about the labor market. in our view, the slow recovery of the labor market largely reflects slow growth in the demand for goods and services. with a smaller role for structural factors. we think there is considerable slack remaining in the labor market, and specifically, we think the economy is about 6 million jobs short of where it would be if the unemployment rate was backed down to its prerecession level, and the labor force participation rate was back up to where it would be without the current cyclical weakness. so here's the unemployment rate. graph through late last year. obviously it went up very sharply and has reversed a little more than half of its increase since before the recession. the net increase in the unemployment rate from the end of 2007 to the end of last year was about two percentage points. we think that of that roughly two percentage point net increase about one percentage point can be attributed to cyclical weakness in the demand for goods and services and thus in business' demand fo

and will have on labor markets and the economy going forward. first, since the affordable care act has passed, the private sector has added 8.1 million jobs. that's the fastest pace of private sector job growth since the late 1990's and i think that fully puts to rest a lot of the more overwrought predictions about how the sky would fall and the economy would be deeply damaged by the affordable care act. turning now to this report, c.b.o. itself says that in a very important way, the affordable care act today right now is helping labor markets, is helping businesses, and is helping jobs. and in particular, what c.b.o. finds is that the tax credits for health coverage, medicaid, will help put more money in people's pockets, help them able to spend more and that will provide a boost to the economy, to give you the full quote, quote, the expanded federal subsidies for health insurance will stimulate demand for goods and services and that affect will mostly occur over the next few years -- effect will mostly occur in the next few years. that will he

this analysis by design looks at a set of labor market effects, it didn't look at another set of labor market effects and i talked about what those three effects were. i think in particular that slowdown in health costs is something that put in the language of c.b.o. would increase labor demand and be quite an important factor. so that's the second point. the third point i'd make is c.b.o. themselves says there's a tremendous amount of uncertainty. a lot of the report stems from, as tax credits phase out, what does that do to people's incentives? there's a literature on the earned income tax credit that has generally found that the phase-out of the earned income tax credit doesn't affect labor supply. c.b.o. is assuming that in this context, people will have a much better understanding of these phase-outs and alter their behavior in response to it in a much greater degree than we've seen with the earned income tax credit. i expect c.b.o. would say there's uncertainty around that and expect that's one of the many assumptions that one could debate in this report. >> you don't dispute or

labor market. about 1.25 million jobs have been added to payrolls since the previous monetary policy report last july, and 3.25 million have been added since august 2012, the month before the federal reserve began a new round of asset purchases to add momentum to the recovery. the pun employment rate has fallen nearly a percentage point since the middle of last year, and 1.5 percentage points since the beginning of the current asset purchase program. nevertheless, the recovery in the labor market is far from complete. the unemployment rate is still well above levels that federal open market committee participants estimate is consistent with maximum sustainable employment. those out of a job for more than six months continue to make up an unusually large fraction of the unemployed. and the number of people who were working part-time but would prefer a full-time job remains very high. these observations underscore the importance of considering more than the unemployment rate when evaluating the condi

i mean, i don't like the fact that we are labor supply or labor demand, even when. think that's bad policy, and we as republicans in the house are looking forward to our replacement, alternative that doesn't do that. does the cbo routinely analyzes administrative actions and tries to trim the impact on the economy. that's -- that process isn't terribly transmit at this point but when you take obamacare and epa action and department of labor actions, just to show actions, you could after every agency and they have issued tens of thousands regulations over the last five years. what has been the impact? i ask you from this frame of reference, as a person has created or helped create hundreds of jobs in the real world, i know firsthand the impact of that policy but i was wondering, do you have accused the number of potential jobs lost because of obamacare and all the government policies that been an active the last five is? >> i'i'm sorry, we do not to our focus as you know, legislation that congress is considering the we got to go back and look at how the law is a mini

when labor was unemployed, all labor had to do was accept lower wages.inesses would be happy to rehire them, and prosperity would soon return. underlying this view was say's law, after the 19th-century economist, j.b. say. what did say say? he said that, in total, supply always creates its own demand. there can never be long-lasting overproduction since each good is either demanded by ourselves or is used to demand some other good. in the early part of this century, a businessman might produce 2000 ladies' bonnets. what does he do with these bonnets? he gives one to his wife, he exchanges the rest for other goods. he buys a stove, a car, candy. this is the big point. these added bonnets represent added demand for other goods-- stoves, cars, candy. demand is nothing more than one set of goods being offered in exchange for another. say admitted there could be temporary problems with this. there might be overproduction of a particular good. also, money could be a problem. a collapse of confidence in the banking system could throw a monkey wrench into the wo

i mean, i don't like the fact that we are labor supply or labor demand, even when. i think that's bad policy, and we as republicans in the house are looking forward to our replacement, alternative that doesn't do that. does the cbo routinely analyzes administrative actions and tries to trim the impact on the economy. that's -- that process isn't terribly transmit at this point but when you take obamacare and epa action and department of labor actions, just to show actions, you could after every agency and they have issued tens of thousands regulations over the last five years. what has been the impact? i ask you from this frame of reference, as a person has created or helped create hundreds of jobs in the real world, i know firsthand the impact of that policy but i was wondering, do you have accused the number of potential jobs lost because of obamacare and all the government policies that been an active the last five is? >> i'i'm sorry, we do not to our focus as you know, legislation that congress is considering the we got to go back and look at how the law is a mi

labor market. about 1.25 million jobs have been added. 3.2 5 million have been added since 2012. the month before the federal reserve began a new round of asset purchases to add momentum to the recovery. the unemployment rate has fallen since the middle of last year. and 1.5% since the beginning of the current purchase program. nevertheless, the recovery in the labor market is are from complete. the unemployment rate is still they estimate this is consistent with maximum sustainable employment. those out of a job for more than six months continue to make up an unusually large fraction of the unemployed. the number of people who are working part-time, but would prefer a full-time job remains very high. these observations underscore the importance of considering more than the unemployment rate when evaluating the conditions of the u.s. labor market. among the major components of the gdp, household and business spending growth stepped up during the second half of the year. early in 2013, the growth in

in this case, the effect of the affordable care act on the him labor markets -- on the labor market, i think we were quite clear. come almostwould entirely from decisions by workers on where and how much to work. at the same time, we recognize in this case and many others, the work that we do is technically complicated and people who read it will misunderstand it sometimes. part of ourregular process to look at what people have written about our work and give them a call if we think they have misunderstood it. we reach out to you if we read something that we think shows that not everything was clear. we do the same thing, of course, with the people on the hill for whom we work. if we see misunderstandings in our work, basically we try to clarify them. a seems to me there are growing number of people who are interested in serious quantitative analysis of public policy. thingk that is a great for folks like myself who do serious quantitative analysis of public policy. but you are right, there is a faster feedback loop in the commons and there has been before -- in the comments that the

i would like to ask about the labor market. the labor force participation rate is at the lowest point since 1975. last month it ticked up just a hair. it would reduce the number of full-time equivalent workers by about 2 million by 2017. a result of some people choosing to not work at all or others choosing to work less. it is a disincentive for some people to work resulting in a decrease of labor supply. increasehe economy and economic opportunities, we need more workers and we should encourage people to work. what effect will this have on the economy? >> the reduction in the supply of labor would result in the affordable care act polls down own taxvestment, pulls d revenues. >> it is not in our economic interest to shrink the size of the workforce? >> it is not in the interest of gdp. >> gdp is for more people. if we have lower gdp, we will have more people in this country and more people are going to have less. you have to expand the economic pie. it seems basic to have more for more people. would it be fair to say discourag

labor market. about 1.25 million jobs have been added to payrolls since the previous monetary policy report last july, and 3.25 million have been added since august 2012, the month before the federal reserve began a new round of asset purchases to add momentum to the recovery. the pun employment rate has fallen nearly a percentage point since the middle of last year, and 1.5 percentage points since the beginning of the current asset purchase program. nevertheless, the recovery in the labor market is far from complete. the unemployment rate is still well above levels that federal open market committee participants estimate is consistent with maximum sustainable employment. those out of a job for more than six months continue to make up an unusually large fraction of the unemployed. and the number of people who were working part-time but would prefer a full-time job remains very high. these observations underscore the importance of considering more than the unemployment rate when evaluating the condi

i mean, i don't like the fact that we are labor supply or labor demand, even when. i think that's bad policy, and we as republicans in the house are looking forward to our replacement, alternative that doesn't do that. does the cbo routinely analyzes administrative actions and tries to trim the impact on the economy. that's -- that process isn't terribly transmit at this point but when you take obamacare and epa action and department of labor actions, just to show actions, you could after every agency and they have issued tens of thousands regulations over the last five years. what has been the impact? i ask you from this frame of reference, as a person has created or helped create hundreds of jobs in the real world, i know firsthand the impact of that policy but i was wondering, do you have accused the number of potential jobs lost because of obamacare and all the government policies that been an active the last five is? >> i'i'm sorry, we do not to our focus as you know, legislation that congress is considering the we got to go back and look at how the law is a mi

do to the american labor movement a whole heck of a lot you're basically undermining the labor standards across asia. and you are encouraging american corporations to move more jobs to low wage asian asia nobody is against allowing underdeveloped countries to develop into manufacturing countries and develop their wealth and that's happening china is a great example of that but you shouldn't allow american and multinational corporations to choose to just go where the people who are most exploited to have slave labor have child labor you really really you really want that ten dollars sure. from the big box store that was made by a nine year old kid in vietnam is it really that important to you and that's what americans need to ask themselves when i go what's the impact going to be. well it will further depress wages in america we're in a global economic rights to the bottom we're all tied together in this in this global economy. multinationals are right about that and that economic race to the bottom holds everybody down with it unless a country as we were saying earlier like germany does

labor force. people felt -- c.b.o. people felt a number of years ago that given that this was so integral to the legislation, pretending there would be no chame to the labor force would be so much at variance with the issues congress was confronting that we needed to reach beyond our normal approach. so c.b.o. did a number of years ago and did again last year, separate analysis beyond the normal cost estimate that looked at some of those macroeconomic effects. i said that congress would be contributing an overhaul of the u.s. tax code that would have significant effect, we would be happy to do am sis of those effects as well. but i think those situations are correctly viewed as rare exceptions. exceptions in the cases where it really matters. where the congress is -- congress' object i haves or the issues at stake are around the labor force or the size of the economy. that's not true for so much of hat we do. >> [inaudible] >> the economic effects of tax reforms, c.b.o. has doneage sthoifs changes in tax policy. we do

nevertheless, the recovery in the labor market is far from complete. the unemployment rate is still well above levels that the federal open market committee participants estimate is consistent with maximum sustainable employment. those out of a job, more than six months, continue to make up an unusually large fraction of the unemployed. and the number of people who were working part time but would prefer a full-time job remains very high. these observations underscore the importance of considering more than the unemployment rate when evaluating the condition of the u. schs. among major compon of gdp, household and business spending growth stepped up during the second half of last year. earlier in 2013, growth in consumer spending was restrained by changes in fiscal policy. as this restraint abated during the second half of the year, household spending accelerated, supported by job gains and rosing home values and equity prices. similarly growth in business investment started off slowly last year, but then picked up during the second half. reflikting im

i would like to ask about the labor market. the labor force participation rate is at the lowest point since 1975. last month it ticked up just a hair. it would reduce the number of full-time equivalent workers by about 2 million by 2017. a result of some people choosing to not work at all or others choosing to work less. it is a disincentive for some people to work resulting in a decrease of labor supply. to grow the economy and increase economic opportunities, we need more workers and we should encourage people to work. what effect will this have on the economy? >> the reduction in the supply of labor would result in the affordable care act polls down gdp, investment, pulls down tax revenues. >> it is not in our economic interest to shrink the size of the workforce? >> it is not in the interest of gdp. >> gdp is for more people. if we have lower gdp, we will have more people in this country and more people are going to have less. you have to expand the economic pie. it seems basic to have more for more people. would it be fair

up next, volkswagen top labor leader, issuing threats in chalk talk. i show you why the days of corporate and lake ar ultimatums -- labor ultimatums may be coming to an end. stay with us. no two people have the sa financial goals. pnc investments works with you to understand yours and helps plan for your retirement. talk to a pnc investments financl advisor today. ♪ (vo) you are a business pro. eker of the sublime. you caseparate runway diculousness. om fashionhat flies ofthe shelve and u...rent from national. because only national ts you choose a car in the aisle... and go. and only national isanked highest in car rental customer satisfaction by j.d. power. (natalie) ooooh, i like your style. (vo) so do we, business pro. so do we. go national. go like pro. ♪ e what's new at projectluna.com lou: what a billionaires, and labor leaders have in common? they both believe they should be able to buy boats and tell the -- votes and tell the rest of us what to do, we talked about venture capitalist tom perkins before, he said that rich get more slo votes becau

staff campaign, ♪ >> a pig month to big labor.hy unions are fighting to gain labor, and is it a fight they want to win? we'll look into the so-called skills gap and the cash-strapped u.s. post office wants to get back into banking. i'm ali velshi and this is "real money." >> this is reem, you are the most important part of the show so please join our livek on twitter,@ajrealmoney or@ali velshi. >>> ironically while remaining officially neutral, volkswagen cooperated with the uaw's move to woo its tennessee workers. but swayed enough workers to vote no. tennessee governor bill haslam, when the votes were tallied late friday night 53% voted to reject the uaw bid. 47 voted in favor. -- 47% voted in favor. the union movement has been in decline for decades. last year, 47% were members of unions, marked decrease, part of the story. almost half of union men's today are in the public sector. teachers, police officers, firefighters and the like. jobs paid for by local and state governments. for unions to become relevant again, texas for e

labor market. to run with interest rates. >> steve, stay with us. let's bring in the former federal governor randy kroszner who is professor of economics with the university of chicago boone school of business. good morning to you. what will you be looking to specifically from janet yellen here? >> i very much agree with what steve has said. the key challenges that janet has are the communications challenges. she'll have to develop her own voice. certainly she wants to build a bridge now and have the continuity but eventually she'll be speaking with her words rather than the previous words. there could be bumps along the way. i think it's interesting the focus on inflation because i think that's likely where you'll see the pivot away from the 6.5% unemployment rate because we're now so close to that and the fed wants to make it clear that they ain't moving interest rates anytime soon but you'll hear more about the undershooting of the inflation goal. you'll be hearing more about long-term unemploye

more women are staying in the labor force longer. you have actually seen them increased participation. it is still the case. i making up numbers here. you take a group participation rate. he goes from 25 to 30. if you are shifting a lot of people into something that used to have a 25% rate and now has 30%, that will still take your overall participant rate down. >> i was wondering, if given republicans reaching out to women, do you think there's a better chance of some sort of legislation on the paycheck? if that does happen, what is the president prepared to do in terms of the executive order? >> i do not personally have [indiscernible] in terms of passing the paycheck fairness act. i would note it has been before them for a while. it has not exactly been rushing its way through. in regard to your second question, we are always taking a look at the full range of executive actions the president could take, in particular i want to ask with all of them what it can do to improve the economy and efficiency of the federal government. >> [

everyone seems to confuse the demand for labor, which is do blowers want to hire with the supply of labor, which is do people wan want to work? >> there are going to be people working fewer hours going-forward because of obama care, because people will choose to work less, they think the effect on the employer side, willingness of employers to hire will be negligible. >> what the report actually said, the affordable care act's guarantee of health insurance, and the way in which subsidies work means that people won't have to work in order to maintain coverage and will be freed up to work less. in fact, house budget committee chairman paul ryan republican and no fan of obama care, clarified exactly that point in today's hearing on the cbo report. >> just to understand this, it's not that employers are laying people off, that's that people aren't working in the workforce, aren't supplying labor to the equivalent of two and a half million jobs in 2024 and as a result that less labor supply lowers economic growth? >> yes, that's right, mr. chairman. >> in fact, the real effect of obama care on

up next, volkswagen top labor leader, issuing threats in chalk talk.how you why the days of corporate and lake ar ultimatums -- labor ultimatums y be coming to an end. stay with us. in the new new york, we don't back down. we only know one direction: up so we're up early. up late. inking up game-changing ideas, like this: dozens of tax free zon across new york state. move here. expand he. or start a new business here... and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's up.y one way for your business to go. find out if your biness can qualify at start-upny.com lou: what a billionaires,nd bor leaders have in common? they both belve they should be able to buy boa and tell the -- votes and tell the rest of us what to d we talked about venture capitalist tom perkins before, he said that rich get more slo votes because they are rich. >> 54 kingperkins system is you don't get t vote, but what i think is, should be like a corporation, you pay a million dollars in taxes you should get a million votes. lou: exciting

tracey came into labor and delivery at west hills in early labor. the examination was a cervix that was about two centimeters dilated, which is very early. tracey unfortunately, is about a week overdue. and in that situation very often there's decreased amniotic fluid. the amniotic fluid inside the uterus acts as a cushion to protect the baby during the course of labor when the uterus is contracting and putting pressure on the baby and the umbilical cord. with decreased amniotic fluid, there's less capability to protect the baby and more often they develop distress which is what tracey's baby started to do. d th when we h thproble the problem of the heartbeat dropping and that got pretty intense and pretty scary. and as a result of that, with the early stage of her labor, we decided that the baby wouldn't tolerate labor well for the rest of the course of labor which would be eight or nine hours. so the decision was made to do an emergency "c" section that evening. j.p. garamone: you could see that everybody was under control, all the doctors were th

the obama national labor relations board continues to be union advocate than an umpire.his latest effort is a political power play on behalf of unions that makes an end-run around employers and forces workers to make decisions without all of the facts. by the way, the public does have an opportunity to weigh in here before these rules become final. the government will be taking public comments until april 7th. melissa? melissa: wow. shannon, thanks so much. interesting report you. >> got it. melissa: up next, obamacare, an even bigger threat to workers than we thought. a new study shows nearly half of all companies want to cut health care benefits. many more workers could suddenly find themselves demoted to part-time status. we have the duke economics professor behind the bombshell report. >>> an auto industry breakthrough, new technology that enables electronic cars to move further and for longer. don't go anywhere. do you ever have too much money? ♪ ♪ [ male announcer ] you're watching one of the biggest fincial services cpanies in the country at work. hey. thanks for

so i think this was a surprise to a lot of people in labor the u.a.w. had gotten a majority of workers to sign cards saying they were interested in the union and u.a.w. really expected a victory. they were gearing up for their victory party on friday night and this came as a shock to them and i think has a ripple effect shock across the labor movement and people are really looking at this to try to figure out what went wrong and how to prevent it so what went wrong . well you brought up one major factor and certainly the u.a.w. believes that republican interference was the major factor in what went wrong that there were these threats by republican politicians you had bob corker state senator and the u.s. senator from the state and the former mayor of chattanooga saying that folks wagon would not produce its new s.u.v. line in chattanooga the union election went forward and what was so crazy about that was that the books i guess c.e.o. of the chattanooga plant came out after corker statement and said no we don't know what bob corker is talking about that

vacant seat 2, succeeding robert muscat, term expired, must be active in labor organizations, for the unexpired portion of a two-year term ending y clerk: sf 51234 >>supervisor norman yee: okay. michael seville. >> thank you. it's my honor to be able to join the city. our city's ability to improve our capital infrastructure is one of the most important issues for our city. as san francisco continues on its economic revival and the transparent manner, the voters of san francisco have declared it's crucial for the government to keep up with our evolving city. having spent much of the past years with labor representative, with local 21, i now serve as a director of research and communications for local 216789 . i have worked with the city on impressive capital project including the water improvement plan and san francisco rebuild. through all of this whether meeting with engineers, architects, elected officials or before the civil service commission i have been informed about how to handle large scale projects and understand the contracting process of the city will make me a valuable ass

labor force. cbo people felt the number of years ago when this came up that given that that was so integral to the legislation that pretending there would be no change in the labour force which would be our standard assumption would just be so much in various with the issue that congress was confronting now we need to reach beyond our normal approach. so the cbo did a number of years ago i read it again last year, a separate analysis down the normal cost estimate that looked as some of those macroeconomic effects. msn on some occasions that if the congress works, contemplating overhauling the u.s. tax code, that it would have significant macro economic effects, that we would be happy to do analysis of those economic effects, but those situations are not correctly viewed as rare exceptions, exceptions in cases where it really matters, where it could -- or the congress is objectives of the issues at stake are around of the labour force or the size of the economy. that is just not true for what we do

new data that change our view of thomas d labor force had grown in the past. we also did a reevaluation of the effect of the affordable care act. you this collection of things, a that turned off the revision were largely in one direction. and a recognizing tremendous uncertainty. and >> the decline in the total you work force participation rate. and >> the most significant a factor relative to the past is slower growth of labor force. and the big increase in in women's participation in the labor force won't be repeated. >> you knew that last year. my time is out. i appreciate your answers. since the great recession, we have had an experiment with unprecedented governmental policies, massive expansion in regulatory burdens imposed on the economy. massive surge in spending is projected to grow again. completely unprecedented monetary policy. i would suggest the dated is indicating this isn't working so well and the forecast is it for to get worse. >> senator kaine. >> just quickly, there is a lot of food for thought in the a of food for thought in the comments,

labor secretary perez. this number has surprised us. market takes it as decent laurate a tiny uptick but what anti-tank? >> i see we need to pick up the pace of growth. the bright spot is 47 months of private sector job growth consecutively to the tune of 8.5 million jobs that goes down this was for the right reasons very good growth in construction with the single largest increase march 2007 in the factory continues to be solid the average hourly for some in manufacturing is north of 40 hours. put your finger on something that is interesting but while we had 8.5 million private-sector jobs created during that same period we lost 655,000 government jobs the majority as local government teachers teachers, teachers' aides this is unprecedented you have never received a job loss in the government sector when you have recovery from a recession and. with these disinvestments of schoolteachers to firefighters and police officers with this over emphasis has had consequences. liz: is that the every soon secretary pariahs? at this point, but i h

now, john, unit labor costs so price is rising, unit labor cost which is, what, about 65% falling? that is so good for profits, john silvia. we had tremendous profits momentum. that's what i'm trying to teach jim iurio. can you back me up on that? >> basic economics, larry. >> price of the output, a good proxy for your input costs. profit margins look pretty good. >> you, on the other hand, i've got a problem with you. you don't like this market at all? there's one thing that i could say to dissuade you. >> larry, the economy is only going to grow as fast as the output and, yes, unemployment is falling but i'm not buying stocks until i feel confident that this emerging market problem in terms of falling economies and the trouble they are having there with their currencies is back on the write track. we're starting to see some of that with some of the emerging countries, supporting their currencies. but bei but, look, it's becoming a much more important part of the court. >> i had former assistant treasury secretary on behalf of greece and he said it's not argentina. they've probabl

of the labor force to raise children, to have families, that sort of thing. these are huge long-term problems. economists are still trying to figure out why labor force participation has been dropping and it raises a legitimate concern because if we have fewer people in the workforce and a growing sort of aging population, how are we going to get the revenues from social security taxes and other things to actually support the entitlement programs that we have? so these are very broad concerns that are legitimate. the aca points out the fact that labor force participation will be one factor that the aca could effect, but it's really just one piece of this much broader question that lawmakers for now have decided they really don't have the political will and consensus to actually tackle. >> okay. i want to move on to the third major part of the report, according to it, the problems with healthcare.gov, the cbo also reporting their estimating signups will catch up to previous estimates, 13 million by 2015, 24 million by 2017. igor, to you, there's also some good

labor took a hard hit because for the second time in a row, independent expenditures by organized labor did they spend. >> $4 million this is a case where they may have overplayed their hand once again talking about rolling back pension reform. republicans only hold a third of the votes in the whole state and they hold half of the mayoral positions. what does that tell you that local positions, the voters are voting with their pocketbook. they want conservative guys. >> organized labor took a hit in san diego and los angeles. they spent big in that race for wendy grill and she lost as well. what is going on. >> in every case, the expenditure became the issue. they have to be matterrer and cleverer when they do their number. they cannot allow themselves to become the debate. >> when you get these headlines that talk about huge pension payouts as in san mateo where the city manager went out with 500,000 dollars, voters are paying attention. >> work pensions and public employees cloud an issue in san diego and los angeles. >> very significant in each of those particular places except it wa

it's just labor costs that contribute to inflation for example it's just labor costs that contribute to declining productivity but there's the multi-factor productivity as australia determines it is also you have to count capital the returns on capital where capital is being deployed and in. being deployed to property and causing land values to rise and the misallocation of capital is causing a decrease in the return on capital right the country is going bankrupt that's another way to describe it they're losing their productivity and this is a fantastic study or they call multifaceted productivity multi-factor productivity multi-factor productivity because it takes into consideration the damage that blowing housing bubbles has on the productivity and whether or not the country can sustain itself economically as a growing franchise and this is something that in the u.k. they never make mention that they don't mention the fact that when unions and other folks there's been some unions on strike recently in the u.k. over transportation system the government employs them and saying you kn

the labor secretary told my colleague that we are making progress.sidering that hiring is still below what is considered to be normal levels, is that optimistic? atif you step back and look a role growth over the past year or six month, the very recent numbers the last two months have been quite week. i imagine that that was the context in which he was referring. >> india suppose we will start to see those broad-based gains that are needed to increase wages and to get consumers to spend more? >> we are already seeing wage growth pick up some much -- pick up some. we think a narrower measure has gone up somewhat more. we think that will continue, and as this keeps falling we will see wage growth this year. >> wayside tale of two unemployment reports this week. in your note today, you would describe the establishment survey is soft, and the household survey is solid. the establishment survey is a survey of terms. the household survey is 67,000 household interviewed. there's no particular reason one could give for why they get such different messages th

not the demand for labor.the decrees would not lead to a responded increase in unemployment or underemployment emphasis added. i get it. so the new normal by the obama administration, at least, substitutes lower labor force participation rates as the economic and moral equivalent of a higher percentage of a population working productively. we follow that; right? thanks to media matters, we now understand obama better. those withdrawing from the labor market should send thank you to the white house for the new part-time jobs, higher taxes for freedom. by government-imposed health care and should fall to their knees in gratitude. larger government and -- it's also clear now isn't it. joining us now to make thing even more clear. the a-team lead by national review economist john, "fox news" legal analyst, and senior fellow at the manhattan institute former health care policy adviser of the romney campaign. great to have you here. >> choose to work less? choose to work less? are you kidding me? the message is we w

two films that came out on the labor movement.one which was a huge box office success with pr advertising and so on featured marlon brando was about a corrupt union leader and how the heroic joe with his lunchbox finally overcame the corrupt union leader at the end of this element throws them into the water and everybody cheers. that was one. there was another film, a marvelous film called salted the earth earth, a low-budget film which was about a victorious strike led by a hispanic woman. it was really at rate film. if you can find it somewhere you should look at it. you can find it maybe in a small art theater in downtown new york somewhere but that wasn't the kind of film that was going to get publicity. and that runs through consistently. i think when people in power believe something firmly it's worth paying attention to them and i think they believe firmly that it should not have revolutionary popular art in which people participate. actually that is one of the reasons i think for destroying the beauty in the new york subwa

labor with our purchasing power in fact a recent national consumers poll showed that fifty nine percentof americans said it was very important that the products they purchase are not made in dangerous or unfair conditions furthermore two thousand and four studies show that the actions of activists and government pressure against nike's reliance on sweatshop labor in the ninety's led to a fifty percent wage hike for indonesian garment workers look i know that finding sweatshop free clothes can be near impossible we're all contributors to this horrific and history but at the very least being aware of the worst players are can empower us to make better choices and put the pressure where it needs to be so maybe instead of talking about fabulous clothes this week instead we should be talking about the people that put those clothes on our backs. looking back at the occupy wall street movement it's disheartening to know that not a single banker face trial for their role in the two thousand and nine financial crisis yet close to eight thousand occupy activists were arrested and of the thousands

i do want to delve a bit more into the specifics of our labor costs. this slide gives you some greater detail about what's happening both on the salary side as well as benefits. the first two lines are showing you the impact of additional positions that were added in the budget last year. the second line is showing you the impact prior year colas. so, you will remember that this year in the current year the mass majority of employees are receive the equivalent of a 1.75% raise spread into three payments of 1%, 1%, and 1%. that annualizes to 3%. so, the gaff you're seeing 2% the second year. the impact is retirement and health and dental increases. these are fringe benefits. you can see more than $50 million next year just for those health and dental benefits and the retirement contributions. we are claiming to that final peak year on our retirement contributions and, so, you can see in 15-16 that number begins to decline. and, so, we will be seeing, though the rates will continue to be high, we'll see gradually decreasing rates as we couped our losses

the labor market is far from complete, the gyrations of the stock market worldwide coul do t pose asisk to the u.s. market. >> janet yellen, the newly minted chair of the federal reserve said the economy had made substantial improvement over the past four years. >> since the financial crisis since the depth of the recession substantial progress has been made to restoring the economy to health and in strengthening the financial system. still, there is more to do. too many americans remain unemployed, inflation remains below our longer-term objective, and the work to make the financial system more robust has not yet been completed. >> taking questions, yellen said if the economy continues to show improvement the fed will likely again reduce it's asset purchases. call the quantitative easing, the bond-buying program by the fed slipping $10 million a month into the economy as stimulus. as jobs return and other positive signs come yellen said the fed would likely taper. >> the purpose of quantitative easing, we've been buying longer-term securities and agency backed securities. the object

>> it would push up labor supply.n fact, with an aspect of the effect of raising the eligibility age for social security. we think that would increase the amount of work that people do primarily in the '60s. >> particularly with seniors more would work beyond -- spent they would work longer than they could under current law. >> the fact that americans would be tied to a job they don't want or need so because of its the only way for them to get affordable health care, it's a feature of obamacare. as i look at it. director elmendorf, if your assumptions prove cracked, 2.39 americans -- proved correct, what effect will that have on the unemployment rate and on wages? >> we think that people will be leaving, choosing not to work because of the incentive provided by the affordable care act would have essentially no effect on the unemployment rate big we said that very clearly in our report. the ethics and wages can we did not analyze formally, complicated, depends on how the capital investment responds to changes in work,

labor concerns hurt its image?ggish spending in developing markets takes a bite out of nest le sales. the company's ceo joins us this hour. its ceo will be live later on. >> now, apple's annual audit has uncovered labor violations from the use of underaged workers to labor -- migrant workers. >> the company is working to sort this out but let's talk about apple. it's a major brand. but do we fully understand how it operates? the ceo of reputation.com. it's one of those difficult journeys that apple has to make. it clearly has a problem with its supply chain but is attempting to audit that supply chain and understand it. nevertheless, it throws up the nasty stories. how do you manage that from a corporate point of view? >> it's very a good question. it actually turns out we can like it or not that it's not as much of a story or important as we might like to think it is in the media. or the activists like to think it is. there are two constituencies. one are the share holders and the other are the customers. unless t