星期五, 2月 05, 2016
White House Statement on the Employment Situation in January
Statement on the Employment Situation in January
WASHINGTON, DC – Jason Furman, Chairman of the Council of Economic Advisers, issued the following statement today on the employment situation in February. You can view the statement HERE.
Posted by Jason Furman on February 5, 2016 at 9:30AM EST
Summary: In January, the unemployment rate fell below 5 percent for the first time in eight years as the longest streak of private-sector job growth on record continued.
The unemployment rate reached 4.9 percent in January for the first time since February 2008, and the labor force participation rate has been essentially stable over the past year. Just two years ago, many economists expected the unemployment rate to remain above this level until 2020. Our businesses added 158,000 jobs in January, somewhat below the pace of recent months but well above the pace necessary to maintain a low and stable unemployment rate. Most importantly, wages rose 2.5 percent over the past year, and the 2.9-percent annualized pace over the past six months is the strongest since the recovery began. Nevertheless, more work remains to drive further job creation and faster wage growth, including passing the President’s new proposal for ambitious investments in 21st-century clean infrastructure, opening our exports to new markets with the Trans-Pacific Partnership, and raising the minimum wage.
FIVE KEY POINTS ON THE LABOR MARKET IN JANUARY 2016
- Businesses have now added 14.0 million jobs over 71 straight months, extending the longest streak on record. Today we learned that private employment rose by 158,000 jobs in January, while private employment growth in November and December was revised up by a combined 15,000 jobs. Total nonfarm employment rose by 151,000 jobs in January, somewhat below the pace of recent months but well above the pace necessary to maintain a low and stable unemployment rate, which CEA estimates at about 80,000 jobs per month. The unemployment rate reached 4.9 percent for the first time since February 2008, as the labor force participation rate edged up to 62.7 percent, the same level as in March 2015. Over the last six months, average hourly earnings for all private employees rose 2.9 percent at an annual rate, the fastest pace since the recovery began. Over 2014 and 2015, the private sector added 5.5 million jobs, the most in any two-year period since 1999.
- Initial estimates of job growth and GDP growth have been especially disconnected in the current recovery. In general, stronger quarterly job growth is associated with stronger quarterly GDP growth. This pattern was consistent in expansions from the 1960s until 2001. But in the current recovery, initial estimates of quarterly job growth and quarterly GDP growth have been much less closely correlated. This disconnect was especially clear in the fourth quarter of 2015, when GDP growth was 0.7 percent and employment growth was initially estimated to be 4 percent. While such discrepancies are in part due to fluctuating productivity growth, measurement error is likely playing a role. This illustrates the importance of focusing on a wide range of indicators – especially labor market data, which tend to be less noisy – in assessing the health of the economy.
- While the unemployment rate for African Americans has fallen below its pre-recession average, more work remains to close long-standing disparities in the labor market. The unemployment rate for African Americans peaked at 16.8 percent in March 2010, after experiencing a larger percentage-point increase from its pre-recession average to its peak than the overall unemployment rate did. Since then, the African-American unemployment rate has seen a larger percentage-point decline in the recovery, falling almost twice as fast as the overall unemployment rate over the last year. The recovery in the unemployment rate has been particularly strong for African-American teens, though adult men and women have also seen their unemployment rates fall below their pre-recession averages. Nevertheless, the current African-American unemployment rate—8.8 percent as of January 2016—remains too high. That’s why the Administration has proposed a number of initiatives—including the My Brother’s Keeperinitiative for young men of color and new investments in skills training and apprenticeships—to ensure that the benefits of our strong labor market are shared among all Americans.
- While rates of hires and separations have risen in the recovery, a long-run trend of declining labor market “churn” remains. The most recent data from the Job Openings and Labor Turnover Survey (JOLTS) show that the private-sector hires rate—the total number of hires by businesses as a share of total employment—has continued to trend upward since the end of the recession. The private-sector separations rate has shown a similar pattern, as workers are more likely to choose to leave their jobs when the economy is stronger. Despite these recent increases, a number of measures of labor market fluidity, including hires and separations rates, have been on a downward trend for decades. Hires and separations rates both stood at 4.5 percent in late 2000 and each averaged 4.2 percent in the previous expansion period, but stood at 4.0 and 3.8 percent, respectively, as of this past November. This decline in fluidity could reflect greater job stability and better matches between workers and firms. At the same time, reduced churn could limit workers’ ability to realize the wage gains that often come from switching jobs. More research is needed to understand both the causes and consequences of reduced labor market fluidity over the long run. Nevertheless, the increases in both hires and separations rates in the current recovery are yet more indicators of the increasing cyclical strength of the U.S. economy.
- The distribution of job growth across industries in January diverged sharply from recent trends, with strong growth in sectors including manufacturing but other sectors reporting below-trend changes in employment. Both manufacturing (+29,000) and retail trade (+58,000) saw their strongest growth in the past twelve months, while financial activities (+18,000) and wholesale trade (+9,000) also saw notable above-trend growth. Mining and logging (-7,000) saw a moderation in its decline, though low commodity prices continue to weigh on the sector. At the same time, utilities (-300), transportation and warehousing (-20,000), and private educational services (-39,000) all saw weaker-than-average job growth. Across the 17 industries shown below, the correlation between the most recent one-month percent change and the average percent change over the last twelve months was 0.49, below the average correlation over the previous three years.
As the Administration stresses every month, the monthly employment and unemployment figures can be volatile, and payroll employment estimates can be subject to substantial revision. Therefore, it is important not to read too much into any one monthly report, and it is informative to consider each report in the context of other data as they become available.
Senator Markey to Canvass for Hillary Clinton in New Hampshire This Weekend
Senator Markey to Canvass for Hillary Clinton in New Hampshire This Weekend
BOSTON – Senator Ed Markey will lead a group of energetic volunteers to Dover, New Hampshire this Saturday to canvass for Hillary Clinton. With the New Hampshire primary election this Tuesday, February 9, volunteers will knock on doors and talk to voters about why Hillary is the best choice for President.
“I can’t wait to hit the phones and streets of New Hampshire this weekend to tell voters why Hillary Clinton is my choice to be the next President of the United States of America,” said Senator Markey. “Granite State voters are some of the most informed and active in the country, and Hillary has real plans to address the issues like college affordability, income inequality, and the opioid crisis that matter so much to them.”
This is Senator Markey’s second trip to Dover, which is the ancestral home of the Markey family.
“With so much at stake for families in 2016, Hillary for New Hampshire is committed to delivering a grassroots community organizing campaign that connects supporters and builds relationships through one-on-one discussions and online engagement,” said Harrell Kirstein, the Clinton campaign’s communications director for New Hampshire. “We are thrilled to see momentum building out of Massachusetts for Hillary Clinton, and are excited about the great work all of her Bay State supporters are doing for her in the Granite State. From day one, Hillary Clinton made this campaign about the people she will make a difference for as President, and empowering them to take part in the elections is one of our top priorities.”
In December, the Clinton campaign announced the formation of our Massachusetts Leadership Council, a group of more than 190 elected officials, community, student, coalition, and grassroots leaders who will help build a grassroots-driven volunteer team that will help Hillary to win the New Hampshire primary, as well as the Massachusetts primary on March 1.
Attorney General Healey to Canvass for Hillary Clinton in New Hampshire This Weekend
Attorney General Healey to Canvass for Hillary Clinton in New Hampshire This Weekend
BOSTON – Massachusetts Attorney General Maura Healey will lead a group of energetic volunteers to this Saturday in Exeter and Londonderry, New Hampshire this Saturday to canvass for Hillary Clinton. With the New Hampshire primary election this Tuesday, February 9, volunteers will knock on doors and talk to voters about why Hillary is the best choice for President
Attorney General Healey, who grew up in Hampton Falls, has already led six trips to New Hampshire to volunteer in Exeter, Manchester, and Portsmouth. In addition, members of Team Healey have been working on reaching New Hampshire voters through weekly phonebank sessions. On Tuesday, Healey hosted a rally with Hillary Clinton at her hometown high school.
“With so much at stake for families in 2016, Hillary for New Hampshire is committed to delivering a grassroots community organizing campaign that connects supporters and builds relationships through one-on-one discussions and online engagement,” said Harrell Kirstein, the Clinton campaign’s communications director for New Hampshire. “We are thrilled to see momentum building out of Massachusetts for Hillary Clinton, and are excited about the great work all of her Bay State supporters are doing for her in the Granite State. From day one, Hillary Clinton made this campaign about the people she will make a difference for as President, and empowering them to take part in the elections is one of our top priorities.”
In December, the Clinton campaign announced the formation of our Massachusetts Leadership Council, a group of more than 190 elected officials, community, student, coalition, and grassroots leaders who will help build a grassroots-driven volunteer team that will help Hillary to win the New Hampshire primary, as well as the Massachusetts primary on March 1.
$470 MILLION STATE-FEDERAL SETTLEMENT REACHED WITH HSBC OVER UNLAWFUL FORECLOSURES, LOAN SERVICING
$470 MILLION STATE-FEDERAL SETTLEMENT REACHED WITH HSBC OVER UNLAWFUL FORECLOSURES, LOAN SERVICINGAG’s Office Reaches Separate Agreement with HSBC that Provides Direct Relief to Massachusetts Borrowers
BOSTON – A $470 million joint state-federal settlement has been reached with nationalmortgage lender and servicer HSBC to address mortgage origination, servicing, and foreclosure abuses, Attorney General Maura Healey today announced.
AG Healey joins 49 other states, the District of Columbia, U.S. Department of Justice (DOJ), U.S. Department of Housing and Urban Development (HUD), and the Consumer Financial Protection Bureau (CFPB) in the consent judgment, filed today in the U.S. District Court for the District of Columbia.
The settlement will provide direct payments to hundreds of borrowers in Massachusetts, along with rigorous mortgage servicing standards and compliance oversight from an independent monitor.
The AG’s Office has also reached a separate assurance of discontinuance, filed today in Suffolk Superior Court, which addresses allegations that HBSC offered teaser interest rate reductions to Massachusetts borrowers that ultimately increased the likelihood that they would lose their homes, violating HSBC's obligation to make a good faith effort to avoid foreclosure. Under the terms of the agreement, HSBC will pay an additional $750,000 and provide relief to Massachusetts homeowners for violation of the state’s foreclosure law.
“Today’s settlements hold HSBC accountable for its unlawful practices and provide immediate relief to struggling Massachusetts borrowers who lost their homes or face foreclosure,” AG Healey said. “With strict servicing standards in place, HSBC will be required to ensure fairness and take critical steps to prevent past foreclosure abuses.”
State-Federal Settlement
The mortgage servicing terms under today’s multistate settlement largely mirror the2012 historic national settlement involving the nation’s five largest mortgage servicers, which addressed unlawful foreclosures and unfair loan servicing practices.
Of the $470 million, HSBC will pay $40.5 million to the federal agencies, and close to $60 million will be paid to the states to be distributed to HSBC borrowers who lost their homes to foreclosure from Jan. 1, 2008 through Dec. 31, 2012. The settlement also includes $370 million in consumer relief by HSBC nationwide, including items such as principal reduction and refinancing for underwater mortgages.
It is estimated that nearly 1,000 Massachusetts borrowers who lost their homes to foreclosure will be eligible for monetary payments. Borrowers will be contacted about how to apply for payments.
The settlement also includes new consumer protections that require HSBC to substantially change how it services mortgage loans and handles foreclosures. The terms will prevent past abuses, such as robo-signing, improper documentation and lost paperwork. An independent monitor will ensure mortgage servicer compliance.
Massachusetts Settlement
In a separate assurance of discontinuance reached with HSBC, the AG’s Office alleges that HSBC violated a Massachusetts foreclosure law, Section 35B of G.L. Chapter 244. This landmark law, passed in 2012, requires creditors to make a good faith effort to avoid foreclosure for mortgage loans that were made with abusive subprime terms.
According to the AG’s Office, HSBC violated this law by offering borrowers facing foreclosure temporary modifications that did not consider the borrower’s ability to repay the mortgage debt over the life of the loan. Borrowers often defaulted after the temporary modification expired.
The settlement also resolves claims that HSBC unlawfully foreclosed on properties when they did not own the mortgages. The AG’s Office alleges that HSBC’s unlawful conduct resulted in numerous void foreclosures affecting the marketability and insurability of the titles.
Under the terms of the settlement, HSBC will pay a total of $750,000 to the Commonwealth, provide permanent loan modification relief as required by state law to eligible borrowers, and facilitate cures of title issues resulting from unlawful foreclosures.
Consumers who need assistance or have questions can call the AG’s HomeCorps Division at (617) 573-5333 or visit www.mass.gov/ago/homecorps.
Today’s settlement with the AG’s Office was handled by Assistant Attorneys General Lisa Dyen and Justin Lowe of the Consumer Protection Division, and Claire Masinton of the Insurance and Financial Services Division, with assistance from Assistant Attorney General Michael Lecaroz and Legal Analyst Maja Kazmierczak of AG Healey’s HomeCorps Division.
波士頓市 2/5停課但不禁停車
MAYOR WALSH ANNOUNCES BOSTON PUBLIC SCHOOLS CLOSED FRIDAY, PREPARATIONS FOR UPCOMING WINTER STORM
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BOSTON - Thursday, February 4, 2016 - Mayor Martin J. Walsh today announced that due to weather forecasts, with expected accumulations of up to eight inches, Boston Public Schools will be closed Friday, February 5. The Public Works Department (PWD) will have 500 trucks pre-treating roads in Boston by 6:00 a.m. and two city-owned truck-mounted snow blowers to prepare for this storm, with 40,000 tons of salt available.
Information on the storm will continue to be updated on boston.gov/snow. To register for Alert Boston, please visit:http://www.cityofboston.gov/oem/alertboston.asp.
"With expected accumulations of four to eight inches over the next 22 hours, we are acting out of an abundance of caution for the safety of our residents, especially our children," said Mayor Walsh. "Our Office of Emergency Management will continue to monitor the storm throughout its duration. I'm asking residents to remain vigilant during this snow event and keep an eye out for our neighbors, especially our seniors during this time."
The National Weather Service has issued a Winter Weather Storm in effect from Friday at 1 a.m. until Friday at 3 p.m. Snow accumulation has shifted to 4-8 inches of snow in Boston and maximum wind gusts have increased to 30-35 mph.
"The snow levels are expected to increase throughout the school day and we believe it is in the best interests of our students' safety to close schools on Friday," said Boston Public Schools Superintendent Tommy Chang. "I encourage families to have their children attend a BYCF Center if childcare is needed."
Schools
Due to the forecast, the Mayor and the Superintendent together have called for all Boston Public Schools to be closed on Friday, February 5. Administrative offices, including the BPS Welcome Centers and Newcomers Assessment and Counseling Center, will also be open. All after-school activities on Friday are cancelled. Digital educational resources and materials are always available online at the Boston Public Schools website:http://www.bostonpublicschools.org/.
Boston Centers for Youth and Families (BCYF) will have all facilities open from 7:30 a.m. - 6:00 p.m. All are welcome, and children ages 7 and older can be dropped off upon completion of a short intake form. Visit the BCYF website for center locations: http://www.cityofboston.gov/BCYF/.
Parking/Space Savers
Since a snow emergency has not been declared, there should be no space savers on our streets. To find out more information about the city's policy on parking during a snowstorm, please visit:http://www.cityofboston.gov/snow/parking/.
Safety Tips
Public Works
The Public Works Department (PWD) will have 500 trucks salting streets by 6:00 a.m. across the City, with 40,000 tons of salt on hand. The City's two truck-mounted snow blowers will be available for snow removal to clear main roadways.
Trash and Recycling
Trash pick-up for neighborhoods with Friday trash pick-up will start at 6:00 a.m.
Public Libraries
All Boston Public Libraries will be open during normal business hours.
Helping the Homeless
Boston Public Health Commission (BPHC) will continue to coordinate their city-wide network of emergency shelters, outreach providers, city agencies and first responders to assist the homeless during this impending storm. Shelters are kept open during the day for the safety and well being of our clients.
All individuals seeking shelter should go to Central Intake, located at Woods Mullen Shelter - 794 Massachusetts Avenue in the South End at the corner of Melnea Cass Boulevard and Massachusetts Avenue.
Residents are encouraged to sign-up for AlertBoston to receive emergency alerts and to call 311, download the BOS:311 app, or tweet at @BOS311 with questions or concerns. Follow @CityofBoston and boston.gov/snow for the latest updates.
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麻州摩頓市午夜12點起已實施風雪停車禁令
因天氣預報一大早起，2/5一整天都有暴風雪，摩頓市政府已從午夜12點起宣布進入暴風雪緊急狀況，風雪天的停車禁令適用。
摩頓市已開放市內的Beebee小學，Linden學校，Salemwood學校，Forestdale學校，Ferryway學校，以及早期學習中心等地點，供民眾停車。
Due to the forecast for heavy snow starting in the early morning through the day Friday, the City of Malden will be declaring a snow emergency as of 12:00 Midnight. For those affected by the resulting parking ban, you must seek off street parking to avoid being towed. If you do not have access to off-street parking, we have opened the following locations for public parking during the snow emergency. Those locations are: Beebe School, Linden School, Salemwood School, Forestdale School, Ferryway School and The Early Learning Center. You may enter these lots immediately. Regarding City services; all municipal buildings will be open Friday but public schools will be closed. Trash and recycling will be picked up as normal. For more information or to follow up-to-the-minute updates, follow us on Facebook and Twitter.
摩頓市已開放市內的Beebee小學，Linden學校，Salemwood學校，Forestdale學校，Ferryway學校，以及早期學習中心等地點，供民眾停車。
Due to the forecast for heavy snow starting in the early morning through the day Friday, the City of Malden will be declaring a snow emergency as of 12:00 Midnight. For those affected by the resulting parking ban, you must seek off street parking to avoid being towed. If you do not have access to off-street parking, we have opened the following locations for public parking during the snow emergency. Those locations are: Beebe School, Linden School, Salemwood School, Forestdale School, Ferryway School and The Early Learning Center. You may enter these lots immediately. Regarding City services; all municipal buildings will be open Friday but public schools will be closed. Trash and recycling will be picked up as normal. For more information or to follow up-to-the-minute updates, follow us on Facebook and Twitter.
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