Third-Quarter Growth in U.S. Revised Higher on Services Spending
Bloomberg (12/20/13) Victoria Stilwell
U.S. gross domestic product rose at a 4.1% annualized rate during the third quarter, the highest since the final three months of 2011, according to the U.S. Department of Commerce. The figure has been revised upwards from the previous estimate of 3.6%.
Economists surveyed by Bloomberg had predicted a rise of 3.6%. Inventories accounted for a third of the gain in GDP, while retail sales increased in October and November. The wealth effects of rising equities and house prices are being bolstered by the improving labor market, leading to wage and salary gains. Consumer purchases rose 2.0%.
The Conference Board Leading Economic Index for the U.S. Increased
Conference Board News Release (12/19/13)
The Conference Board Leading Economic Index for the U.S. increased 0.8% in November to 98.3, after a 0.1% increase in October and a 1.0% increase in September. The gain was attributed to the improving labor market, new orders in manufacturing, and strong financial indicators.
The economy has been developing forward momentum and will continue to strengthen in 2014. However, there are concerns about consumers’ outlook on the economy and a reduction in housing construction permits.
White House Makes Last-Minute Obamacare Rules Changes
CBS News (12/20/13)
The Obama administration is offering stopgap options so people whose existing health insurance plans have been canceled aren’t penalized. Monday, Dec. 23, is the deadline to purchase health insurance in order to be covered on Jan. 1. The Affordable Care Act mandates that all Americans have coverage or be assessed a fee in the form of a tax penalty. However, millions of people saw their plans cancelled because they did not meet new standards laid out in the law. U.S. Department of Health and Human Services Secretary Kathleen Sebelius plans to use authorities in the law to issue a ‘hardship exemption’ from tax penalties to those who received cancellations and were not able to purchase new coverage.
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 Dec. 9.
Menlo Park, CA
McIntosh Staffing Resources
McKinley Marketing Partners
TLC Industrial Staffing