As Economic Concerns Mount, President Obama Says, ‘The Private Sector Is Doing Fine’

President Obama attempted Friday to improve his chops as an international leader working hard to protect American workers and save Europe from its own political dysfunction. But his morning appearance in the White House briefing room is likely to be remembered, instead, for a single sound bite he surely wishes he could take back: “The private sector […]

U.S. Consumers Cut Back on Credit Card Use in April

(WASHINGTON) — Americans cut back sharply on their credit card purchases in April, a sign that some may be worried about the slowdown in hiring. The Federal Reserve said Thursday that consumers increased borrowing by $6.5 billion in April, just half of the March gain. The gain was driven by a $9.96 billion rise in […]

China’s Antiquated Financial System: The Creaking Grows Louder

Experts say further financial liberalization is in the cards for China, as both domestic and external pressures mount.

Dire Jobs Report Throws Washington into the Pressure Cooker

It’s bad, man. The May unemployment report released Friday morning didn’t just announce one month of lethargic job growth–69,000 added, fewer than necessary to even keep up with population growth. The government’s regular estimates can be off by enough to turn whispers of doom to shouts of joy. These things are fickle. But that’s just […]

Book Review: What America’s Banana King Teaches Us About Capitalism

Americans puzzling over the role of today’s powerful corporations — Bain Capital, Goldman Sachs, Google — may profit from considering the example of the United Fruit Company. It seems almost quaint to think that a company specializing in bananas might have once been considered a capitalist giant on the level of today’s firms, but so […]

Study: Typical CEO Pay Up 6% to $9.6 Million

NEW YORK — Profits at big U.S. companies broke records last year, and so did pay for CEOs. The head of a typical public company made $9.6 million in 2011, according to an analysis by The Associated Press using data from Equilar, an executive pay research firm. That was up more than 6 percent from […]

Eurozone Warned by OECD: ‘Severe Recession’ Looming

(PARIS) — The 17-country eurozone risks falling into a “severe recession,” the Organization for Economic Cooperation and Development warned on Tuesday, as it called on governments and Europe’s central bank to act quickly to keep the slowdown from dragging down the global economy. OECD Chief Economist Pier Carlo Padoan warned the eurozone economy could contract […]

Unemployment Rates Drop in 2/3 of States

WASHINGTON— Unemployment rates fell in two-thirds of U.S. states last month, evidence that modest economic growth is boosting hiring in most areas of the country. And in many states, unemployment has fallen well below the national average, which was 8.1 percent last month. Rates were lower than 7 percent in 22 states in April. That […]