Federal Report: Businesses Are Hiring Less And Laying Off Workers Due to Obamacare
Do you remember this nonsense?
Nancy Pelosi told Americans Obamacare would create 400,000 jobs “almost immediately.”
Well, it didn’t exactly work out that way…
A new federal report says businesses are hiring less and laying off workers due of Obamacare.
Business Leader reported:
The Federal Reserve’s latest Beige Book report, which provides anecdotal data on economic conditions around the United States, paints a mixed picture.
One of the things that came up a few times in the report was the Affordable Care Act.
In the release, the Fed noted: “Many District contacts commented on the expired payroll tax holiday and the Affordable Care Act as having restrained sales growth…Employers in several Districts cited the unknown effects of the Affordable Care Act as reasons for planned layoffs and reluctance to hire more staff.”
Below is an excerpt from the Richmond Fed’s section of the Beige Book:
Labor market activity was little changed since our last report. Hiring remained flat across most sectors, although there were some exceptions. Employers across the District continued to cite the Affordable Care Act and its unknown impacts as reasons for planned layoffs and reluctance to hire more staff.
Here is another excerpt from the Dallas Fed’s section:
Reports from staffing firms were mixed. One contact noted sharp declines in demand for services across the board, while another reported stellar demand that broke direct-hiring records. Outlooks were cautious. Some contacts noted concern that client companies are hiring the absolute minimum to get by due to uncertainty about the Affordable Care Act.