GUEST: Dr. Richard Wolff is a Professor of Economics Emeritus at the University of Massachusetts, Amherst and currently a Visiting Professor in the Graduate Program in International Affairs at the New School University in New York City.

The January jobs report has revealed that at least according to conventional yardsticks, the US economy seems to be picking up in pace, leading some to view it as a “jobs machine.” More than 700,000 new jobs were added last month, and the on-going trend of fewer long-term unemployed Americans continued. Jobs were added in a variety of sectors including retail, health care, construction, and manufacturing. Some economists called it the best jobs report since the recession hit.

On the international front, financial and political leaders are gathering for the G20 meeting in Istanbul, Turkey. On the agenda is Greece’s new government’s demand for a renegotiation of its debt obligations. It remains to be seen if the newly elected Syriza party can foment a real revolution in economic policies in Europe.

Meanwhile oil prices all over the world have remained at record lows – mostly as a result of a glut in energy reserves. The ripple effect has been mixed, with energy sector jobs hemorrhaging, while other consumers see a form of economic stimulus from the savings from cheap gas. But economies deeply dependent on oil such as Russia, are suffering severely.

GUEST: Dr. Richard Wolff also teaches at the Brecht Forum in Manhattan and is the host of Economic Update.

For more on Richard Wolff’s work visit www.rdwolff.com.