Labor Secretary Perez on March employment numbers, Fact vs fiction, Solid and steady economic recovery?, Obamacare helping working families enjoy greater economic security?
“Over the last six months, of the net job creation, 97 percent of that is part-time work,”…Keith Hall, former BLS chief
“Nearly half of U.S. companies are reluctant to hire full-time employees because of the ACA. One in five firms indicates they are likely to hire fewer employees, and another one in 10 may lay off current employees in response to the law.
Other firms will shift toward part-time workers. More than 40 percent of CFOs say their companies will consider switching some jobs to less than 30 hours per week or targeting part-time workers for future employment.”…Duke University Fuqua School of Business December 11, 2013
“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″
The US Labor Dept. reported the March employment data on Friday April 4, 2014.
US Secretary of Labor Thomas E. Perez issued the following statement:
“Today’s report tells the story of a solid and steady economic recovery delivering more opportunity for more people. We saw 192,000 new jobs in the month of March, and the private sector has now created 8.9 million jobs over the last 49 consecutive months of employment growth. The unemployment rate held steady at 6.7 percent and is down from 7.5 percent a year ago.
“There is encouraging news across sectors. Health-care employment increased by 19,000 jobs. The average work week in manufacturing rebounded to 42.0 hours, tied for the highest mark since July 1945. Motor vehicle sales had their strongest month in seven years. At the height of the recession, there were six job seekers for every job available. Today, it’s two-and-a-half people competing for every open job.
“Without question, there is more still to do. On issues from infrastructure to immigration reform, from manufacturing to the minimum wage, there are steps Congress can take that will help more people punch their ticket to the middle class.
“For the 57th straight month (since the middle of 2009), at least one-third of jobless Americans have been unemployed for more than 27 weeks. So, priority number one must be for the House and Senate to extend emergency unemployment benefits that they irresponsibly allowed to expire more than three months ago, creating profound hardship for 2.3 million people. These benefits are a critical lifeline for job seekers struggling to get back on their feet; but they also act as a broader economic stimulus, putting money in people’s pockets and spurring consumer demand.
“The success of the Affordable Care Act is helping working families enjoy greater economic security, the peace of mind of knowing they won’t be wiped out by an injury or illness. The open enrollment period ended with 7.1 million people signing up for health coverage they didn’t have before. The ACA will help provide a shot in the arm to the economy, as people are free to start their own businesses and pursue entrepreneurial ventures now that their health insurance is no longer tied to their job.”
The “1984” analogy is obvious.
As most of you know, Obamacare is costing millions of Americans far more in healthcare premiums.
Despite the best linguistic efforts of Secretary Perez to put a positive spin on the impact of Obamacare, it is also impacting jobs.
From the Duke University Fuqua School of Business, December 11, 2013.
DUKE UNIVERSITY NEWS
Duke University Office of News & Communications
FOR IMMEDIATE RELEASE: Wednesday, Dec. 11, 2013
CONTACTS: Kevin Anselmo (Duke’s Fuqua School of Business)
David W. Owens (CFO Magazine)
CFO SURVEY: AFFORDABLE CARE ACT COULD CURTAIL HIRING
Note to editors: For additional comment, see contact information at the end of this release.
Watch professor John Graham discuss the results (or use this link
http://youtu.be/F4oj8d5F9Jo). You may also post this video on your website. Names of CFOs who took part in the survey and agreed to speak with media are available by request.
DURHAM, N.C. — A significant percentage of U.S. chief financial officers indicate that because of the Affordable Care Act (ACA), they may reduce employment growth at their firms and shift toward part-time workers.
A majority of finance chiefs also believe the full Social Security retirement age should be raised to help close the budget shortfall.
Despite these issues, underlying economic conditions are expected to improve in 2014 and, except in Europe, corporate charitable giving remains strong
These are some of the findings from the latest Duke University/CFO Magazine Global Business Outlook Survey, which concluded Dec. 5. The survey has been conducted for 71 consecutive quarters and spans the globe, making it the world’s longest running and most comprehensive research on senior finance executives. Presented results are for U.S. firms unless otherwise noted.
EMPLOYMENT EFFECTS OF THE AFFORDABLE CARE ACT
Nearly half of U.S. companies are reluctant to hire full-time employees because of the ACA.
One in five firms indicates they are likely to hire fewer employees, and another one in 10 may lay off current employees in response to the law.
Other firms will shift toward part-time workers. More than 40 percent of CFOs say their companies will consider switching some jobs to less than 30 hours per week or targeting part-time workers for future employment.”
From data provided by the US Labor Dept. we learn:
The Labor Force Participation Rate has dropped 2.5 percent since Obama took office in January 2009 and actually has dropped .1 percent the past year.
The number of people who could only find part time work has risen 1,055,000 since Obama took office and has risen 146,000 in the past year.
The only statement from Secretary Perez that reflects reality is:
“For the 57th straight month (since the middle of 2009), at least one-third of jobless Americans have been unemployed for more than 27 weeks.”