AIG will sell its American Life Insurance Company, or ALICO as it is more commonly known, to New York-based insurer MetLife Inc. for $15.5 billion, according to the company.
The Retirement Confidence Survey found that the percentage of Americans who have saved less than $10,000 for retirement has climbed to 43 percent from 39 percent last year.
While data shows that American productivity has increased exponentially in the past three decades, that is nothing more than a façade given that most of those production gains are driven by off shoring.
According to the U.S. Labor Department, a full 8.8 million Americans have been unemployed for at least three-and-a-half months. In fact, nearly 60 percent of the unemployed have been without a job for at least 15 weeks, an all time high.
After an outstanding month of January, in which 20,000 jobs were created, the manufacturing sector was hit hard by the winter storms in February. Just 1,000 manufacturing jobs were created during the month, according to the report.
