Fewer Americans Than Forecast Filed Jobless Claims Last Week
(07/10/14) Shobhana Chandra
The number of people applying for unemployment benefits in the week ended July 5 fell by 11,000 to 304,000, the fewest in more than a month, according to the U.S. Department of Labor. The 45 economists surveyed by Bloomberg had forecast claims of 315,000. The four-week moving average of new claims dropped by 3,500 to 311,500.
Growth Seen Beating 3% as U.S. Expansion Enters Sixth Year
(07/10/14) Michelle Jamrisko; Catarina Saraiva
A survey of Bloomberg economists forecasts that gross domestic product will expand 3.1% from July through December, following a 3.3% gain in the last quarter. This comes as the U.S. economic expansion enters its sixth year. Economists say consumers will be buoyed by stock gains and an improving labor market, and the economic momentum will last into 2015, which could be the strongest year in a decade.
The 288,000 workers added to payrolls in June increased the monthly average to nearly 231,000 so far this year, and job gains would be the best since 1999 if that pace is maintained. According to Ryan Sweet, a senior economist at Moody’s Analytics Inc., “The job numbers reinforce our view that the economy’s struggles in the first quarter were an anomaly—they were a blip.”
CEO Confidence Declines Slightly
Conference Board News Release
The Conference Board and PwC’s Measure of CEO Confidence fell to 62 in the second quarter of 2014, down from 63 during the previous quarter. Forty-six percent of respondents said the economic climate is better than it was six months ago, down from 54% during the first quarter. Forty-eight percent said conditions in their industry have improved from the previous six months, up from 47% last quarter. However, just 46% of respondents expect improvement in their industries over the next six months, down from 52% in the first quarter.
Still “four out of every five expect profits will increase over the coming year, with market [or] demand growth the primary driving force,” says Lynn Franco, director of economic indicators at the Conference Board.
Fed Sets October End for Bond Buying
Wall Street Journal
(07/09/14) Jon Hilsenrath; Pedro Nicolaci da Costa
At the June U.S. Federal Reserve policy meeting, Fed officials agreed to end their bond-buying program in October, reducing bond purchases in increments at the next three policy meetings. However, the Fed still faces tough decisions about the timing and pace of interest-rate increases in the coming months, with Fed chairman Janet Yellen wanting to avoid disruptions in the recovery. Most officials at the June meeting indicated they expect the first rate hike will come in 2015.
Since the bond-buying program began, the unemployment rate has fallen from 7.8% in September 2012 to 6.1% in June 2014, but official measures of inflation have consistently been below the Fed’s target of 2.0%.
Get the Latest ACA Information at Staffing World® 2014
Staffing World is the largest, most comprehensive convention and expo in the staffing, recruiting, and workforce solutions industry. This year’s event takes place Oct. 13–15 at the Gaylord National Resort and Convention Center in metro Washington, DC.
Staffing World will feature Affordable Care Act-specific sessions to ensure that staffing firms are 100% prepared for the employer mandates that go into effect in January:
“ACA and Staffing—Managing Your ACA Ecosystem,” a session presented by Mike Psenka, senior vice president, workforce analytics at Equifax Workforce Solutions
“Employer Mandate Countdown: Final Checklist,” a panel facilitated by Edward A. Lenz, Esq., senior counsel of the American Staffing Association
Additionally, you can focus on the particular questions that concern you in the ASA Learning Pavilion, new this year at Staffing World. Created in response to past participants’ requests for unstructured learning, the ASA Learning Pavilion will be open in the expo hall. Stop by to chat with other Staffing World attendees about important industry topics, including the Affordable Care Act.
Come to Staffing World for the last opportunity to discuss ACA compliance issues with your peers before 2015. Don’t delay—save up to $150 per person when you register by Sept. 5.
Get more information and register online at staffingworld.net