The U.S. job market remains strong according to the Labor Department's latest report, with the unemployment rate falling to 3.4%, tying for the lowest level since 1969. Nonfarm payrolls increased by 253,000, beating Wall Street estimates, and the more encompassing number that includes discouraged workers and those holding part-time jobs for economic reasons edged lower to 6.6%. This indicates that the job market is still strong despite the economic slowdown.
Posts tagged as “The Labor Department”
President Joe Biden issued the first veto of his presidency on Monday, blocking a resolution to overturn a Labor Department rule that allows retirement plan managers to consider environmental, social and corporate governance factors when selecting investments. On Thursday, the House of Representatives failed to override Biden’s veto, meaning the rule will now be implemented as planned. Supporters of the rule argue that it will help protect retirement savings from climate-related risks, while opponents argue it pushes a liberal agenda on Americans and will hurt retirees’ bottom lines.
President Joe Biden issued his first veto of his presidency on Monday, blocking a resolution that would have overturned a new Labor Department rule allowing retirement plans to consider environmental, social and corporate governance factors when selecting investments. The rule has been met with both praise and criticism, with supporters arguing that it will help investors and opponents arguing that it will hurt retirees' bottom lines. Biden vetoed the resolution, saying it would undermine the retirement security of millions of Americans, and reaffirmed his commitment to protecting the retirement security of Americans.
The US Department of Labor has revealed that Packers Sanitation Services (PSSI) illegally employed at least 102 minors in hazardous occupations, exposing them to dangerous conditions such as working with caustic chemicals and razor-sharp saws. As a result, PSSI was fined the maximum civil penalty of $1.5 million. The DOL has urged employers to ensure minors are not employed in hazardous occupations and has encouraged parents and guardians to be aware of their children’s work activities.