Jobs & Unemployment

March Jobs Report: U.S. Economy Added Only 88,000 Jobs; Unemployment Declined to 7.6%

April 5, 2013

“The unemployment rate edged lower because 496,000 left the labor force. That put the labor force participation rate at 63.3 percent, the lowest level since May 1979.”

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U.S. Labor Department: Weekly Jobless Claims Increase to 336,000, Still Beating Expectations

March 21, 2013

“The number of Americans filing new claims for jobless benefits edged higher last week, but a trend reading dropped to its lowest in five years and pointed to ongoing healing in the labor market.”

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New York City Lawmakers Override Mayor’s Veto to Enact Law Preventing Employers From Discriminating Against Unemployed Applicants

March 18, 2013

“New York City will soon have the nation’s most far-reaching laws barring employers from shunning out-of-work job applicants, after lawmakers passed the provisions Wednesday over a mayoral veto.”

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February 2013 Jobs Report: U.S. Economy Adds 236,000 Jobs; Unemployment Rate Falls to 7.7%

March 9, 2013

“Many economists like JJ Kinahan, chief derivatives strategist of TDAmeritrade, expected around 171,000 jobs would be added. Economists expected the jobless rate to drop back to the 7.8 percent it was in September.”

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U.S. Government Notifies 60,000 Border Security Workers of Furloughs Due to Sequestration

March 8, 2013

“Customs and Border Protection said it expects furloughs and other austerity will cause delays at ports of entry, including international arrivals at airports, and reduce the number of border patrol officers on duty at any one time.”

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ADP National Employment Report: 198,000 Jobs Added in February

March 7, 2013

“The BLS data on February’s employment and unemployment figures are due Friday at 8:30 a.m. ET.”

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JP Morgan Chase Intends to Cut 17,000 Jobs Over the Next 2 Years

February 27, 2013

“Increases in the uses of technologies like banking deposits made via ATMs and smart phones have reduced the need for manpower especially in branch offices.”

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1999 Study: Evidence Indicates Minimum Wage Increases Raise Long-Term Unemployment

February 25, 2013

“The results suggest that a greater minimum wage increases long term unemployment rates. Further evidence indicates that increased minimum wage coverage also raises long term unemployment rates. Subsequent analysis yielded similar patterns for other aggregate labor market measures.”

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USA Today: Raise the Minimum Wage, But Not As Rapidly As President Obama Proposed

February 25, 2013

“A better approach would be to simply start adjusting the minimum wage for inflation, backdating the first increase to 2009. In the current low inflation environment, $7.25 would have only grown to $7.76 as of last year.”

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Data: Top H-1B Temporary Visa Business Recipients Outsource Jobs

February 21, 2013

“Based on the U.S. Citizenship and Immigration Services (USCIS) data analyzed, the major beneficiaries of the proposed increase in the cap would be pure offshore outsourcing firms.”

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Federal Reserve Officials Contemplating Early Reduction of Asset Purchases

February 20, 2013

“Late last year, the Federal Reserve linked its monetary policy to to the situation in the labor market for the first time. Borrowing costs would stay at rock-bottom, it pledged, until the U.S. jobless rate drops to 6.5 percent, provided inflation doesn’t rise past 2.5 percent.”

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Federal Reserve Meeting Reveals Growing Division Over Effectiveness of Its Unemployment Reduction Measures

February 20, 2013

“An increasingly vocal minority of Fed officials are concerned that buying about $85 billion of Treasury securities and mortgage-backed securities each month is doing more harm than good.”

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Pentagon Informs Congress That Sequestration Cuts Will Lead to 800,000 Civilian Job Layoffs

February 20, 2013

“Defense officials have warned lawmakers that sequestration will devastate the military and lead to a hollow force, but the civilian furloughs will be one of the first major impacts felt by the across-the-board cuts.”

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Washington Post: 4 Things to Know About President Obama’s Proposed Minimum Wage Increase

February 14, 2013

“According to a 2007 study by the CBO, an increase in the minimum wage to $7.25, like that eventually passed that year, would increase wages by $11 billion, of which $1.6 billion went to poor families.”

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State of the Union Address: President Obama Advocates for the Creation of Manufacturing Jobs

February 13, 2013

“Our first priority is making America a magnet for new jobs and manufacturing.”

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