it may be if that's correct that as the labor market strengthens that labor force participation will remain flat, instead of the demographic trend continuing to pull it down. that as people who have been discouraged come back into the labor force and start looking at getting jobs, we will see labor force participation rate flatten out and the unemployment rate may not come down as quickly as it has been. but we'll need to look at that. that's a hypothesis. what we said about 6.5%, as long as inflation was not a concern, we would not think about raising the federal funds rate, we would not raise it until unemployment declined below 6.5%. 6.1% is not our target either. participants in the fomc are asked what they think a so-called number employment or normal longer run unemployment rate is. in the monetary policy report, we've distributed in june, they thought this was 5.2% to 5.5%. of course we don't know and we are looking at all the things you mentioned in judging the labor force, judging the labor market, not just unemployment rate but a broad range of indicators, including volunta

in judging the labor market. not just the unemployment rate, but a broad range of indicators, including involuntary part-time employment, as you mentioned, and broader metrix concerning the labor market. >> thank you. >> madam chair, you were quoted in a "new yorker" profile this week saying while the economy is improving from the depths of the financial crisis and the great recession, that "the headwinds are still there." and even when the headwinds diminished to the point when the economy is back on track and where we want it to be, it's still going to require an unusually accommodative monetary policy. that was your statement. and that seems pretty consistent with the concern of prominent economists outside of the fed. that current economic conditions and fiscal policy are producing an environment that requires lower than normal interest rates to generate economic growth and create jobs. can you explain to me what you mean about the need for "unusually accommodative monetary policy" and do you agree with the v

we considered data from the department of labor standards enforcement that state labor commissioner as well, and the data from the state agency [speaker not understood] on the number of workers who come forward and win a claim versus the amount of wages which are actually collected and it's somewhere along the lines of 20% of wages are actually collected. and, so, there are challenge to collecting wages outside of orlc process through the labor commissioner process is a huge challenge to combating wage theft. and the fourth big challenge is the vulnerability of the employees that we're talking about. we're talking about low wage worker who are often not completely fluent in english who are often the full income generators for their family who are dependent upon that job. however, [speaker not understood] depending upon that income to support their families and therefore fear losing that job. when worker come forward they often face retaliation. they face not only community pressure among the ethnic community to not come forward and speak against the employer, but also threats that they

are these workers going to bring into the labor market or employment without raising wages? time will tell. the story is running against janet yellen. the economy is doing better but the labor market is tightening faster than she said it would. >> second quarter gdp, the first quarter revised to minus 2.9% and adp, the company that predicts the jobs report came in at 218,000, a tad below consensus by still strong, the fourth month above 200,000. the estimate for friday is 230,000. >> i think we're seeing five years after hard work playing out. it's more than head winds here. this is genuine growth and an element of fiscal discipline. still there is more work to do and patience is key. >> the jobs report and quarter data is significant. a repeat like the second koucou prompt the fed. otherwise, look for the fed to not raise rates until mid 2015 if we stay on the current course. for "nightly business report", i'm steve liesman. >> here with perspective on what the fed said and what it may do and when is alan blinder. he's former vice chair of the federal reserve. before we get

>> guest: well the cheap labor is labor based upon the value of what the labor brings.the subsidy is a decision that the policymakers have made. we have made the decision that if someone is making a certain amount of money than we are going to provide support for them, income support. we are going to provide food stamps. that's a decision that i think is separate from the business decision. i don't think we are subsidizing cheap labor. i think we are basically saying that this is the value that businesses have said that this labor brings to the enterprise. if we are driving up the cost of that by hiring minimum wage laws which is what president obama is proposing them what we are doing is driving the cost of labor up which will result in employment and loss of jobs. >> host: there was a study that came out this weekend that showed the top 25 hedge fund managers made in personal income for themselves not investors but for themselves about 29 billion people. 25 people made 29 billion people running hedge funds. when you hear that what is your reaction? >> guest: my reacti

about the labor market. i think this is a very concerning issue for the economy, and for the country. the proportion of americans in the neighbor force -- the labor force is less than 63%. we haven't seen those numbers since jimmy carter was president, many years ago. [mic squeal] i don't know if that was you or me, but it is annoying. we haven't seen this kind of numbers since jimmy carter was president. the fed has said you will look at the labor market, you just reiterated that in your testimony. originally it seemed like the benchmark you were trying to achieve was 6.5%. it is now 6.1%. to me, that doesn't tell the story. the fact that our unemployment doesn't reflect the reality that what is happening is people are taking part-time work, whether that is obamacare or some other reason -- we could debate a long time it. tell me what you were looking for when you constantly refer to the labor market? are you looking for more participation, more full-time employment -- what is it you are trying to achieve?

everybody can be part of the labor movement. so anyway, you don't just have to have a car that says communication workers america that you can be part of the labor movement. [applause] the solutions to the crisis of growing joblessness and rising economic inequality are very complicated. but the polls show that an overwhelming majority support a hike in the minimum wage. seattle of course is leading the way that the recent decision to raise the minimum wage to $15 2020. as a community organizer in a labor activist, what do you think is driving the growing support for raising the minimum wage, what is the opposition and how can it be counted especially in the u.s. senate. i glad to be here. we were in the brotherhood of sleepy porkers union. [applause] we spent 12 years trying to organize a union and one of the things when i was young he would tell stories about the massive humanization that was happening within that industry itself. three things they were fighting for, they were fighting for living wages, they were fighting for

there is not only a labor shortage.ting enough labor coming out of our schools. >> that is right. universities have lagged behind. they are not keeping a pace. the way the market is reacting is most of the new talent is being trained intact and not traditional two-year and four-year universities. they are trained in specialized, high intensity boot camps all across the country. one of them is called general assembly, where you can go 12 weeks 9-5 every day and switch careers from a non-tech to attack career. >> it is not for a lack of effort. there are schools really trying to train students. the reality is that some of those students are just not interested in enrolling in those dem programs. >> we need to attract more people in general to the field. million announced a $50 made with code initiative to track young women and girls into the stem field from an early age. we do not have enough women in the stem fields. you look for -- at technology companies. we do not find enough limoneira. .hat has to start at early ages

it may be, if that's correct, that as the labor market strengthens, that labor force participation willat. instead of the demographic trend continuing to pull it down, that people who have been discouraged come back into the labor force and start looking and getting jobs, we will see labor force participation rates flatten out and the unemployment rate may not come down as quickly as it has been, but we'll need to look at that. that's hypothesis. i do want to make clear, 6.5% has never been our objective at the labor force. what we said about 6.5 is that we would not --s long as inflation was not a concern, we would not think about raising the federal funds rate above the zero to a quarter percent range until unemployment had declined, at least below 6-1/2 percent. so that's never been our target, and 6.1% is not our target, either. participants in the fomc are asked, what they think a so-called full employment or normal longer run unemployment rate is, and in the monetary policy report we distributed in june, they thought that was 5.2 to 5.5%. but of course we don't know and we're look

our business is looking for low-cost, parts and labor? >> they certainly are -- temporary, part-time, low-wage ofor is the vast majority the employment gains that we have been seeing. while topline headlines -- excuse me, headline job creation has been quite impressive -- we have seen five consecutive plus 200,000 reports, so i do not want to take away from the gains we have seen, but that hasn't been enough to lead to wage pressures. it has not translated into income growth, which is the precipice to add to the consumer's ability to spend in the market place. this is what janet yellen is talking about when she says we can't look at headline job creation, we can't just look at the on employment rate. we have to look at those in the context of a broader measure of labor market conditions, which continue to show very stagnant average hourly earningsl, decades low of the participation rate, long-term unemployment levels. we are still not seeing a healthy labor market, certainly not indicative of a near-term rate hike. "it is clearrote, that

the task force specifically recommending four new positions within the office of labor standards enforcement and also to research and implement a new case management system for olrc to more efficiently track cases that they are investigating and recovering wages for workers. in addition, what the task believes, the coordination between agency which was born in the task force and the conversations which starts in a relationship developed through the task force were incredibly valuable and that establishing some variety of permanent working group, a task force supporting that ongoing collaboration amongst city departments, perhaps including agency that were not sitting on the task force but do have a part to play, the ongoing collaboration among the city departments is of utmost importance. we also recommended that if it's not already inherent and in permits and business licenses and in other city regulations, that the board of supervisors should act to authorize city departments to suspend or revoke permit business he that violate wage theft laws. and finally, information showing this is one

it may be if that's correct that as the labor market strengthens that labor force participation will remain flat, instead of the demographic trend continuing to pull it down. that as people who have been discouraged come back into the labor force and start looking at getting jobs, we will see labor force participation rate flatten out and the unemployment rate may not come down as quickly as it has been. but we'll need to look at that. that's a hypothesis. what we said about 6.5%, as long as inflation was not a concern, we would not think about raising the federal funds rate, we would not raise it until unemployment declined below 6.5%. 6.1% is not our target either. participants in the fomc are asked what they think a so-called number employment or normal longer run unemployment rate is. in the monetary policy report, we've distributed in june, they thought this was 5.2% to 5.5%. of course we don't know and we are looking at all the things you mentioned in judging the labor force, judging the labor market, not just unemployment rate but a broad range of indicators, including volunta

is the labor market continuing to improve?ain confidence that going forward it will continue to do so? and do we see evidence that inflation is moving and will continue to move back to our 2% objective over time? and at every one of our meetings, since last december, when we started to taper the pace of purchases, we've asked those questions, and the answer

tonight a look back at the violent history of the bay area's labor movement. as san francisco marks the 80th anniversary of the 1934 general strike. the strike began when longshoremen walked off the job protesting brutal working conditions. ktvu's george watson first brought us this story in 2000. >> it's the worse industrial disturbance that san francisco has seen in many years. >> san francisco was one of the busiest sea ports in the world when 12,000 longshoremen went out on strike. they shut down the ports and peers of the entire west coast. it was may nine, 1934. >> completely demoralized through inability of gas stations to replenish their supplies. nerve centers on strike at the food mart. the big hotels have closed the doors of their restaurants to the general public and the few eating places still open and able to get supplies to a rushing business. >> 65 days after the strike began, the anger and frustration coalesed. >> on tuesday july 3rd, 90 ships were idle to san francisco docks. the three day bad -- battle ended here. 5,000 longshoremen and thei

>> i think most of the traders are talking about slack in the labor market, a range of labor market indicators suggest that it remains significant underutilization of labor resources. let's look at the markets here. we actually moved up. i think, and i'm just checking with people down here, the general feel is that's a keep paragraph here right now. there's a little move up. oftentimes markets move down. i think it's probably related to that. most other people also pointed to a slightly more hawk sish comments. somewhat closer to the committee's longer-run objective, but that statement, a lot of slack remaining in the labor market is the tip-off from the fed, they're going to continue to keep interest rates low. remember the overall concern. statistic morning -- quicker than expected p. the interest rate sensitive sector, because that's been weak all throughout the day, so the consumer staples all have underperformed. the markets if the economy improves, so the telecommunication, the tech stocks, your material names, consumer discretionary financials, those have been the market leaders. >> we'

and then of course, the labor no, sir shoot suspects rank as well. and the question is if job growth was with significantly stronger would they come back into the labor market. we with can't test that until it improved enough. >> it has to really improve, because employers are reluctant to take on people who have been out of work for a long time. right, there's new research that surviving is jests they are not looking for people that have unemployment longer than six is months. of course, as it tightened may may change that approach. who have been in long term unemployed. >> i am not being unsit thinkic. when no one with will take a hook at them, a quite fine work history, they run through their assets and then what? some of them actually have become homeless and we interviewed one on this program. simply don't disappear, what happens? >> we are see a lot of people consolidating households relying on someone who is earning an income, and just sharing across whether it be a husband and wife, or live in partners or parents or aunts and uncles. we with

regarding the labor. there was no work stoppage or labor incidences that affected progress. on june 18 there was impact from the iron workers but no impact to us and we had a strong and decisive response from the iron workers and also michael o tearo and dennis meek an and we are are a pla project not to be touched so it was a good test to show there was complete unity on the project then. skilled labor needs have been met and steve reports from monthlies we had four recordables from the last summer. summer interns are behind us. i am excited to work with them this summer and to show them what we do. regarding progress on veterans. our subs are diving into how they can recruit out to veterans and anvil builders and others and have been a strong advocate bringing veterans to the project. also each of the labor unions have been trying to strongly recruit as well and of course webcor is outreaching to veterans as they get on base too. anyway possible to get the word out. progress today with the adults. the unions -- basically mike mckenna and peter with the unions and the appre

is an accurate snap shot of the labor market? >> well, it's one particular measure but it's obviously not complete. the bureau of labor statistics reported on the number of individuals who are part time employed and involuntarily so would like more work. that figure has been running about 5% of the labor force which is an unusually high level. the labor department computes some broader statistics pertaining to unemployment. one of them is called u 6. it's the standard civilian unemployment rate with those involuntary part time employees added in and also those who were discouraged or marjally marginally attached to the labor force. it's much higher. it's running around 12%. it has come down significantly along with the narrower measure of unemployment but clearly, what's called u 3 or the 6.1% unemployment rate is not a complete measure of what's happening in the labor market. that's why we have said the federal reserve, the foamc has said we are looking at a broad measure of indicators, including many indicators of the labor mar

labor and workers have been clear to initiative and respect the lowest wage workers. labor and workers fought for universal health care in san francisco, put sick day ordinance on the ballot. no one considered these landmark legislation and now others are joining san francisco's rank and implementing the policy. san francisco has a lot to be proud of. we not only push the boundary to respect the work of our workers within our city boundaries, we impact the lives of workers throughout the country. having the strongest minimum wage proposal in the country isn't enough. it has to be effective. we can't work this hard to pay better wages and not pay attention to where the money is going. we want to ensure it ends up in the pocket of our wage earners. therefore we are presenting this today and the mayor's office and all have worked on to make sure we are highlighting the city's enforcement priority for this minimum wage measure. i have submitted those amendments to the members of the rules committee as well. to be clear about what the ordinance is actually about, this is h

now she advocates on behalf of migrant laborers. over the last eight years, she has interviewed hundreds of contract workers in iraq and afghanistan. >> debt will make you work anywhere. it doesn't matter if it's a war zone, doesn't matter if you're given a good food or good accommodation. these men are ready to sacrifice. >> govindnagaram is a village of six thousand people, several hours from the closest airport. locals estimate that eighty to ninety percent of men here have worked in iraq or afghanistan. >> if you have a regular job, you might get 5000 rupees - that's $100 dollars for a month. but what the agents promise, you will get $800 dollars for a month. even i will think of moving there to get a job. >> we visited a small tea shop, and word spread that we were looking to talk to people who had worked on bases. it turned out this man serving tea himself had been recruited for a job in afghanistan - with supreme, a contractor that supplies food and fuel to nato. >> whether they made it to afghanistan or not, everyone here ha

labor market editions improved. the unemployment rate declining further. however, a range of market remainors suggest there significant underutilization of labor resources. household thinning appears to be rising moderately, and business investment is advancing, while the recovery in the housing sector remains slow. they go on to say the committee sees the risk of the outlook for economic activity in the labor market is nearly balanced and judges that the likelihood of inflation running persistently below 2% has diminished somewhat." they having knowledge -- they havee-up acknowledged again the take-up in inflation. with regard to the taper, they are committed again to reducing bond buying with measured steps over the next few meetings, but they do not commit explicitly to october in this statement, and they will continue to reinvest row seats of the bond buying. no stop to that. in terms of forward guidance, no real change. they maintain that it likely will be appropriate to maintain the current target rate for a considerable time after the asset purchase

labor leaders like a. philip randolph, cesar chavez, civil rights activist such as ella baker, james farmer and even yes, martin luther king, jr. was a college student during the war and heard about the four freedoms from his father, from the president, of morehouse college and a. philip randolph began to lecture at the college. .. those who made the victory thrill of victory then after those were her parents and from any of you perhaps grand parent. here i cannot help but not a recent letter to "the new york times" for world war ii veterans edward wood junior responded to restore e-mails all run across regarding the question of lbj's leg always controversial. she wrote for my generation of world war ii veterans, the social legislation passed under president clinton job leadership helped out some of the ideals we had fought for in the war, expressed in 1941 by president franklin roosevelt's four freedoms. i cried from a long-delayed joy when johnson signed the civil rights that. johnson's other legislation

the materials that olrc has on the labor laws had been a tremendous tool for us because so often we're having conversation with individuals and they're receiving a vast amount of information in terms of what they're required to do. so, to be able to hand them a pamphlet that states all their obligations is a really valuable tool for us to ensure that they have that to walk away with to remember that when they start employing individuals, they have these additional obligations. i think we are also interested in looking at additional ways of which we can identify and communicate with businesses that start out as sole proprietors and maybe in a year or two then start employing individuals. and, so, to remind them of their additional san francisco employment requirements. so, i think that there is some additional opportunities, then, that we have, but again, really want to sort of reiterate with the department of public health ways that the departments can strengthen our interaction and utilize those tools to sort of leverage businesses being responsible. we support that. >> thank you very

the national labor relations board says yes. says they've got it dead wrong and that decision could have negative implications for the fast-food industry and for the economy. >>> and nearly 4,000 people were killed in long-haul truck crashes last year. critics say the trucking industry's underregulated and they point to this as proof. some companies simply have to change their names after deadly accidents to stay in business and avoid costly crash litigation. our eamon javers has this outrageous story of these so-called chameleon carriers later on the "closing bell." in a world that's changing faster than ever, we believe outshining the competition tomorrow requires challenging your business inside and out today. at cognizant, we help forward-looking companies run better and run different - to give your customers every reason to keep looking for you. so if you're ready to see opportunities and see them through, we say: let's get to work. because the future belongs to those who challenge the present. bulldog: bulldog: oooh! mattr

labor would put a tax on your job, mortgage, home, and pension. to tell us where are the middle class taxes coming? >> mr. speaker, this is totally desperate stuff because he has nothing to say about the cost of living crisis. that is the reality. and it has nothing to do with the country and everything to do with his party. after four years of this government we've got a recovery people can't feel a cost of living crisis people can't deny and a prime minister people can't believe. what is clear -- talk about five years under this government we've got record numbers in work, the economy growing, record numbers of businesses, record numbers of women in work, health service is improving and everyone can see the contrast. in this party the leader reshuffles the cabinet. in his party the shadow cabinet desperately want to reshuffle he leader. >> surely the right on gentleman is rightly to be lauded in such enthusiastic fashion. spleerk, as the prime minister is enjoying a week in chess making a lot of new best friends when he gets to the brussles summ

what it means for the economy and women in the labor force. and later, as retirement earnings disappoint, senior goss back to work. the tough competition as they are head to head with millenians. my co-host and digital producer is here, bringing in all of your feedback. the numbers are so astounding, we are talking about 92 million americans out of the labor force, that has to take it's toll in so many ways. >> as i graduated from law school, everything was supposed to work out, and for eight months i couldn't get a job, and it take as toll on you. you feel you'lluated and you don't even want to go out in the community because you feel like you are worthless. i have no work for about four months i nearly lost my car, offs wreck. then i got work at a nonprofit, it beat humility into me, however now i run my own business, good for you. now we said depressed employees have been found to miss more days of work, what can employers to do this. >> employers shout not cig miamis mental illness. >> there's a $23 billion price tag on that. losing your j

we are collaborating with the department of labor, the da, and the da's office on a case and this is the first such collaboration that we've done. we're collaborating with community-based organizations and the state bureau of field enforcement on what will be the largest minimum wage case that olrc has handled. we've reached out to the treasurer and tax collector's office -- >> i apologize. i think we're going to lose a quorum pretty soon. i was wondering if you can -- >> sure. in conclusion -- >> thank you. [laughter] >> let me show you some graphics that the state labor commissioner's office has issued with their campaign that wage theft is a crime. and finally, i want to thank again everyone who participated in the wage theft task force and spent many months of hard thinking to collaborate together to figure out how to move this work forward. i look forward to working with all of the participants and the city agencies to i am ~ implement the recommendations. >> thank you very much. yes, supervisor yee. >> excuse me. >> sorry, supervisor yee. >> i just have a quick question. you me

i have been in labor for over 40 years. all of us coming together, to fight for fairness and justice. i have a devastating effect on this microphone. [laughter] i just want to say thanks to the people here. and to all of our other brothers and sisters that rise up every day and fight against injustice common men and common women who will never see the spotlight. every single day they are fighting to make this country a little bit better and just. it is an honor for us to be with them. [applause] thank you. >> it has been a long fight as you mentioned. you've been fighting for a very long time. one of the things we can do to break our broken immigration system is anything that makes you hopeful. >> we've always had a three-prong strategy. i think it's time for us to lean into those strategies. it is pretty clear that the house republicans leadership by refusing to acted on any sort of legislative reform does now give the president every opportunity to intervene and to step in and to create administrative relief. and we agree

it may be if that's correct that as the labor market strengthens that labor force participation will remain flat, instead of the demographic trend continuing to pull it down. that as people who have been discouraged come back into the labor force and start looking at getting jobs, we will see labor force participation rate flatten out and the unemployment rate may not come down as quickly as it has been. but we'll need to look at that. that's a hypothesis. what we said about 6.5%, as long as inflation was not a concern, we would not think about raising the federal funds rate, we would not raise it until unemployment declined below 6.5%. 6.1% is not our target either. participants in the fomc are asked what they think a so-called number employment or normal longer run unemployment rate is. in the monetary policy report, we've distributed in june, they thought this was 5.2% to 5.5%. of course we don't know and we are looking at all the things you mentioned in judging the labor force, judging the labor market, not just unemployment rate but a broad range of indicators, including volunta

so secretary of labor (clapping) secretary of labor talked about those issues and he's right we're only the only developed country in the with world 70 percent of low income workers' compensation when i come home to you, san francisco workers don't have - i hope people will phone call on june 23rd we want to sparks a national conversation to make a public demand for policy change. we want to make sure people understand those are choices they're not just private choices you have to make on our own we can have paid leave and access to sick days and it will be better for our economy california is paving the way and san francisco is paving the way i hope everyone about focus on june 23rd i hope your voice will be allowed we need folks in the country to recognizing recognize it's not only important to have leader but public and private voices behind leader pelosi as she demands change in washington she need to have bipartisan sport so thank you very much i labored to the day (clapping (clapping.) >> thank you very much please join me in giving them a big round (clapping). >> so we were all t

and it yellen talked about labor slack. yellen talked about labor slack.ssment of the global economy? >> it is improving, but very slowly. i think emerging markets are going faster than developed markets. they are not growing at the rates we expected a few years ago. far, global growth is relatively slow, but steady, the way i would characterize it. >> how do you account for the differences in both rates between major different sizes? pharmaceuticals, 21% revenue growth. if you look at the consumer area devices 1.4% -- how do you account for those differences? >> the pharmaceutical business is primarily driven by a series of new product launches. great for patients. we have lost 14 new product since 2009. that business is growing at extraordinary rates. quarter, driven by a very successful new hepatitis c compound. bill double-digit growth, just over 10%. ovations. pharmaceuticals basically driving that business. it is about 3.5% this quarter. we did divest the number of tail in the consumer business. without those divestitures, which depressed earnings, c

that yellen has indicated she thinks there is a shadow labor supply.ain sectors, you are seeing increased wages. orther it's in technology biotech sectors, you have seen some areas where there are shortages of labor. all of these stem areas. >> you spoke about housing a moment ago. let's go back put. janet yellen said it gives her pause. showing book report many districts reporting low inventory and increased home prices. the current state of low interest rate environment, wasn't that supposed to be the thing that drove people to more homes? >> some people are still anchored to the high prices we had during the boom. the low inventory is a reflection of the fact that some people are still not putting their houses on the market because they want to make that killing in real estate. we have had a big recovery. we are not back to previous levels. as those start to come up to an annualized rate of 1.1 million by the end of the year, we will get more supply and it will help on the inventory side. >> what is the economy going to -- >> we are already starting