Staffing employment for the week of Aug. 11–17 rose to 100.32—a new record at the 33-week mark, according to the latest ASA Staffing Index results. Temporary and contract staffing employment increased 0.59% from the prior week. This is a 3.82% increase compared with the same week last year. That same week also will be used in the August monthly employment situation report that will be issued by the U.S. Bureau of Labor Statistics on Sept. 5.
Ortoli | Rosenstadt: What Exactly Is a Seller Responsible for When Selling Its Staffing Firm?
Buyers of a business generally expect sellers to be responsible for certain liabilities relating to when the seller owned its business—a concept mergers and acquisitions professionals refer to as indemnification. Indemnification is one of the most heavily negotiated, and potentially most significant, provisions of a purchase agreement, and understanding the terminology common to such agreements is essential when negotiating a deal. Attorney Paul Pincus of Ortoli Rosenstadt LLP explains what sellers are liable for, how a seller’s liability may be limited, and how buyers may seek to fund potential indemnity claims.
The Conference Board Consumer Confidence Index Improves Again
Conference Board News Release (08/26/14)
The Conference Board Consumer Confidence Index increased from 90.3 in July to 92.4 in August. The Present Situation Index grew from 87.9 to 94.6 and the Expectations Index dropped from 91.9 to 90.9 in July. The number of consumers who view business conditions as “good” went up from 23.3% to 23.9% and the amount of consumers who view business conditions as “bad” fell from 22.8% to 21.5%. Consumers who believe jobs are “plentiful” increased from 15.6% to 18.2% while those who say jobs are “hard to get” fell from 30.9% to 30.6%.
Central Banks to Lawmakers: You Try Growing the Economy
Washington Post (08/26/14) Ylan Mui
The consensus at the annual gathering of the world’s central bankers this weekend was that the power of monetary policy to drive global growth is nearing its limit. Further progress will now depend on whether government leaders are willing to step up to the plate. The academic research and discussions at the conference organized by the Federal Reserve Bank of Kansas City underscored that many of the roadblocks to faster growth cannot be removed by monetary policy. “The needed reforms lie outside the mandate of central banks and fall squarely in the laps of elected officials,” said economist Peter Henry, dean of the business school at New York University. “It will do no good if central bankers give the labor market room to grow if politicians shoot the recovery in the foot.”
Texas Manufacturing Expands But at a Slower Pace
Federal Reserve Bank of Dallas (08/25/2014)
The Federal Reserve Bank of Dallas reports that the Texas manufacturing production index dropped to 6.8 in August from 19.1 in July, revealing a slowdown in output growth. The Texas Manufacturing Outlook Survey also shows an 11-point decrease in the new orders index to 2.2. Meanwhile, the general business activity index slipped to 7.1, marking a five-month low, and company outlook declined to 1.5 from 11.3.
However, the employment index held steady at 11.1 in August, with 21% of companies reporting net hiring and just 10% reporting net layoffs. The survey also reveals a decrease in the hours worked index to 2.9 from 6.3.
Durable-Goods Orders Jump 22.6% in July
MarketWatch (08/26/14) Jeffrey Bartash
Orders for U.S. durable goods increased by a record 22.6% in July because of a surge in contracts for Boeing aircraft, but bookings actually fell for most other industries, the U.S. Department of Commerce reports. Economists polled by MarketWatch had expected durable-goods orders to surge by 12.6% after Boeing signed a record number of contracts for new jetliners in July. Demand for cars and trucks were also strong again, up 10.2%. Yet orders excluding the transportation sector actually fell 0.8% amid widespread weakness. Softening the blow of a generally weak July was a sharp upward revision in orders for June—to a 2.7% gain from a prior 1.7%.
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Failure to Obtain New Jersey License Dooms New York Firm’s Fee Claim
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Maryland Court of Appeals: Contrary to Federal Court Rulings, Maryland Employees Are Eligible to Recover Treble Damages From Employers
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Recent Kentucky Supreme Court Decision Threatens Enforceability of Noncompete Agreements
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Federal Court Rules That Minnesota Drug Testing Law Does Not Apply to Employment Outside of Minnesota
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New Minimum Wage for Michigan Employees
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U.S. Factories Keep Losing Ground to Global Rivals
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