President Obama and Republican challenger Mitt Romney have been trading attacks over the issue of American jobs being moved overseas.
The president has pounded Romney for the investments made by his former firm Bain Capital in the 1990s. Not to be outdone, the Romney campaign has suggested most of the money from the president's stimulus program went to create jobs overseas.
MONTGOMERY, Ala. (AP) — Alabama's unemployment rate rose to 7.8 percent in June, an increase that state officials are calling seasonal.
The Alabama Department of Industrial Relations released the state's jobless rate on Friday. It was up four-tenths of a percent from May's unemployment rate of 7.4 percent, but it's still well below the jobless rate from a year ago.
Many cities around the country are faced with growing costs and shrinking revenue. Despite making sweeping cuts, Stockton, California recently became the largest city to file for bankruptcy. Host Michel Martin talks with Stockton Mayor Ann Johnston about how she's managing a city that's operating in the red.
Microsoft made a $6.2 billion accounting adjustment this quarter that threw it into negative territory for the first time as a public company, the AP reports.
Microsoft took the charge mostly based on the acquisition of aQuantive, an online advertising company Microsoft acquired in 2007.
As MSNBC reports, the "charge was an acknowledgement that the company's struggling online services division — which lost about half a billion dollars in the previous quarter — is a significant financial drag on the company." Microsoft, remember, is the owner of the search engine Bing.
On Wednesday, investors paid Germany to hold on to their money for a couple years.
That's right: Germany got to borrow more than 4 billion euros (about $5 billion), and instead of Germany paying interest to its lenders, the lenders are paying Germany. This a lot like Citibank paying you a smidgen to carry a balance on your credit card or to take out a loan (without also charging you interest).
We all know an out-of-control financial sector can cause acute and long-lasting problems, thanks to the recent financial crisis. But is there also a more chronic drag on the economy when the finance crowd gets too thick?
One recent paper (PDF) suggests so, and tries to quantify just how much a bloated financial sector can hurt economic growth.
Over the last week or so, we've been watching the scandal over manipulation of LIBOR, perhaps the single most important global interest rate: See Robert Smith's piece on Morning Edition, and Tuesday's podcast.
Losing your job is rarely good. Not being able to find one for months can be disastrous for individuals, and bad for society as well. Yet during the recent recession and the current anemic recovery, more people in the U.S. have been unemployed for longer than at any time since 1948.
Of all Americans who were unemployed in June, almost half had been without a job for 27 weeks or longer. In other words, 5.4 million people have been jobless for more than half a year.