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Janet Yellen Puts Fed on Path to Lift Rates

Wall Street Journal (02/24/15) Jon Hilsenrath

Speaking before the U.S. Senate Banking Committee, Janet Yellen, chairman of the U.S. Federal Reserve, said that if the economy continues to strengthen as expected and officials grow more confident that inflation will rise closer to the 2% goal, the central bank “will at some point begin considering an increase in the target range for the federal funds rate.” She said that an interest rate increase is unlikely before June and stated that the Fed will consider rate hikes on a meeting-to-meeting basis. “The employment situation in the [U.S.] has been improving on many dimensions,” Yellen said. Her testimony signaled that the central bank is moving toward discussions of when and how fast rates will rise.

Richmond Fed: Manufacturing Sector Activity Slowed

Federal Reserve Bank of Richmond (02/24/15)

Manufacturing activity in the Mid-Atlantic states slowed in February, according to the most recent survey by the Federal Reserve Bank of Richmond. Shipments and the volume of new orders flattened, while the backlog of new orders declined.

Employment in the manufacturing sector was little changed from a month ago, and the index fell to 4 in February from 5 in January. The average workweek shortened, and the index declined to -6 from 8. Average wages in the sector rose slightly faster, with the index rising to 8 from 3. Manufacturers expect a slower pace of hiring and a shorter workweek over the next six months, compared with their expectations a month ago.

Register Now for the ASA Staffing Law Conference and Save

The ASA Staffing Law Conference, April 28–29 at Gaylord National Resort & Convention Center in metro Washington, DC, is the only event dedicated exclusively to the legal and regulatory issues facing staffing, recruiting, and workforce solutions companies. Secure your seat today—and save $100 when you register by March 6.

The featured speaker is nationally renowned political strategist and commentator Karl Rove. In an exclusive session for ASA Staffing Law Conference attendees, he’ll discuss the business outlook under the 114th Congress, examine the potential strengths and pitfalls for prospective presidential candidates in the 2016 race for the White House, and share his insights into American politics. Other sessions will focus on the Affordable Care Act’s employer reporting requirements, complying with OSHA’s Temporary Worker Initiative, communicating with salespeople about staffing firm legal issues, and more.

ASA-certified professionals can earn up to 9.5 continuing education hours, including 8.25 hours of legal CE. Review the full agenda and register today at staffinglawconference.net.

Free Webinar Next Month—Legal Update for Staffing Firms

Each year, legislators and politicians introduce laws and policies that could affect how staffing firms do business. Find out about the current legal and legislative environment and what it means for your firm during “Legal and Legislative Advocacy for the Staffing Industry.” It takes place Tuesday, March 24, 3–4 p.m. Eastern time.

Get updates on the Affordable Care Act, the U.S. Occupational Safety and Health Administration’s temporary worker initiative, staffing-specific state legislation, and more. This webinar is free for nonmembers.