U.S. Worker Productivity Climbs
Wall Street Journal (11/14/13) Eric Morath; Josh Mitchell
According to the U.S. Department of Labor, labor productivity increased at a 1.9% annual rate from July through September. Productivity had increased rapidly early in the recession but has since slowed. Productivity rose along with investments in equipment and technology, which have also slowed. Unit labor costs declined at a 0.6% annual rate in the third quarter, but are up 1.9% year-to-year.
Job creation and hourly wages increased in October, and output increased by an annualized 3.7% in the third quarter. If companies continue to add jobs but output does not increase more quickly, productivity will slow. Many economists expect a slowdown during the fourth quarter.
U.S. Industrial Output Falls on Utilities, Mining
CNBC News (11/15/13)
U.S. industrial production declined in October due to a reduction in output at power plants and mines, but manufacturing output rose for the third consecutive month, suggesting the U.S. economy is on a moderate growth trajectory. Industrial output shrank 0.1% last month after rising 0.7% in September, according to the U.S. Federal Reserve. The October decline was the first since July. Economists surveyed by Reuters had forecasted a gain of 0.2%. Manufacturing output rose by 0.3% even though automobile assembly declined for the first time since July.
Yellen Stands by Fed Strategy
Wall Street Journal (11/14/13) Jon Hilsenrath; Victoria McGrane
U.S. Federal Reserve Vice Chairman Janet Yellen yesterday told members of the Senate Banking Committee that if she succeeds Ben Bernanke as chairman of the central bank, she would continue with plans to wind down the Fed’s $85 billion-a-month bond-buying program if the economy improves. However, “There is no set time,” for the tapering to begin, she said.
“We have seen meaningful progress in the labor market,” she said. “What the [Fed] is looking for is signs that we will have growth that’s strong enough to promote continued progress.”
Free ASAPro Webinar Monday—The Best States for Your Business
Have you ever looked at how a state’s legislature can affect your business’s operations? Learn about state-level legislative trends that relate to staffing firms during the ASAPro webinar “The Best and Worst States for Staffing.” It takes place Monday, Nov. 18, 3–4 p.m. Eastern time.
ASAPro webinars are free for ASA members and qualify for continuing education hours toward ASA certification renewal. To learn more and to register, visit americanstaffing.net.
Get Important Legal Information to Protect Your Business
All staffing professionals and their clients need to know the facts about co-employment—the relationship between a staffing firm and its client in which each has legal rights and duties with respect to the same employees. Help your employees and your clients by giving them the book that explains this evolving area of federal employment law.
The ASA book Co-Employment: Employer Liability Issues in Third-Party Staffing Arrangements, now in its seventh edition, explains how staffing firms and clients can mitigate employment-related risks. View the contents and an excerpt online at americanstaffing.net.
Welcome New ASA Members
The ASA board of directors and staff welcome the following new members, which joined during the week of Nov. 4.
24-Hour Medical Staffing Services LLC
Diamond Bar, CA
Bespoke Career Management
New York, NY
FFG Strategic Consulting LLC
Global Information Technology
Lathrup Village, MI
Great Lakes Consulting Group
Personnel Evaluation Inc.
Staffing Dynamics International LLC