Tag Archives: employment

Who Can Deny It? Obamacare Is Accelerating U.S. Towards A Part-Time Nation

By Chris Conover, Contributor

Denialism may be too strong a term.[1] But there seem to be a lot of people arguing that Obamacare has little or nothing to do with the rise in part-time employment. Some deny the rise is even happening, while others are content to deny that Obamacare is the culprit. Admittedly, it takes a little detective work, but if we systematically review the available empirical evidence in an even-handed fashion, the conclusion seems inescapable: Obamacare is accelerating a disturbing trend towards “a nation of part-timers.” This is not good news for America. …read more

Source: FULL ARTICLE at Forbes Latest

Zombie Economy Overshadows Fed Meeting

By CNBC

federal reserve chairman ben bernanke economy gdp earnings investing

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APFederal Reserve Chairman Ben Bernanke

By Patti Domm

GDP data Wednesday is expected to show a slow-moving, zombie-like economy, as the Fed meets for a second day.

Many economists expect second quarter growth to be paltry, less than one percent, and some think that data could help shape the Fed’s thinking if it’s even weaker than expected. The first quarter grew at a 1.8 percent rate.

The Fed meanwhile, isn’t expected to say much new when its meeting ends. The 2 p.m. Eastern time statement isn’t seen altering what Fed Chairman Ben Bernanke has already said about the Fed’s plans to taper bond purchases before the end of the year. But it may adjust its comments to reflect a temporary slowing of the economy. The Fed, and many economists, expect a stronger growth rate in the second half of the year.

“[Wednesday] is an action-packed today. It’s one of those weird ones where it’s so action-packed, what if it is a dud?” said George Goncalves, Treasury strategist at Nomura Americas. “We have all these high expectations — GDP, revisions to GDP, ADP, the Treasury going to announce at 8:30 their intentions for borrowing. We have the Fed later on.”

It is also the end of the month, and that could make markets more volatile as traders square positions. For July, the S&P 500 is up five percent, bringing its year to date gain to 18.2 percent, The Dow was up four percent in July so far. Markets Tuesday were in a wait-and-see mode ahead of the Fed’s announcement Wednesday. The Dow Jones industrial average (^DJI) edged 1 point lower to 15,520 and the S&P 500 (^GSPC) rose less than a point to 1,685.

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The 10-year Treasury note was at 2.61 percent Wednesday. Traders are watching that yield level, as a move higher could take the market to a potential nervous zone for stocks.

“We’ve had a little bit of a backup in yields. [Month end] could amplify whatever’s happening toward the end of the day,” Goncalves said.

“I think GDP will be constructive. I think it’s still coming in on the weak side. The Fed will react to it by not being too hawkish. Then we’re going to quickly turn our attention to [nonfarm payrolls] on Friday,” he said. The Fed has said it would base its tapering decisions on economic data , and it is particularly focused on employment so some traders expect to get more new information from the jobs data than the Fed statement.

The 8:30 a.m. Eastern time GDP release is also be important because the government will release revisions in the data going back to 1929. It last issued massive revisions in 2009. “It’s clear the level of GDP is going to be higher by …read more

Source: FULL ARTICLE at DailyFinance

Thanking Service Members and Military Families Around the World

By Dr. Jill Biden

Dr. Jill Biden talks with members of the USS Fitzgerald during their stop in Singapore

Dr. Jill Biden talks with members of the USS Fitzgerald during their stop in Singapore. (Photo Credit: Jay C. Pugh)

Before leaving Singapore this past weekend, I had the opportunity to attend a BBQ with U.S. service members and their families stationed in Singapore, as well as crewmen from the USS Fitzgerald, docked in Singapore at the time. Joe and I also visited with service members, their families, and DOD employees in Hawaii, at Joint Base Pearl Harbor-Hickam. When Joe and I travel, we love nothing more than to meet with our men and women in uniform and their families to thank them for their service and sacrifice.

Military families face so many challenges, as spouses get deployed and families move around. When I was in Singapore, I met a woman who was in the Navy and she told me that this was her 14th move. As a military mom, I understand a bit of what these families are going through. Our son Beau was deployed for a year to Iraq as a member of the Delaware Army National Guard and our son Hunter is an Ensign in the Navy Reserves. This experience, as well as the joys and concerns we heard from military families as we traveled around the world led First Lady Michele Obama and I to start Joining Forces. It is our hope that we can rally all Americans to support our veterans and military families. Joining Forces brings together public and private resources to help with the employment, education, and wellness of our veterans, servicemen and women, and their families.

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Source: FULL ARTICLE at The White House

IRS Inspector Urges Crackdown On Mislabeling "Independent Contractors"

By Robert W. Wood, Contributor

The IRS isn’t the only government agency worried about workers mislabeled as “independent contractors.” When you pay independent contractors, there’s no income tax withholding and no employment taxes. Even assuming that the “contractor” files a tax return, the IRS won’t collect as much and will get it much later. Wage withholding is much, much better for the IRS. …read more

Source: FULL ARTICLE at Forbes Latest

Degrees In Big Data: Fad Or Fast Track To Career Success?

By J. Maureen Henderson, Contributor

As tuition costs continue to climb and post-graduation employment remains stagnant, canny would-be college students turn an eye to evaluating which degree programs will provide the best return on their educational investment in the form of a solid shot at landing a secure position after picking up their diploma. Increasingly, equally canny colleges are capitalizing on this desire by customizing their offerings to what the labor market is currently seeking. The latest trend? Advanced degrees in the much-talked-about “big data,” which equip graduates to distill huge data sets into valuable B2B or B2C insights on behalf of organizations. …read more

Source: FULL ARTICLE at Forbes Latest

What the Affordable Care Act Really Means for Job Growth

By ccorbisiero

Today, the White House released a new analysis of the relationship between the Affordable Care Act (ACA) and job growth on Tumblr in the form of an animated GIF.

Recent news stories have cited anecdotes that restaurants are cutting employees’ hours and refraining from hiring workers due to the ACA. In reality, however, restaurants have had the fastest job growth of any industry in the retail and food services sector since the Affordable Care Act was signed into law. The GIF also shows that restaurants have had even faster job growth than what would have been predicted from their growth in sales. Furthermore, workers in the restaurant industry have seen their average weekly hours increase since the ACA was signed, contrary to the notion that there has been a widespread shift to part-time hours.

During the four years since the recession ended in June 2009, 87% of the increase in employment has been due to a rise in the number of workers in full-time jobs. And looking at the period since ACA was signed in March 2010, more than 90% of the rise in employment has been due to workers in full-time jobs. Moreover, the length of the average workweek for private sector production and nonsupervisory employees has returned to its level at the start of the Great Recession.

And while the number of involuntary part-time workers has declined roughly in line with previous recoveries, it spiked up 322,000 in June. However, nearly 30 percent of the June increase was due to federal employees. This suggests that furloughs contributed to the pickup in part-time employment.

These observations strongly suggest that the Affordable Care Act has not constrained growth in hiring or work hours. So what is the ACA doing? It’s slowing the growth rate of health care costs for consumers, creating new incentives for providers to raise the quality of care, and adding new transparency and accountability in the insurance marketplace—all steps that help the economy.

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Source: FULL ARTICLE at The White House

5 Website Startups That Can Find You a Second Job

By Kate Taylor, Forbes Staff

In 2010, Snagajob estimated that over a quarter of Americans were searching for a second job. Three years later, if you aren’t, maybe you should be. A number of startups are working to bridge the gap between employer and employee, making the search for flexible jobs and hourly employment a lot less painful. Here are five quickly growing websites that can help you make some extra money, plus tips from some of their CEOs on how to optimize your search. Whether you’re a college grad struggling through an unpaid internship or a parent trying to figure out the best way to balance family and work, these sites can help. Even if you aren’t looking for a second job, these websites can provide the key to flexible schedules, hourly and task-based payment and even turning a hobby into a career. …read more

Source: FULL ARTICLE at Forbes Latest

Fixing Our Broken Immigration System: The Economic Benefits to Agriculture and Rural Communities

By The White House

New Report Released by the White House

“So if we’re truly committed to strengthening our middle class and providing more ladders of opportunity to those who are willing to work hard to make it into the middle class, we’ve got to fix the system. We have to make sure that every business and every worker in America is playing by the same set of rules. We have to bring this shadow economy into the light so that everybody is held accountable — businesses for who they hire, and immigrants for getting on the right side of the law. That’s common sense. And that’s why we need comprehensive immigration reform.”

– President Barack Obama, January 29, 2013

Today, the White House released a report, Fixing Our Broken Immigration System: The Economic Benefits to Agriculture and Rural Communities, detailing the important benefits provided by the bipartisan Senate immigration reform bill for the domestic agriculture sector, its workforce, and rural American communities.

As the report states, in recent years, the agriculture sector has seen strong growth, with farm income and agriculture exports both reaching historic highs. In 2013, net farm income is forecast to total $128.2 billion, which would be the highest level since 1973 after adjusting for inflation. Much of this growth is due to the demand for American agricultural exports: the value of agricultural exports has steadily risen in recent years and is projected to reach $135.8 billion in Fiscal Year 2013, which would also establish a new record.

But there’s more work to do, and currently the agriculture industry is hampered by a broken immigration system that fails to support a predictable and stable workforce. Among all economic sectors, the U.S. agriculture sector is particularly reliant on foreign-born workers. Agricultural producers cite difficulty in locating qualified available authorized workers—both foreign and domestic—as one reason for the high rate of undocumented labor. Moreover, there continue to be insufficient U.S. workers to fill labor needs: of those crop workers surveyed between 2007 and 2009, 71 percent were foreign born. By providing a path to earned citizenship for currently unauthorized farmworkers, the bipartisan Senate bill gives unauthorized workers and their families the security they need to invest in their own skills and education and pursue higher-paying employment.

In June, the Senate passed historic legislation that is largely consistent with the President’s principles for commonsense immigration reform with a strong bipartisan vote. This bill would strengthen border security while providing an earned path to citizenship for undocumented farmworkers who are vital to our nation’s agriculture industry, and a new temporary worker program negotiated by major grower associations and farmworker groups. If enacted, the Senate bill would provide a path to earned citizenship for undocumented farmworkers that includes paying a fine, their full share of taxes and is estimated to allow an estimated 1.5 million agricultural workers and their dependents to earn a legal status, and eventually citizenship.

Strength in agricultural production supports …read more

Source: FULL ARTICLE at The White House Press Office

P.M. Kitco Metals Roundup: Gold Gains On Technical Buying, Weaker U.S. Dollar

By Kitco News, Contributor (Kitco News) – Comex gold futures prices are moderately higher in early U.S. trading Monday, boosted by some fresh technical buying as a fledgling uptrend is in place on the daily bar chart. A weaker U.S. dollar index is also supportive for the precious metals markets Monday. Traders and investors are looking ahead to the U.S. Federal Open Market Committee meeting that ends Wednesday and the U.S. employment report on Friday. December gold was last up $13.50 at $1,335.20 an ounce. Spot gold was last quoted up $2.50 at $1,336.75. September Comex silver last traded up $0.284 at $20.055 an ounce. …read more

Source: FULL ARTICLE at Forbes Latest

A.M. Kitco Metals Roundup: Gold Gains On Technical Buying, Weaker U.S. Dollar

By Kitco News, Contributor (Kitco News) – Comex gold futures prices are moderately higher in early U.S. trading Monday, boosted by some fresh technical buying as a fledgling uptrend is in place on the daily bar chart. A weaker U.S. dollar index is also supportive for the precious metals markets Monday. Traders and investors are looking ahead to the U.S. Federal Open Market Committee meeting that ends Wednesday and the U.S. employment report on Friday. December gold was last up $13.50 at $1,335.20 an ounce. Spot gold was last quoted up $2.50 at $1,336.75. September Comex silver last traded up $0.284 at $20.055 an ounce. …read more

Source: FULL ARTICLE at Forbes Latest

Larry Summers Fed Nomination Would Bypass ‘Steady’ And ‘Right’ Janet Yellen

By The Huffington Post News Editors

WASHINGTON — Leading Democrats are struggling with the idea that President Barack Obama may actually nominate economist Larry Summers to head the Federal Reserve. If he does, he’d pass over Fed Vice Chair Janet Yellen, who saw the warning signs of the 2008 financial collapse, for Summers, whose deregulatory advocacy as treasury secretary contributed to it.

Summers’ critics typically cite his role in the 1999 repeal of Glass-Steagall financial regulations and the 2000 deregulation of the derivatives market as key contributors to the financial collapse of 2008. But Yellen accurately read signs of bank trouble before the crash, when she served as president of the San Francisco Federal Reserve.

“She’s steady, she’s been right and she hasn’t ignored the real economy and the role of employment,” former Rep. Tom Perriello (D-Va.), now president of the Center for American Progress Action Fund, said Wednesday. “The reputation she has is as someone who has certainly been more interested in the full employment side of the mission than just the anti-inflationary side.” Yellen pushed for transparency at the Fed before it was popular and ate with fellow workers in the cafeteria, Perriello noted.

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Source: FULL ARTICLE at Huffington Post

Poll: Most Latino Voters Oppose Immigration Reform Without A Path To Citizenship

By The Huffington Post News Editors

Latino voters disapprove of potential House GOP plans to address immigration issues without creating a path to citizenship for undocumented immigrants, according to a Latino Decisions poll released Wednesday.

The survey, from Latino Decisions and the advocacy group America’s Voice, found stronger support for the immigration reform principles put forward by the bipartisan “gang of eight” in the Senate and Democrats in the House: a path to citizenship along with enhanced border security, employment verification and requirements that undocumented immigrants study English, pass a background check and pay a fine before becoming legal residents. Seventy-seven percent of Latino voters supported such a plan.

About two-thirds of Latino voters also said they approve of the Democratic Party’s insistence that reform include a path to citizenship.

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More on Immigration

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Source: FULL ARTICLE at Huffington Post

Recognizing Leaders in Youth Job Creation

By Danielle Gray and Jonathan Greenblatt

Youth Jobs Logo

President Obama is focused on accelerating economic recovery and boosting job creation for all Americans, particularly key segments that need better access to long-term employment. Last year, the White House Council for Community Solutions called attention to Opportunity Youth, the 6.7 million Americans between 16-24 years old and disconnected from school and work. The Council spent more than 18 months conducting research, hosting roundtables, and developing a robust set of recommendations on how to harness their extraordinary potential.

The cross-sector ideas shared by the Council catalyzed numerous new initiatives in the public and private sector. Within government, the President issued the Youth Jobs+ challenge back in April to engage local elected officials along with business and community leaders to work together to connect young people with summer and year-round job opportunities.

There are many ways to support Youth Jobs+. To support efforts to boost job creation this summer, the President directed senior Administration officials to participate in local “Youth Jobs+ Roundtables” in urban centers and rural communities, meeting with local elected officials and community partners to generate commitments for addressing employment and jobs training for underserved local youth. To date, 15 roundtables have taken place all over the country, and 15 more will take place through August in cities and jurisdictions across the country.

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Source: FULL ARTICLE at The White House

Readout of the President's Meeting with Members of the Congressional Asian Pacific American Caucus

By The White House

This morning, President Obama met with members of the Congressional Asian Pacific American Caucus (CAPAC) at the White House to discuss a range of important issues facing the Asian American and Pacific Islander (AAPI) communities. The President thanked CAPAC for their work to expand the middle class within AAPI communities and among all Americans, and said that he looks forward to continuing to work with them.

The President stressed that the Administration continues to urge the House to take action to pass commonsense immigration reform that would secure our borders, crack down on illegal employment, offer a path to earned citizenship for undocumented persons, and modernize our legal immigration system so that it once again addresses our needs and reflects our values as a nation. He thanked CAPAC for their ongoing efforts on this important issue and both sides agreed on the need to pass immigration reform now to help grow the economy, create jobs and reduce the deficit. The President urged CAPAC to continue to reach out to their colleagues in the House to find consensus and complete work on this important issue at the earliest possible opportunity. In the coming weeks, members of the Cabinet and Senior Administration officials will stress the economic need for commonsense immigration reform, including highlighting the economic benefits of reform and the high costs of inaction.

The President also said that he was proud of his efforts to make the Executive Branch and the federal judiciary more diverse. CAPAC thanked the President for more than doubling the number of AAPI federal judges currently serving. The President reiterated his commitment to ensuring that his Administration is composed of highly qualified public servants who reflect the diversity of America. CAPAC also thanked the President for the ongoing work of the White House Initiative on AAPIs to better connect AAPI communities to the federal government.

The President also thanked CAPAC for their strong support in passing the Affordable Care Act and discussed the robust ongoing efforts to successfully implement the law. Starting in 2014 nearly 2 million uninsured AAPIs will have new opportunities for coverage through the Health Insurance Marketplace. And, increased funding to community health centers is enabling more AAPIs to receive culturally and linguistically appropriate and accessible care. The President and CAPAC pledged to work together to ensure that all qualified individuals are able to sign up for the Health Insurance Marketplace.

The President was joined at the meeting by Office of Legislative Affairs Director Miguel Rodriguez, Director of Presidential Personnel Jonathan McBride, and Executive Director of the White House Initiative on AAPIs Kiran Ahuja.

A photo of the meeting is available here.

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Source: White House Press Office