Inquiry Commission to the Obama Justice Department for criminal investigation has been prosecuted.
By Nick Beams, 12 April 2016
As global growth continues to slow, there are rising concerns that the negative interest rate policies of major central banks are worsening the situation.
By Jerry White, 8 April 2016
The announcement that Fiat Chrysler is cutting 1,420 jobs at its Sterling Heights assembly plant foreshadows a new wave of downsizing in the auto industry.
By Shannon Jones, 7 April 2016
The company is permanently eliminating one shift at the passenger car plant in suburban Detroit due to slumping sales.
By Douglas Lyons, 4 April 2016
The deal leaves an estimated $2 billion deficit unresolved until the next fiscal year.
By Barry Grey, 2 April 2016
Behind the phony economic “recovery,” the entire structure of employment in the United States is being radically altered to reduce the status of workers to that of a super-exploited casual labor force.
Following Machinists union betrayal
By Barry Grey, 31 March 2016
Both the IAM and the SPEEA reacted to the announcement of the job cuts with impotent appeals to the state legislature to bar the company from slashing jobs.
By Tom Hall, 28 March 2016
Around 100,000 jobs have been lost in the US alone since 2015, with tens of thousands more job losses expected this year.
By Zac Corrigan, 28 March 2016
Eighty of Michigan’s 83 counties show an increase in child poverty, with the statewide rate increasing by 23 percent since 2006.
By Clement Daly, 22 March 2016
In a string of bankruptcies, the courts are being used to attack the wages, pensions, health care and working conditions of miners—gains realized through decades of struggle.
By Jerry White, 21 March 2016
The figures on persistently high unemployment in large sections of the country coincide with new layoffs in the oil, coal, steel and other manufacturing industries in the US.
By Samuel Davidson, 21 March 2016
The latest cuts at US Steel come just months after the USW passed a contract granting the company millions of dollars in concessions and cuts to health and retiree benefits.
By Nick Beams, 17 March 2016
Wednesday’s announcement by the US central bank that it intends to keep interest rates on hold and reduce the pace of rate hikes was welcomed by financial markets.
By Nick Barrickman, 15 March 2016
Drawing on income statistics from eight of the world’s 15 most advanced economies, the series paints a picture of dimming social prospects for young people.
By Tom Hall, 15 March 2016
Education and health care, two areas of spending not protected from cuts by the state’s constitution, have faced years of budget-slashing.
By Nick Beams, 15 March 2016
Markets are awaiting decisions by the Bank of Japan and the US Fed on monetary policies as concerns grow over negative interest rates.
By George Gallanis, 14 March 2016
Since November, John Deere has laid off 445 workers with the full complicity of the United Auto Workers.
By a correspondent, 11 March 2016
The United Steelworkers and the Democratic Party have responded with nationalist demagogy, blaming China for “illegal dumping” of steel products on the US market.
By Shannon Jones, 10 March 2016
Predictably, the USW showered praise on the Obama administration for measures targeting imported rolled steel.
By Kate Randall, 9 March 2016
A USDA study found that about 45 percent of SNAP clients limited food consumption, usually by skipping meals, to make it through the month.
By Niles Williamson, 5 March 2016
The attack on the pensions of federal employees is a warning that no section of the working class is exempt from the social counterrevolution being carried out in the interests of the financial aristocracy.
By Barry Grey, 5 March 2016
According to the Labor Department’s household survey, only 11.7 percent of new jobs created in February were full-time.
By Nick Beams, 29 February 2016
Despite calls for fiscal stimulus by the International Monetary Fund, the only area in which the major economic powers are increasing their spending is on the military.
By Nick Beams, 26 February 2016
The G-20 meeting in Shanghai is riven by the widening divisions between the major capitalist powers as the crisis of the global economy intensifies.
By Patrick Martin, 26 February 2016
The American media gives round-the-clock coverage to the minutiae of capitalist politics, but very little attention is paid to the catastrophe facing the working class.
By Douglas Lyons, 26 February 2016
The Pennsylvania natural gas industry, located in the Marcellus Shale region, has curtailed production and laid off hundreds of workers in response to declining gas and oil prices globally.
By Eric London, 23 February 2016
According to a recent book by Northwestern University economist Robert Gordon, there is no objective foundation for an end to economic stagnation in the United States.
By Patrick Martin, 20 February 2016
The giant retailer, the largest private employer in the United States, is under fire on Wall Street for failing to aggressively exploit online sales.
By Nick Beams, 19 February 2016
The Organisation for Economic Cooperation and Development said global growth has “practically flat-lined” and financial instability risks are on the rise.
By Steve Filips, 19 February 2016
Anger erupted on the shop floor of an Indianapolis factory last week after a spokesman told workers the plant closing was the “best way to stay competitive.”
By Andre Damon, 12 February 2016
The global sell-off expresses growing fears that the trillions pumped into the financial system since 2008 have done nothing to improve its underlying health, and may have sown the seeds for a crash on an even greater scale.
Amid mounting signs of slump and financial crisis
By Barry Grey, 11 February 2016
Yellen broadly hinted that the Fed would hold off on a further increase in its benchmark federal funds interest rate when its policy-making Federal Open Market Committee meets again in mid-March.
By Nick Beams, 9 February 2016
The growing financial crisis in China, marked by capital flight and mounting concerns over debt levels, is accompanied by increasing doubts about the stability of the entire global banking system.