World Economy
US corporations squeezing more output from workers and paying lower wages
By Patrick O’Connor, August 12, 2009
US Labor Department data released yesterday showed labor productivity up 6.4 percent in the second quarter, the largest gain since 2003. Over the same period, workers’ compensation fell at an annual...
Lithuania leads Baltic economic slump
By Jordan Shilton, August 11, 2009
Economies in the Baltic region are set to suffer steep declines in output this year. On July 28, Lithuania released economic figures for the second quarter of 2009, revealing a year-on-year contractio...
72 failures so far this year
Three more US banks collapse
By Patrick O’Connor, August 10, 2009
US regulators closed another three banks last Friday. A total of 72 US banks have collapsed so far this year, up from 25 in all of 2008 and three in 2007.
China’s dubious statistics cover up economic crisis
By John Chan, August 10, 2009
Doubts have emerged over the Chinese economic statistics showing rising growth rates.
As long-term joblessness soared
US payrolls fell another quarter-million in July
By Patrick Martin, August 8, 2009
The US economy shed another 247,000 jobs in July, the Labor Department reported Friday, marking the 19th consecutive month that nonfarm payrolls declined.
Germany: 6 million unemployed
By Dietmar Henning, August 6, 2009
In Germany, the real number of the unemployed has risen to nearly 6 million, a figure that exceeds the official tally by approximately 2.5 million.
Unemployment rises sharply across Europe
By Stefan Steinberg, August 5, 2009
While a number of major banks and financial institutions are reporting massive profits, industrial, commercial and service firms are continuing to shed jobs at an alarming rate across Europe.
International banks exploit the crisis to reap massive profits
By Stefan Steinberg, July 31, 2009
Less than a year after the eruption of a financial crisis that has devastated economies across the globe and wiped out an estimated 40 percent of the world’s wealth, a number of major banks and inve...
Britain: Unemployment continues rise to 2.4 million
By Peter Reydt, July 25, 2009
UK unemployment rose by a record 281,000 to 2.38 million in the three months to May.
As jobless claims rise, Wall Street celebrates corporate profit reports
By Barry Grey, July 24, 2009
The number of Americans filing new claims for jobless benefits rose by 30,000 in the week ended July 18. Wall Street responded to the jobless claims report, along with better-than-expected corporate e...
Fed Chairman Bernanke signals more bank bailouts, calls for cuts in social programs
By Barry Grey, July 23, 2009
In two days of testimony before Congress, Federal Reserve Board Chairman Ben Bernanke defended the multi-trillion-dollar bailout of the banks while seeking to allay fears on financial markets of a pot...
California budget deal reached
Governor Schwarzenegger and Democratic leaders agree to major cuts
By Kevin Mitchell, July 22, 2009
The agreement over the state’s $26 billion dollar budget deficit includes $15.6 billion in cuts, almost entirely from programs that benefit the working class and poor.
