BUSINESS SERVICES : View Posts

International Women’s Day—March 8—is one of my favorite days. It is a time to celebrate the impressive progress women at all levels of the career ladder have made in recent decades. More women in the labor force, and in more senior positions is good news for women, for their companies, and for their countries’ economies.

A new IMF staff study finds that in Europe, national policies, even taking account of personal preferences, can boost women’s participation in the workforce and enhance their chances for advancement.

The research, which looked at 2 million firms in 34 countries in Europe, also finds that the more women in senior managerial positions and in corporate boards, the more profitable firms are. One more woman in senior management or on a corporate board is associated with 8–13 basis points higher return on assets. High corporate profitability could support investment and productivity—another channel through which more women in the workforce can help mitigate Europe’s potential growth slowdown.

The results are clear: increasing female participation improves the bottom line.
More working women
In regions like Europe, where populations are aging, the working-age population is being squeezed, and productivity growth is declining, there is more incentive than ever to level the playing field for women to work full-time and climb higher up the ladder.
Over the past three decades, millions of women in Europe have joined the labor force. Countries such as Spain and Ireland have seen the share of women who work outside the household double since the 1980s—from under 40 percent to more than 80 percent in the case of Spain. In several Nordic and Eastern European countries, women today are almost as likely to work for pay as men are. At the same time, legal requirements for gender diversity in corporate boardrooms have helped boost women’s representation in top decision-making positions—women now hold almost a quarter of senior management or board positions in the corporate sector.

Still, there is scope to bring more women into the labor force. In almost all European countries, women are significantly less active in the labor market than men. Even those women who are employed often work less than full-time. Although women today make up almost half the European labor force aged 25-54, their representation on the top rungs of the corporate ladder is significantly below that of men.

Policies matter
Clearly, women’s personal preferences and attitudes toward working are important determinants of their decision to join the labor force, as our staff’s research confirms. This is especially true in Europe, where women today face no legal restrictions to employment, are just as educated as men, and have fewer children—and social norms have changed.

But the study finds that policies also have an important influence on women’s employment decisions, even after accounting for individual characteristics, choices, and preferences about working. Removing tax disincentives for the second earner in a family, providing sufficient childcare services, and allowing parental leave can broaden the opportunity for women to work as much as they want.

The whole economy benefits
It is not only women who may benefit economically from working. Bringing more women into the labor force benefits a country’s economy in two important ways:
First, more women in the labor force will expand labor supply. If women choose to participate in the labor market as much as men do, Europe’s workforce could increase by 6 percent. If they also choose to work as many hours as men, the workforce could grow by as much as 15 percent.
Second, the prevalence of full-time female employment is a strong predictor of the share of senior corporate positions held by women. And more women in senior managerial positions and in corporate boardrooms, the IMF staff study confirms, is associated with stronger firm financial performance, which would help support corporate investment and productivity, further mitigating the slowdown in potential growth in Europe.

The positive relationship between more women high on the corporate ladder and firms’ profitability is more pronounced, the study finds, in sectors where women form a larger share of the labor force—highlighting the importance of bridging gender gaps between senior executives and the general workforce. This positive association is also more evident in knowledge-intensive services and high-tech manufacturing sectors—where diversity, including gender diversity, can help meet the high demand for creativity and innovative capacity.
As we celebrate women’s achievements in Europe’s labor force, we must also acknowledge that the journey is still in train. The potential benefits can be large. We must not miss this opportunity.
Rate this:

New York, NY – Five years after co-founding the Institute for Veterans and Military Families (IVMF) at Syracuse University, JPMorgan Chase & Co. and the university announced today a renewed $13.8 million commitment through 2020 to support the Institute’s mission of advancing the post-service lives of America’s service members, Veterans and their families. Since its founding, Veterans and military spouses across the country, and around the world, have benefitted from the IVMF’s innovative programs, research, policy analysis, and program evaluation. JPMorgan Chase remains the Institute’s largest corporate contributor.

Over the coming months, Chase will begin piloting seven new digital enhancements to make banking even more convenient.

“Partnering with Syracuse University to create the IVMF was a natural extension of our firm’s long history of support to military service members, Veterans, and their families that extends back to World War I. The past five years have seen improvements across the board in how our nation understands and supports Veterans and military families, in no small way due to the work of the IVMF. Our continued collaboration will build on that growth and introduce new research and programs around employment, small business, and financial capability for Veterans and their families.”

“Syracuse University is incredibly proud to be working with JPMorgan Chase to support our nation’s military, their families and Veterans. The University has a long history of welcoming our Veterans from the post-World War II era to today, building the nationally renowned programs led by IVMF. JPMorgan Chase’s renewed commitment and support will make a real difference for today’s service members, impact generations to come and continue Syracuse’s legacy forward.”
Kent Syverud, Syracuse University Chancellor and President
JPMorgan Chase co-founded the IVMF at Syracuse University, the first national institute in higher education focused on social, economic, education and policy issues impacting Veterans and their families. As part of its support for IVMF, JPMorgan Chase funds the Veterans Career Transition Program (VCTP), a tuition-free, online career development program for post-9/11 Veterans and military spouses. More than 4,600 certificates have been earned by over 3,400 Veterans and military spouses. Approximately 1,800 more are currently enrolled in the program.

“Thanks to the support of our founding partner (JPMorgan Chase), the IVMF was created nearly five years ago as more than simply a “think tank” – but as an “action tank” focused on building from state-of-the-art research and policy, to in turn design and deliver state-of-the-art programming and training to the nation’s Veterans and their families. With JPMC’s ongoing support, I am confident that our partnership will enable us to continue to serve those who have served, much like we did in 2015, assisting more than 32,000 transitioning service members, Veterans and their families.”
Dr. Mike Haynie, IVMF Executive Director and Vice Chancellor for Veteran and Military Affairs at Syracuse University
This partnership renewal is part of JPMorgan Chase’s ongoing commitment to the Veteran and military communities. This year marks the fifth anniversary of JPMorgan Chase’s Office of Military and Veterans Affairs, established to drive firm-wide Veteran-related initiatives. Since 2011, more than 10,000 Veterans have joined the ranks of JPMorgan Chase, and the firm has developed programs aimed at retaining and supporting them throughout their careers. These efforts include leading the Veteran Jobs Mission – previously the 100,000 Jobs Mission – a coalition founded in 2011 by JPMorgan Chase and 10 other companies with the goal of hiring 100,000 Veterans. Now 220 members strong, the coalition has collectively hired more than 314,000 Veterans, and is committed to hiring 1 million.

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Through its programs in employment, financial capability and small business, JPMC aims to position military members, Veterans and their families for success in their post-service lives. The company is investing $45 million toward programs and initiatives to help military families. To learn more about the company’s programs for military, Veterans and their families, visit www.jpmorganchase.com/Veterans.

About The Institute for Veterans and Military Families (IVMF)
The IVMF is the first interdisciplinary national institute in higher education focused on the social, economic, education and policy issues impacting Veterans and their families post-service. Through our focus on Veteran-facing programming, research and policy, employment and employer support, and community engagement, the institute provides in-depth analysis of the challenges facing the Veteran community, captures best practices and serves as a forum to facilitate new partnerships and strong relationships between the individuals and organizations committed to making a difference for Veterans and military families. Learn more about IVMF at http://vets.syr.edu.

Advancing women’s leadership skills and opportunities is vital to lifting economies and stabilising communities across the world, a Bank of America Merrill Lynch senior executive said Thursday at the Women, Progress and the Global Economy Public Forum in London (#WomenLead).

Anne Finucane, vice chair, Bank of America, said support of women leading businesses and social enterprises – particularly those in regions facing conflict – will promote economic growth and social change. The remarks were made at the Public Forum, part of the Global Ambassadors Program (#GlobalAmbassadors), a week-long mentorship initiative led by Bank of America Merrill Lynch and Vital Voices Global Partnership which aims to advance women’s leadership and economic empowerment.

“For every dollar a woman earns, she invests 60 percent back into her family and community, ultimately leading to long-term economic stability,” Finucane stated as part of a keynote conversation with Christiane Amanpour, chief international correspondent, CNN.

Attendees including Global Ambassador Program mentors and mentees heard from senior leaders including Ambassador Melanne Verveer, co-author of “Fast Forward”; Baroness Mary Goudie, member, House of Lords; and Her Excellency Atifete Jahjaga, president, Republic of Kosovo, who highlighted the value that women bring to decision-making in the board room and long-term peace-building.

Ambassador Melanne Verveer stated, “Women are increasingly using their voices, harnessing their power and purpose to create change and promote growth.”

Recognising the importance of mentorship to developing women’s leadership skills, Vital Voices President and CEO Alyse Nelson underlined that mentoring is not just a “soft skill,” but rather a business strategy, noting, “77 percent of Global Ambassadors Program mentees have seen their revenues increase. And we know that those who are mentored are more likely to go on to mentor others.

Ahu Serter, president, Farplas Group and founder of Arya Women’s Investment Platform, reaffirmed this; “We need to support women to become investors and entrepreneurs…by leveraging your business to foster social change, you can start improving the lives of those around you.”

Andrew Plepler, Environmental, Social and Governance executive, Bank of America, highlighted the value of cross-sector partnerships like the Global Ambassadors Program, noting that through the sharing of skills, experiences and resources, progress can be made in addressing pressing challenges, including women’s economic empowerment.

Vital Voices
Vital Voices Global Partnership invests in women leaders who improve the world. Founded by then First Lady Hillary Rodham Clinton, and guided by the belief that women are essential to progress in their communities, it has partnered with leaders from more than 140 countries who advance economic opportunity, increase political and public leadership, and end violence against women. Programs in strategic planning, business, advocacy and communications build critical skills needed for creating transformational change at scale. Through its global platform, women leaders expand their connections and visibility, accelerating shared progress for all. Visit www.vitalvoices.org to learn more.

Bank of America Merrill Lynch Corporate Social Responsibility
Developing solutions for social and economic challenges is at the core of Bank of America Merrill Lynch’s responsibility platform. In more than 90 countries around the world, we partner with employees, clients and stakeholders to help make financial lives better. The company focuses on responsible business practices, environmental sustainability, advancing opportunity in local communities through education and employability programmes and investing in global leadership development. We realise the power of our people and value our differences, recognising that our diversity makes us a stronger firm and allows us to better service our stakeholders. By harnessing our intellectual resources, sharing knowledge and connecting capital with need, we are providing opportunities that effect positive change. Learn more at www.bankofamerica.com/about and follow us on Twitter @BofAML.

WASHINGTON – U.S. Secretary of Labor Thomas E. Perez issued the following statement about the February 2016 Employment Situation report released today:

“February’s report demonstrates the nation’s continued economic vitality, with the addition of 242,000 new jobs. The longest recorded streak of private-sector job growth now stands at six full years, 72 consecutive months, during which private employers have created 14.3 million jobs. The unemployment rate held steady at 4.9 percent, the first time it has been below 5 percent for two months in a row since the fall of 2007. The labor force participation rate and the employment-population ratio both edged up, with the latter reaching its highest level in nearly seven years.

“Other previously-reported economic indicators are encouraging as well. There are 5.6 million job openings as of the end of December – that’s the second most since we started collecting that data. Initial unemployment insurance claims haven’t been this consistently low in more than 42 years. In fact, for a full year now – 52 straight weeks – they have been at or under 300,000, compared to an average of more than 600,000 in early 2009.

“Also, it turns out the Affordable Care Act isn’t a job killer after all. The six years since the passage of this law have been six years of robust economic growth, at the same time that, according to new estimates, 20 million people have been able to get the health insurance coverage they need.

“But as much as we have done to climb our way out of the depths of the Great Recession, there are still challenges to meet, opportunity gaps to close, and inequalities to address. The rising tide is lifting the yachts, but too many of the smaller boats are still taking on water. Average hourly earnings declined in February; and despite modest growth of 2.2 percent over the last year, there is a lot of ground to make up. Wage growth remains the unfinished business of this recovery – and of the last four decades. Too many working families, despite working harder than ever, aren’t seeing the results in their paychecks and pocketbooks.

“The Obama Administration, despite little cooperation from the majority in Congress, is doing everything in our power to expand opportunity and create an economy that works for everyone. We continue fighting for investments in infrastructure, clean energy and education. We continue calling for an increase in the national minimum wage, while supporting states and localities that are raising their own wage floors. Our proposed Labor Department Fiscal Year 2017 budget includes, among many other things, smart investments in proven workforce development strategies like apprenticeship. It would provide stronger services and open doors of opportunity to laid-off workers, at-risk youth, veterans and others.

“We are both proud of how far the economy has come and eager to make continued progress. In the remaining 10-and-a-half months of this administration – the 322 days until ‘the weekend’ – we will do all we can to help all our people enjoy the fruits of this recovery, to create the shared prosperity America needs and deserves.”

New York – JPMorgan Chase & Co. today announced a new $75 million, five-year global initiative to address the youth unemployment crisis and expand young people’s access to economic opportunity. With the global economy requiring a more skilled workforce, New Skills for Youth is designed to increase dramatically the number of young people who complete career pathways that begin in high school and end with postsecondary degrees or credentials aligned with good-paying, high-demand jobs.

“Economic opportunity is increasingly out of reach for millions of young people,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase. “It is a crisis that only 60 percent of students in high-poverty urban school districts graduate from high school and that more than five million young people are out of work and school. Without the right skills or education, they find themselves stuck in low-skill, low-wage jobs or unemployed. We are in investing in high-quality career-focused education programs so that more young people have a shot at real economic opportunity.”

Young People Need More Opportunity to Access Education and Skills to Compete for Jobs

Currently, employers are struggling to fill middle-skill jobs in computer technology, nursing, advanced manufacturing and other fields that require technical education and training. Too few young people are receiving the education or training in high school and beyond that would put them on a track to qualify for these skills-based positions. By the age of 25, only one out of every two young Americans (52 percent) has a meaningful postsecondary credential that enables them to compete for a good-paying job and the U.S. youth unemployment rate is more than double the national rate. While a four-year college degree is one pathway, there are many high-demand, skill-based jobs available for young people that earn a certificate or credentials, participate in an apprenticeship or receive a two-year associate’s degree. But without the necessary postsecondary education or training, young people face dwindling job prospects and lower wages over their lifetimes.

Low-income people and young people of color are most vulnerable to missing out on opportunities to advance economically because they have not received the right skills or training. More than one in five young African American and Latino young people are neither working nor in school. Because they do not have strong connections to the job market or the education system, they are earning lower wages and relying more on social services.

“Career and technical education – also known as CTE – has always been a passion of mine,” said U.S. Senator Tim Kaine. “From growing up working in my father’s ironworking shop, to teaching welding and carpentry to students in Honduras, to co-founding the Career and Technical Education Caucus in the Senate, I’ve witnessed the incredible power of CTE to help move people up the economic ladder. The New Skills for Youth program will help prepare America’s students for the jobs of the 21st century through hands-on learning experiences. I’m proud to help announce this program, which will help states make systemic changes to transform CTE programs and expand partnerships between schools, businesses, and communities.”

“Education has always been the great equalizer in America, but for far too many young people access to quality skills training remains out of reach,” said U.S Secretary of Labor Thomas E. Perez. “Addressing this opportunity gap requires that government, community-based organizations, educators, and employers like JPMorgan Chase & Co. work together to ensure that zip code does not determine destiny for America’s young people.”

“Educators know the value of creating and broadening pathways for students into good jobs, which is one reason the AFT so strongly supports career and technical education,” said Randi Weingarten, President, American Federation of Teachers. “But we also know that successful programs require collaboration with many partners, including the business community. That’s why the AFT is glad to see JPMorgan Chase launch this initiative, which can help our nation deliver on the promise of a high-quality public education for all students.”

“We need private sector leadership to understand the mutuality of benefits that come in addressing income inequality and wage stagnation that continues to increase in America,” said Marc Morial, CEO, National Urban League. “Young African Americans continue to face profound difficulties gaining access to training and the right jobs. The National Urban League is deeply engaged in workforce issues and initiatives like New Skills for Youth are a critical step forward.”

New Skills for Youth Approach and Implementation

To strengthen career education and create pathways to economic success, JPMorgan Chase will catalyze resources, leverage its expertise and convene government, business and education leaders. New Skills for Youth will confront these challenges from two angles:

U.S. State Competition: To transform how U.S. states design and deliver career-focused education, JPMorgan Chase will work with the Council of Chief State School Officers (CCSSO) and the National Association of State Directors of Career Technical Education Consortium to launch a competition for states seeking to expand and improve their career education systems. Successful states will bring together education leaders, business partners and community partners to set ambitious goals for expanding access to and ensuring preparation for careers in high-skill, high-wage jobs. CCSSO will execute the grant program and convene an advisory group of experts to review applications and select winners. In the spring of 2016, CCSSO, using grant funding from JPMorgan Chase, will award $100,000 grants to approximately 20-25 states for planning and early implementation of long-term career readiness education programs that align with the needs of area employers. In the fall of 2016, CCSSO, using grant funding from JPMorgan Chase, will award approximately 10 states with $1.5 million to $2 million, per state, over three years to implement and assess their demand-driven career and technical education programs. More information about applying for these grants is available at: http://bit.ly/CCSSOcareerready.
Global Innovation Investments: To promote global innovation in career-focused education, JPMorgan Chase will invest in city and school programs around the world that are developing new and effective models of high quality career-focused education. The goal is to increase the number of students, especially low-income young people, who earn meaningful postsecondary and workforce credentials. Effective programs will be aligned with the needs of emerging industries that are looking for skilled workers to fill good-paying jobs in the growing global economy. By documenting the success of these programs, New Skills for Youth will help educators, policymakers, training providers and employers around the world to identify and replicate the most promising approaches.
“State education leaders have demonstrated a strong commitment to making sure all children are not only prepared for college but ready for careers once they graduate from high school,” said Chris Minnich, Executive Director of the Council of Chief State School Officers (CCSSO). “Through CCSSO’s Career Readiness Initiative, states are creating bold plans to reinvent learning so every child has the opportunity to experience a meaningful career pathway that prepares them for the high-skill, high-demand needs of today’s economy. This historic investment from JPMorgan Chase will help states make this vision a reality in the next several years.”

“High quality career and technical education rooted in equity principles is critical to growing our economy, matching employers with skilled workers, and expanding economic opportunity for all,” said Wade Henderson, President and CEO, The Leadership Conference on Civil and Human Rights. “I am encouraged that JPMorgan Chase will be investing in this important work and appreciate their thoughtful approach and consultation with the civil rights community. We stand ready to help state, education, and industry leaders ensure that the missteps of the past in tracking students and denying access to the full range of college and career options are not repeated and that career and technical education is a path toward equity.”

With New Skills for Youth, JPMorgan Chase builds on a comprehensive set of philanthropic investments in promising approaches to increasing economic opportunity. Over the last several years, JPMorgan Chase has developed several initiatives to drive more inclusive growth, including:

New Skills at Work: A $250 million, five-year effort to tackle the skills gap by investing in data-driven approaches to middle skills training for job seekers who have a high school degree, but lack postsecondary credentials.
Summer Youth Employment: A $5 million investment in 14 U.S. cities to address the youth employment crisis by providing young people with skills-based early work experience.
The Fellowship Initiative: A program in New York City, Chicago and Los Angeles that provides young men of color with hands-on academic, social and emotional support to help them achieve personal and professional success.
J.P. Morgan Residential Aspiring Professional Programme: A program with the Social Mobility Foundation through which J.P. Morgan provides more than 50 low-income students from across the United Kingdom with work-placements and mentoring from top executives to help equip students with vital workplace skills.
Additional Notable Statements of Support

“In an increasingly digital world, companies that want to remain competitive need to step up and provide the training necessary to create a highly-skilled workforce for today’s advanced manufacturing environment,” said Eric Spiegel, President and CEO, Siemens USA. “At Siemens, we invest millions in training and apprenticeships each year to support our employees and our businesses. Through New Skills for Youth, JPMorgan Chase is creating new opportunities for young Americans to gain the education and training they need to thrive in exciting, well-paying careers in advanced manufacturing and other fields and I commend them for their efforts.”

“Upskilling our young is critical to the growth of the economy and is the seminal issue of our time,” said Nick Pinchuk, Chairman and CEO of Snap-on Incorporated. “JPMorgan Chase’s investment in improving career and technical education will go a long way to putting future generations on a pathway to rewarding jobs and fulfilling lives.”

“We applaud JPMorgan Chase’s investment in careers and technical education,” said Joanna Geraghty, President, JetBlue Foundation and Executive Vice President, Customer Experience, JetBlue. “Engaging students and peaking their interest in technical education early on is key to helping them stay in school and graduate with a higher earning potential – this is even more important for students from underrepresented groups.”

“A bachelor’s degree is still as important as ever, but we need to recognize that people take different paths at different points in their lives,” said Freeman Hrabowski, President, University of Maryland, Baltimore County. “JPMorgan Chase is working to align education pathways with the skills employers need and better prepare young people to succeed in the labor market.”

“Transforming career and technical education is an essential part of enabling students to acquire the skills they need to compete for good jobs and follow a clear pathway to the middle class,” said Johan Uvin, Acting Assistant Secretary for Career, Technical and Adult Education, U.S. Department of Education. “Effective, high-quality CTE programs offer students opportunities for career awareness and preparation by providing them with the academic and technical knowledge along with the work-related skills necessary to succeed in postsecondary education, training, and employment. I applaud JPMorgan Chase’s commitment to expanding and improving career-focused education through the New Skills for Youth initiative. Their leadership will help support states in implementing systems reform and expanding promising new approaches to the design and delivery of education that prepares young people for careers in high-skill, high-wage jobs.”

“We know firsthand that high-quality career-focused education can be a game changer for students and put them on a pathway to lifelong success,” said Kimberly Green, Executive Director of National Association of State Directors of Career Technical Education Consortium (NASDCTEc). “We are thrilled to be a part of JPMorgan Chase’s New Skills for Youth initiative, the largest private investment in high-quality CTE I’ve witnessed in my 20-plus years in the field. This infusion of resources and technical assistance has the potential to be transformative and ensure more students than ever before have access to quality programs that prepare them for the careers of their choice.”

For more information visit: New Skills for Youth.

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. The firm uses its global resources, expertise, insights and scale to address some of the most urgent challenges facing communities around the world including the need for increased economic opportunity. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

India faces a challenging road ahead to achieve its economic and environmental ambitions, yet it is not alone in its effort. During a trade mission to India earlier this month, it was clear to us that the United States can be a valuable partner in helping India develop a 21st century, sustainable economy. Working together, we can help India not only build the foundation for a sustainable, green future – but, in the process, show the world how to create truly 21st century cities.

The push to build smart cities comes amid rapid urbanization across India. The World Bank reports urban areas in India are expanding faster than previously thought, growing by 90 million residents over the last 10 years. By 2030, India’s cities are expected to house another 250 million people. Such tremendous growth requires local and state leaders to plan strategically and to develop infrastructure that can accommodate increasing populations.

We commend Prime Minister Modi and his government for leading the charge to build smart cities, and we believe that the U.S. can play an important role. That is why we recently led a trade mission to India for 18 U.S. companies interested in working on these efforts. Throughout our trip, we met with innovative leaders in both the public and private sectors who have a clear vision for India’s future, and who are working to make that vision a reality.

We heard about investments that are already transforming the country. We celebrated the inauguration of Tata Power Delhi Distribution Ltd.’s Smart Grid Test Laboratory, which will demonstrate innovative solutions and best practices for Indian utilities. The new Laboratory builds upon the successful partnership between USTDA and Tata Power, which has helped the utility enhance the quality of life for the people of Delhi.

When India privatized its utilities in the 1990s, Tata Power had to make substantial changes to improve both distribution and customer service, which included modernizing its electric grid, reducing and managing outages and utilizing renewable energy. Using smart infrastructure and smart investments, Tata Power has improved the quality and reliability of its services while also investing in new medical facilities, vocational training and women’s literacy programs.

Tata Power’s progress helps make the case for investing in smart solutions for India’s cities. By using advanced technologies, local leaders can better accommodate and guide the growth of their cities, while enhancing the services provided to residents.

On the trip, we discussed many issues key to the success of smart cities, such as effective project planning, sustainable infrastructure development and innovative financing methods. It is estimated that smart cities projects will cost between $200 and $700 million – the majority of which must come from private investment. Therefore, public-private partnerships will have to drive this initiative. During the trip, we consulted with leading U.S. and Indian companies on their planned approaches for working together.

It was a productive trade mission, and we both look forward to following up on the conversations we had. Fortunately, we will not have to wait long. This week, USTDA will host a delegation of leaders from the state of Andhra Pradesh for the Smart Solutions for Smart Cities Reverse Trade Mission. The delegates will travel to Washington, DC, New York, NY and San Francisco, CA to meet with U.S. industry and to see solutions that can help them meet their smart cities objectives.

We are confident that these visits – U.S. companies visiting India and Indian stakeholders visiting American cities – will go a long way toward strengthening U.S.-India commercial ties and helping India to build smart, sustainable cities.

About USTDA
The U.S. Trade and Development Agency helps companies create U.S. jobs through the export of U.S. goods and services for priority development projects in emerging economies. USTDA links U.S. businesses to export opportunities by funding project planning activities, pilot projects, and reverse trade missions while creating sustainable infrastructure and economic growth in partner countries.

Butterfly Labs and two of its operators have agreed to settle Federal Trade Commission charges that they deceived thousands of consumers about the availability, profitability, and newness of machines designed to mine the virtual currency known as Bitcoin, and that they unfairly kept consumers’ up-front payments despite failing to deliver the machines as promised.

Under the terms of the settlements, Butterfly Labs and its part-owner and vice president of product development, Sonny Vleisides, and its general manager, Darla Drake, will be prohibited from misrepresenting to consumers whether a product or service can be used to generate Bitcoins or any other virtual currency, on what date a consumer will receive the product or service, and whether the product is new or used. The settlements also include monetary judgments that are partially suspended due to the defendants’ inability to pay.

“Even in the fast-moving world of virtual currencies like Bitcoin, companies can’t deceive people about their products,” said Jessica Rich, Director of the FTC’s Bureau of Consumer Protection. “These settlements will prevent the defendants from misleading consumers.”

The FTC’s complaint against the company and its corporate officers alleged that Butterfly Labs charged consumers thousands of dollars for its Bitcoin mining machines, but then failed to deliver the computers until they were practically useless, or in many cases, did not provide the computers at all. The settlements also resolve charges that the defendants failed to disclose that they were using the machines for themselves before delivering them, and that they kept consumers’ up-front payments even after failing to deliver machines as promised.

In addition to prohibiting the defendants from making any misleading claims about their products, the company and Vleisides will also be prohibited from taking up-front payments for Bitcoin machines and other products used to mine for any virtual currency unless those products are available and will be delivered within 30 days. If the product is not actually delivered within 30 days, the defendants must provide a refund.

Both settlement orders in the case require the defendants to provide consumers with prompt refunds if they sell a damaged or defective product, and require defendants to obtain a consumer’s permission before delivering a product late.

The orders also include partially suspended monetary judgments. Against Butterfly Labs and Vleisides, the judgment is $38,615,161, which will be suspended upon Butterfly Labs’ payment of $15,000, and Vleisides’ payment of $4,000. Against Drake, the judgment is $135,878, which will be suspended once she surrenders the cash value of all Bitcoins she obtained using company machines. The judgments were suspended based on the defendants’ inability to pay, but will become due should the defendants be found to have misrepresented their financial condition.

The Commission vote approving the stipulated final orders was 4-0. The FTC filed the proposed orders in the U.S. District Court for the Western District of Missouri.

Total nonfarm payroll employment rose by 151,000 in January, and the unemployment rate was little changed at 4.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in several industries, led by retail trade, food services and drinking places, health care, and manufacturing. Employment declined in private educational services, transportation and warehousing, and mining.

Household Survey Data
Both the number of unemployed persons, at 7.8 million, and the unemployment rate, at 4.9 percent, changed little in January. Over the past 12 months, the number of unemployed persons and the unemployment rate were down by 1.1 million and 0.8 percentage point, respectively.

Among the major worker groups, the unemployment rates for adult men (4.5 percent) and Whites (4.3 percent) declined in January. The jobless rates for adult women (4.5 percent), teenagers (16.0 percent), Blacks (8.8 percent), Asians (3.7 percent), and Hispanics (5.9 percent) showed little change over the month.

The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged in January, at 2.1 million, and has shown little movement since June. These individuals accounted for 26.9 percent of the unemployed.

After accounting for the annual adjustments to the population controls, the civilian labor force and total employment, as measured by the household survey, were little changed in January. The labor force participation rate, at 62.7 percent, was little changed. The employment-population ratio (59.6 percent) changed little over the month but was up by 0.3 percentage point since October.

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed at 6.0 million in January but was down by 796,000 over the year. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find full-time jobs.

In January, 2.1 million persons were marginally attached to the labor force, little different from a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.

Among the marginally attached, there were 623,000 discouraged workers in January, essentially unchanged from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.5 million persons marginally attached to the labor force in January had not searched for work for reasons such as school
attendance or family responsibilities.

Establishment Survey Data
Total nonfarm payroll employment increased by 151,000 in January. Employment rose in several industries, led by retail trade, food services and drinking places, health care, and manufacturing. Private educational services and transportation and warehousing lost jobs. Mining employment continued to decline.

Retail trade added 58,000 jobs in January, following essentially no change in December. Employment rose in general merchandise stores (+15,000), electronics and appliance stores (+9,000), motor vehicle and parts dealers (+8,000), and furniture and home furnishing stores (+7,000). Employment in retail trade has increased by 301,000 over the past 12 months, with motor vehicle and parts dealers and general merchandise stores accounting for nearly half of the gain.

Employment in food services and drinking places rose in January (+47,000). Over the year, the industry has added 384,000 jobs.

Health care continued to add jobs in January (+37,000), with most of the increase occurring in hospitals (+24,000). Health care has added 470,000 jobs over the past 12 months, with about two-fifths of the growth occurring in hospitals.

Manufacturing added 29,000 jobs in January, following little employment change in 2015. Over the month, job gains occurred in food manufacturing (+11,000), fabricated metal products (+7,000), and furniture and related products (+3,000).

Employment in financial activities rose in January (+18,000). Job gains occurred in credit intermediation and related activities (+7,000).

Private educational services lost 39,000 jobs in January due to larger than normal seasonal layoffs.

Employment in transportation and warehousing decreased by 20,000 in January. Most of the loss occurred among couriers and messengers (-14,000), reflecting larger than usual layoffs following strong seasonal hiring in the prior 2 months.

Employment in mining continued to decline in January (-7,000). Since reaching a peak in September 2014, employment in the industry has fallen by 146,000, or 17 percent.

Employment in professional and business services changed little in January (+9,000), after increasing by 60,000 in December. Within the industry, professional and technical services added 25,000 jobs over the month, in line with average monthly gains over the prior 12 months. Employment in temporary help services edged down in January (-25,000), after edging up by the same amount in December.

Employment in other major industries, including construction, wholesale trade, and government, changed little over the month.

The average workweek for all employees on private nonfarm payrolls rose by 0.1 hour to 34.6 hours in January. The manufacturing workweek edged up by 0.1 hour to 40.7 hours, and factory overtime was unchanged at 3.3 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.8 hours.

In January, average hourly earnings for all employees on private nonfarm payrolls increased by 12 cents to $25.39. Over the year, average hourly earnings have risen by 2.5 percent. In January, average hourly earnings of private-sector production and nonsupervisory employees rose by 6 cents to $21.33.

The change in total nonfarm payroll employment for November was revised from +252,000 to +280,000, and the change for December was revised from +292,000 to +262,000. With these revisions, employment gains in November and December combined were 2,000 lower than previously reported. Over the past 3 months, job gains have averaged 231,000 per month. Monthly revisions result from additional reports received from businesses since the last published estimates and the recalculation of seasonal factors. The annual benchmark process also contributed to these revisions.

ROSELAND, NJ – 02/03/16 – Private sector employment increased by 205,000 jobs from December to January according to the January ADP National Employment Report®. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by ADP® in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.

Payrolls for businesses with 49 or fewer employees increased by 79,000 jobs in January, down from December’s upwardly revised 101,000. Employment among companies with 50-499 employees increased by 82,000 jobs, up still further from December’s upwardly revised 77,000. Employment at large companies — those with 500 or more employees — came in at 44,000, half of December’s downwardly revised 88,000. Companies with 500-999 added 15,000 jobs, while companies with over 1,000 employees gained 30,000 jobs.

Goods-producing employment rose by 13,000 jobs in January, well off from December’s upwardly revised 30,000. The construction industry added 21,000 jobs, which was roughly in line with the average monthly jobs gained during 2015. Meanwhile, manufacturing neither added nor lost jobs.

Service-providing employment rose by 192,000 jobs in January, down from an upwardly revised 237,000 in December. The ADP National Employment Report indicates that professional/business services contributed 44,000 jobs, down from 69,000 in December. Trade/transportation/utilities grew by 35,000, up slightly from a downwardly revised 33,000 the previous month. The 19,000 new jobs added in financial activities were the most in that sector since March 2006.

“One of the main reasons for lower overall employment gains in January was the drop off in jobs added at the largest companies compared to December. These businesses are more sensitive to current economic conditions than small and mid-sized companies,” said Ahu Yildirmaz, VP and head of the ADP Research Institute. “Over the past year, businesses with less than 500 employees have created nearly 80 percent of new jobs.”

Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth remains strong despite the turmoil in the global economy and financial markets. Manufacturers and energy companies are reducing payrolls, but job gains across all other industries remain robust. The U.S. economy remains on track to return to full employment by mid-year.”

The matched sample used to develop the ADP National Employment Report was derived from ADP payroll data, which represents 411,000 U.S. clients employing nearly 24 million workers in the U.S. The December total of jobs added was revised from 257,000 to 267,000.

To obtain additional information about the ADP National Employment Report, including additional charts, supporting data and the schedule of future release dates, or to subscribe to the monthly email alerts and RSS feeds, please visit www.adpemploymentreport.com.

About the ADP National Employment Report®
The ADP National Employment Report® is a monthly measure of the change in total U.S. nonfarm private employment derived from actual, anonymous payroll data of client companies served by ADP®, a leading provider of human capital management solutions. The report, which measures nearly 24 million U.S. workers, is produced by the ADP Research Institute®, a specialized group within the company that provides insights around employment trends and workforce strategy, in collaboration with Moody’s Analytics, Inc.

Each month, ADP issues the ADP National Employment Report as part of the company’s commitment to adding deeper insights into the U.S. labor market and providing businesses, governments and others with a source of credible and valuable information. The ADP National Employment Report is broadly distributed to the public each month, free of charge.

The data for this report is collected for pay periods that can be interpolated to include the week of the 12th of each month, and processed with statistical methodologies similar to those used by the U.S. Bureau of Labor Statistics to compute employment from its monthly survey of establishments. Due to this processing, this subset is modified to make it indicative of national employment levels; therefore, the resulting employment changes computed for the ADP National Employment Report are not representative of changes in ADP’s total base of U.S. business clients.

For a description of the underlying data and the statistical model used to create this report, please see “ADP National Employment Report: Development Methodology” at http://adpemploymentreport.com/common-legacy/docs/ADP-NER-Methodology-Full-Detail.pdf.

About Moody’s Analytics
Moody’s Analytics helps capital markets and risk management professionals worldwide respond to an evolving marketplace with confidence. The company offers unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research and financial risk management. By providing leading-edge software, advisory services, and research, including the proprietary analysis of Moody’s Investors Service, Moody’s Analytics integrates and customizes its offerings to address specific business challenges. Moody’s Analytics is a subsidiary of Moody’s Corporation (NYSE: MCO), which reported revenue of $3.3 billion in 2014, employs approximately 10,200 people worldwide and maintains a presence in 35 countries. Further information is available at www.moodysanalytics.com.

About ADP (NASDAQ: ADP)
Powerful technology plus a human touch. Companies of all types and sizes around the world rely on ADP’s cloud software and expert insights to help unlock the potential of their people. HR. Talent. Benefits. Payroll. Compliance. Working together to build a better workforce. For more information, visit ADP.com.

Real gross domestic product — the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes — increased at an annual rate of 0.7 percent in the fourth quarter of 2015, according to the
“advance” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.0 percent.

The Bureau emphasized that the fourth-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency. The “second” estimate for the fourth quarter, based on more complete data, will be released on February 26, 2016.

The increase in real GDP in the fourth quarter primarily reflected positive contributions from personal consumption expenditures (PCE), residential fixed investment, and federal government spending that were partly offset by negative contributions from private inventory investment, exports,
and nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.

The deceleration in real GDP in the fourth quarter primarily reflected a deceleration in PCE and downturns in nonresidential fixed investment, in exports, and in state and local government spending that were partly offset by a smaller decrease in private inventory investment, a deceleration in imports, and an acceleration in federal government spending.

Real gross domestic purchases — purchases by U.S. residents of goods and services wherever produced — increased 1.1 percent in the fourth quarter, compared with an increase of 2.2 percent in the third.

Total nonfarm payroll employment rose by 292,000 in December, and the unemployment rate was unchanged at 5.0 percent, the U.S. Bureau of Labor Statistics reported today. Employment gains occurred in several industries, led by professional and business services, construction, health care, and food services and drinking places. Mining employment continued to decline.

Household Survey Data
The number of unemployed persons, at 7.9 million, was essentially unchanged in December, and the unemployment rate was 5.0 percent for the third month in a row. Over the past 12 months, the unemployment rate and the number of unemployed persons were down by 0.6 percentage point and 800,000, respectively.

Among the major worker groups, the unemployment rate for blacks declined to 8.3 percent in December, while the rates for adult men (4.7 percent), adult women (4.4 percent), teenagers (16.1 percent), whites (4.5 percent), Asians (4.0 percent), and Hispanics (6.3 percent) showed little or no change.

The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged at 2.1 million in December and accounted for 26.3 percent of the unemployed. The number of long-term unemployed has shown little movement since June, but was downby 687,000 over the year.

The civilian labor force participation rate, at 62.6 percent, was little changed in December and has shown little movement in recent months. In December, the employment-population ratio, at 59.5 percent, changed little.

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed at 6.0 million in December but was down by 764,000 over the year. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job.

In December, 1.8 million persons were marginally attached to the labor force, down by 427,000 from a year earlier. (The data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.

Among the marginally attached, there were 663,000 discouraged workers in December, little changed from a year earlier. (The data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.2 million persons marginally attached to the labor force in December had not searched for work for reasons such as school attendance or family
responsibilities.

Establishment Survey Data
Total nonfarm payroll employment increased by 292,000 in December. Employment rose in several industries, including professional and business services, construction, health care, and food services and drinking places. Mining employment continued to decline. In 2015, payroll employment growth totaled 2.7 million, compared with 3.1 million in 2014.

Employment in professional and business services increased by 73,000 in December, with temporary help services accounting for 34,000 of the gain. In 2015, professional and business services added 605,000 jobs, compared with a gain of 704,000 in 2014.

Construction showed strong job growth for the third consecutive month, gaining 45,000 jobs in December. Job gains occurred among specialty trade contractors (+29,000) and in construction of buildings (+10,000). Over the year, construction added 263,000 jobs, compared with a gain of 338,000 jobs in 2014.

In December, health care employment rose by 39,000, with most of the increase occurring in ambulatory health care services (+23,000) and hospitals (+12,000). Job growth in health care averaged 40,000 per month in 2015, compared with 26,000 per month in 2014.

Food services and drinking places added 37,000 jobs in December. In 2015, the industry added 357,000 jobs.

Employment in transportation and warehousing rose by 23,000 in December, with a gain of 15,000 in couriers and messengers.

Within the information industry, motion pictures and sound recording added 15,000 jobs in December, offsetting a decline of 13,000 in the prior month.

Employment in mining continued to decline in December (-8,000). After adding 41,000 jobs in 2014, mining lost 129,000 jobs in 2015, with most of the loss in support activities for mining.

Manufacturing employment changed little in December, though its nondurable goods component added 14,000 jobs. In 2015, manufacturing employment was little changed (+30,000), following strong growth in 2014 (+215,000).

Employment in other major industries, including wholesale trade, retail trade, financial activities, and government, changed little over the month.

The average workweek for all employees on private nonfarm payrolls was unchanged at 34.5 hours in December. The manufacturing workweek edged down by 0.1 hour to 40.6 hours, and factory overtime edged up by 0.1 hour to 3.3 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.7 hours.

In December, average hourly earnings for all employees on private nonfarm payrolls, at $25.24, changed little (-1 cent), following an increase of 5 cents in November. Over the year, average hourly earnings have risen by 2.5 percent. In December, average hourly earnings of private-sector production and nonsupervisory employees, at $21.22, changed little (+2 cents).

The change in total nonfarm payroll employment for October was revised from +298,000 to +307,000, and the change for November was revised from +211,000 to +252,000. With these revisions, employment gains in October and November combined were 50,000 higher than previously reported. Over the past 3 months, job gains have averaged 284,000 per month.

Nairobi, Kenya, – The World Economic Forum, the Center of International Private Enterprise and the International Chamber of Commerce along with the governments of Canada, Germany, the United Kingdom and the United States have today launched a major new partnership to support effective implementation of the World Trade Organization’s (WTO) landmark Trade Facilitation Agreement (TFA)—which could reduce trade costs by an average of 14.3% and create up to 20 million jobs, mostly in developing countries.

The Global Alliance for Trade Facilitation will provide a unique platform to leverage business expertise and resources in the implementation of customs and border reforms. While it is widely recognized that private-sector engagement will be critical for successful implementation of the TFA, the alliance is the first initiative to provide a global platform to bring business closer to the process of enacting reforms under the agreement.

Richard Samans, Head of the Centre for the Global Agenda at the World Economic Forum, said: “The Global Alliance for Trade Facilitation will support developing-country governments. It will drive both top-down and bottom-up reforms aimed at positioning their economies to capitalize more widely on international trade and investment opportunities. The private sector can play a vital role in helping to shape policy and other improvements in an enabling environment so that they have the greatest real-world impact.”

The alliance will support TFA-related projects in 12-15 developing countries on an annual rolling basis –identifying trade bottlenecks and working with governments to implement reforms to enable trade for local enterprises. It will also work to remedy limited private-sector awareness of the TFA in some sectors and markets. Underscoring the business-led nature of the partnership, the effectiveness of alliance programmes will be measured by real-world commercial metrics.

Andrew Wilson, Deputy Director of the Center for International Private Enterprise, said: “At the country level, the alliance will focus on empowering the local business community to become a leading stakeholder in trade facilitation efforts. This will ensure that reforms get implemented and have commercially meaningful outcomes.”

John Danilovich, Secretary-General of the International Chamber of Commerce, said: “Neither governments nor the private sector can deliver on the potential of the TFA on their own. The alliance offers the potential to take a great leap forward in realizing the gains of this landmark agreement for business, governments and consumers.”

The Alliance is being initiated based on contributions from the Government of Canada, the German Federal Ministry for Economic Cooperation and Development, the UK Department for International Development and the U.S. Agency for International Development—with Australia to add its support shortly. In addition, a broad range of leading multinational companies have already committed to working with the alliance, including A.P. Møller-Mærsk, DHL, Wal-Mart, eBay and Huawei. Other partners are expected to join the initiative as its activities commence in the coming weeks.

U.S. Commerce Deputy Secretary Bruce Andrews today announced the Department is seeking candidates to serve on a new Digital Economy Board of Advisors, which Commerce is establishing to give government a mechanism to obtain advice from leaders in industry and civil society. The board will provide recommendations on ways to ensure that the Internet continues to thrive as an engine of growth, innovation, and free expression.

“Promoting the digital economy is a top priority for the Department of Commerce,” Deputy Secretary Andrews said. “We highly value the input of the private sector as we develop policies to promote digital innovation and remove barriers to global competitiveness. Our new Digital Economy Board of Advisors will provide the Department with an important tool to discuss with and learn from these leaders about ways to promote this vital sector of our economy.”

Commerce is seeking candidates representing a broad cross-section of commercial, civil society, and academic sectors that make up the digital economy. The board will consist of 15-20 members and will be appointed by Secretary of Commerce Penny Pritzker to serve two-year terms.

The new advisory board will help the Secretary to develop the Department’s Digital Economy Agenda, which aims to promote a free and open Internet, trust online, innovation, and Internet access for all Americans. The board’s responsibilities will include analyzing challenges to the free flow of information on the Internet, promoting the development of promising new digital technologies, and examining policies that impact the digital economy on topics such as broadband, cybersecurity and privacy.

Those who are interested in serving on the board can nominate themselves or can be nominated by others. Applicants should submit nominations electronically by Wednesday, December 23, 2015, using the online nomination form located at https://www.ntia.doc.gov/digital-economy-board-advisors-nomination-form.

The latest jobs report shows that our nation continues to bounce back from our worst economic crisis in generations. October was the most robust month of job growth in 2015, with total nonfarm employment increasing by 271,000.

Performance was especially strong in professional and business services, retail trade, and construction, which nearly doubled its prior 12-month average. Private employers have now added 13.5 million jobs over 68 straight months of growth, the longest such streak on record. The unemployment rate inched downward to 5.0 percent and has not been lower since February of 2008. Wages are up, as average hourly earnings rose by 9 cents in October and have enjoyed their largest over-the-year increase (2.5 percent) in more than six years.

Today’s report comes on top of other promising economic indicators. As of the end of August, there were 5.4 million job openings, the second most since we have been collecting that data. Over the 12-month period ending in September, gas prices fell 29.6 percent, putting more money in the pockets of working people. The U.S. auto industry, left for dead by many seven years ago, is surging back – the Big Three are now in the process of completing new collective bargaining agreements that will ensure their workers can get a fair share of the value they are helping create. In October as in September, auto sales maintained a pace that would surpass 18 million a year, the first time that has happened in back-to-back months since February 2000.

But our work is anything but done. There is ground to make up and challenges that remain. We need to continue creating jobs. We need a tighter labor market to continue putting upward pressure on wages. We need to close opportunity gaps and ensure that the wind at our back propels everyone forward.

President Obama and the Labor Department continue to take steps toward those goals: fighting for a higher minimum wage; investing in successful job-training strategies like the learn-while-you-earn apprenticeship model; giving people who have been involved in the criminal justice system greater access to job opportunities; and making affordable health care available to more people with the launch last week of the latest open enrollment period in the Health Insurance Marketplace.

With 14 and a half months to go in this administration – 441 days until “the weekend” – we want to work with Democrats and Republicans in Congress to complete the unfinished business of this recovery, to create shared prosperity and build an economy that works for everyone.

The two-year bipartisan budget agreement announced today is a major step forward for our economy. As our strong domestic economic momentum continues to face headwinds from slowing growth abroad, it is critical to avoid the self-inflicted wounds of past episodes of fiscal brinksmanship. Instead this agreement strengthens both short- and long-run growth, setting the stage for more, higher-paid jobs.

Today’s budget agreement includes $80 billion in sequester cap relief over the next two years, plus $31 billion in additional funding. The agreement is front-loaded, with $50 billion of that sequester cap relief and roughly $16 billion of additional funding coming this fiscal year, constituting nearly 90 percent of the discretionary sequester relief for 2016 proposed in the President’s Budget. The sequester relief is paid for over ten years by a mix of spending reforms, stronger tax compliance measures for large partnerships like hedge funds and private equity firms, and other measures. In addition, the bill would provide up-front premium relief in Medicare Part B paid for over several years, avoiding a roughly 50% increase in Part B premiums.

THREE MAJOR ECONOMIC IMPACTS OF TODAY’S BUDGET AGREEMENT
1. The direct effect of the agreement will result in an estimated 340,000 additional jobs in 2016 and a total of 500,000 job-years added in 2016 and 2017, based on analysis of recent estimates from the Congressional Budget Office (CBO). Under this agreement, federal budget authority will rise by $111 billion over the next two years, directly boosting output and supporting aggregate demand. Although the economic recovery has made substantial progress, there is still some slack, and as a result analysts including CBO estimate that avoiding unnecessary austerity will result in a faster pace of job creation and GDP growth. Analysis based on CBO’s recent estimates released in August suggests that the sequester relief in this agreement will add an expected 340,000 jobs and increase the size of our economy by 0.3 percent in 2016. Over the next two years, these estimates suggest that the sequester relief in this agreement would add 500,000 job-years in total.

These estimates are based on an analysis of CBO’s prior estimates of the economic impact of full relief from the sequester in 2016 and 2017, assuming a constant ratio of economic impact to sequester relief in a given calendar year. They include the effects of the agreement relative to current law, which would raise discretionary outlays by about 0.2 percent of GDP in each of the next two years. The estimates omit any aggregate demand effect of avoiding the Medicare Part B premium hike and potential mandatory and revenue offsets.

2. The indirect effect of increased certainty and confidence could further boost job creation and economic growth above the estimates based only on the direct effect. By raising the debt limit, ensuring that the Social Security Disability Insurance program provides full benefits to workers, and putting Congress in position to complete a budget, this legislation will continue our domestic momentum and reduce the recent policy uncertainty that threatened to weigh on economic growth. Several years ago, when Congress forced fiscal crisis after fiscal crisis, the costs to our economy were clear. Consumer and business confidence fell to record lows, and fiscal policy uncertainty cost 900,000 jobs, according to a Macroeconomic Advisers estimate. Conversely, the turn away from manufactured crises since 2013 helped contribute to accelerating job growth and a stronger recovery, and this agreement will extend that positive trend.

3. The legislation also makes possible greater investment in measures to increase our long-run growth and bolster middle-class incomes. The lower pace of global productivity and investment growth across the developed world is one of the most important challenges economic policymakers face in the post-crisis era. Our private sector is fulfilling its end of the bargain, with private investment in research and development growing at the fastest pace since 2007, while public R&D investment has declined as a share of the economy. This agreement will help bring public investment back to the table, facilitating investments in productivity-enhancing areas like education (including important investments in pre-school, K-12 education, and job training) and public R&D. Productivity is one of the key drivers of middle-class incomes, and it is critical to target public investments that promote persistent growth.

Article is courtesy of www.whitehouse.gov and by Jason Furman is the Chairman of the Council of Economic Advisers.

New York – VEDC and JPMorgan Chase & Co. today announced a new lending program for African American-owned small businesses in New York City, Chicago and Los Angeles. The National African American Small Business Loan Fund will boost economic opportunity for minority-owned businesses in these cities and help them serve low-income communities by providing them with greater access to capital, technical assistance and financial consulting. JPMorgan Chase Foundation has contributed a $3 million grant to help VEDC reach its goal of creating a $30 million loan fund.

Facilitated by VEDC, a California 501(c)3 Community Development Financial Institution (CDFI), this new Fund will provide financing for businesses across all industries. By providing the initial $3 million grant to seed the Fund, JPMorgan Chase is helping VEDC support small businesses that are a critical source of jobs and economic opportunity in their neighborhoods, but may be credit-impaired and unable to qualify for traditional capital. Without access to sustainable financing, these businesses may miss a growth opportunity or risk closing their operations.

“As a direct small business lender and a leading intermediary of SBA loan programs, VEDC has a 39-year track record of providing business services to small businesses in low-and middle-income communities and especially in communities of color,” said Robert Barragan, President and CEO, VEDC. “Approximately 20 percent of our existing portfolio serves the African American community. With JPMorgan Chase’s seed funding, we look forward to helping more small businesses in our effort to further narrow the lending gap.”

Currently, there are 268,000 African American-owned small businesses in New York, Chicago and Los Angeles – making them among the top cities for African American-owned small businesses. With ownership of approximately 1.9 million, 7 percent of small businesses nationwide, African Americans are the fastest growing segment of small business owners.1 However, business loans to African American entrepreneurs have yet to rebound since the economic downturn in 2008.

To address this need, the National African American Small Business Loan Fund will provide short and long-term loans. Loan sizes will vary, but the average loan will range from $35,000 to $250,000. The JPMorgan Chase grant will allow the National African American Small Business Loan Fund to provide loans and technical assistance and establish a loan loss reserve. This reserve will allow VEDC to expand its lending criteria to New York, Chicago and Los Angeles small businesses that traditionally did not qualify for a loan.

“African American small business owners have identified flexible capital as a critical resource for growth, but they face a shortage of this kind of support,” said Janis Bowdler, Head of Community Development for Global Philanthropy, JPMorgan Chase. “CDFIs like VEDC provide small businesses with the consulting and financing they need to grow their operations and often serve as a bridge to traditional bank loans down the road. We’re proud to partner with VEDC on this new fund, which will increase access to the capital and assistance that African American entrepreneurs need most.”

Businesses receiving financing will be able to use the capital to expand, finance equipment, address short-term cash flow needs and provide contractor lines of credit. The Fund will also provide small business loan recipients with technical assistance such as networking, marketing, business plan development and financial consulting. Eligible small businesses must be majority-owned by African Americans.

Notable Statements of Support

“This new lending program will be another critical piece in our ongoing efforts to promote small business development and entrepreneurship in all Chicago communities, and particularly those that have traditionally lacked access to capital,” said Chicago Mayor Rahm Emanuel. “By investing in Chicago’s minority-owned businesses, VEDC and JPMorgan Chase are showing the power of the private sector to help cities tackle some of our biggest challenges.”

“African American-owned small businesses are vital economic engines in Los Angeles, and when they are empowered, our communities have new doors open to them – opportunities that they both need and deserve,” said Los Angeles Mayor Eric Garcetti. “We expect great things from this fund, and thank VEDC and JPMorgan Chase for their commitment to addressing this great need.”

“These small businesses are the heart of our neighborhoods,” said New York City Mayor Bill de Blasio. “They put people to work and create opportunity for families to make their way up the economic ladder. We are excited to partner with JPMorgan Chase and our fellow cities to support and grow African-American small businesses.”

“We know that mission lenders hold the key in providing a sustainable source of capital to minority borrowers and those that have been left out of the economic mainstream,” said Grady Hedgespeth, Director of U.S. Small Business Administration Office of Economic Opportunity.

This new fund complements the recently launched Detroit Minority Business Loan Fund- a $6.5 million loan fund for Detroit’s minority-owned small businesses – announced last month by Detroit Development Fund, JPMorgan Chase and W.K. Kellogg Foundation. Detroit is the fourth largest U.S. city for the number of minority-owned businesses.

Interested small businesses in New York, Chicago or Los Angeles can learn more about eligibility by contacting VEDC at (212) 231-4310.

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. The firm uses its global resources, expertise, insights and scale to address some of the most urgent challenges facing communities around the world including the need for increased economic opportunity. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

About VEDC
VEDC is a leading non-profit small business lender that is changing the way small business lending is done by making it more available and impactful. With a growing footprint, VEDC has lent $380 million in direct and guaranteed loans to over 104,000 small businesses and created more than 28,000 new jobs. VEDC’s mission, as a certified Community Development Financial Institution (CDFI), is to help create jobs and promote small business development in under-served communities. It provides loans and micro-financing options to small businesses, particularly those owned by women and minorities, that don’t qualify for traditional financing. VEDC’s expanding portfolio is composed of community-based loan funds in California, Illinois, Nevada, Utah, New Jersey, Connecticut, Florida and New York. For more information, visit www.vedc.org.

U.S. Secretary of Commerce Penny Pritzker today released the Opportunities for the U.S. Service Sector Report, the first in a series of 15 new reports designed to spotlight key market access benefits and commitments of the Trans-Pacific Partnership (TPP). Pritzker announced the report during the Coalition of Service Industries’ (CSI) Global Services Summit 2015 in Washington, which brought together more than 300 senior trade officials, policy makers, and business leaders from around the world to discuss current international trade challenges and opportunities. The CSI represents the interests of the dynamic American service economy, which makes up about 69 percent of the U.S. GDP and employs over 80 percent of private sector workers.

“The Trans-Pacific Partnership strengthens our nation’s standing as the world’s leading services exporter,” Secretary Pritzker said. “The agreement will expand market access and investment opportunities for U.S. services providers in a number of key sub-sectors, including telecommunications, software licensing, retail, entertainment and film, and logistics and express delivery. With TPP, we can grow our $233.1 billion trade surplus in services and support even more high-paying American jobs.

“Our negotiators did a great job for the American people, and with these reports, our businesses and workers will understand the significant opportunities for economic growth and job creation that will result from the TPP.”

In 2013, the leading TPP markets for U.S. services exports were Canada ($63.3 billion), Japan ($46.2 billion), and Mexico ($29.9 billion). From 2011 to 2013, U.S. services exports to TPP countries increased by 6.9 percent.

The new report lists important TPP commitments that directly benefit U.S. service suppliers, including: removal of trade-distorting and unnecessary barriers that reduce the efficiency of global supply chains for U.S. retailers; new and strengthened protections and commitments for U.S. franchisors’ trademarks; and higher standards and increased transparency in licensing and qualification regulations and procedures for professional services suppliers.

The insurance sector, which employed 4 million workers in the United States in 2014, will be aided by commitments that level the playing field for insurers competing against state-owned enterprises and provide investment protections. The agreement will also restrict TPP partners from instituting market access barriers such as limits on the number of U.S. companies that can operate in a market and the total value of insurance transactions from these firms.

The telecommunications and electronic commerce sectors will benefit from a variety of new commitments. The telecommunications services chapter establishes pro-competitive regulatory policies and international best practices, and creates guidelines for non-discriminatory treatment of new entrants by major suppliers. The e-commerce chapter includes key provisions on non-discriminatory treatment of digital products, online consumer protection, electronic authentication/signatures, and principles on access to and use of the Internet.

In 2014, U.S. services exports exceeded $710 billion, and recorded a $233.1 billion surplus. Services accounted for more than 30 percent of U.S. exports last year, and supported more than 4.6 million U.S. jobs.

MILWAUKEE,- ManpowerGroup Solutions, the world’s largest RPO provider, today released an insights paper, “Making the Connection: Best Practices in Candidate Experience,” based on research into candidate preferences, behaviors and motivators. The report finds one in three prospective employees wants to receive more detailed information—not only about the specific job opportunity, but the company itself—as well as more frequent, human connection.

The survey of more than 200 U.S. job seekers reveals the importance of access to accurate and expansive information about an employer’s value proposition and the position itself. More than 35 percent of prospective employees also want organizations to initiate more frequent conversations in all phases of the hiring process. This includes status updates at key stages, such as completion of background checks, and even feedback on why the candidate didn’t get the position, if that is the outcome.

“Technology is turning into a hygiene factor – it’s a basic expectation. But companies don’t need the latest and greatest technology as much as they need to make sure their interactions with candidates are meaningful and considerate,” said Melissa Hassett, vice president of client delivery, ManpowerGroup Solutions RPO. “Personal interaction and individualization of the recruiting process goes a long way toward attracting the best talent. And letting people know as soon as they’re not selected is just good manners. That’s what protects the employer brand.”

ManpowerGroup Solutions’ research points to the importance of getting back to basics when it comes to closing the gaps on candidate preferences and experiences, and recommends implementing several candidate-centric best practices, including:
•Automate less, talk more: Company reputations suffer when proactive candidates attempt to follow-up on their applications, only to be lost in endless voicemail.
•Touch at the touch points: Candidates should receive calls at critical milestones of the hiring process, such as completion of background checks and drug tests.
•Tell them when they’re out: Candidates want employers to tell them when they are out of the running – at any point along the process.
•Referrals come first: Employee referral programs are only successful if the referrals are considered before other applicants.
•Don’t be coy about compensation: Everything related to compensation and benefits should be spelled out as early in the process as the organization feels comfortable.
•Use social media: Savvy companies encourage social media use by employees and don’t script or control their messaging.
•Get out the welcome wagon: Inviting a smaller number of pre-screened candidates to a hiring event satisfies their preferences for being able to present their qualifications in person.
•Smart phones, smart candidates: While many of today’s candidates want a human connection, they also want to be able to access information and application processes directly from their smartphones.
•The “just-in-time” candidate information delivery system: Employers interested in improving the candidate experience should ask only for the information necessary at each step in the process.

About ManpowerGroup SolutionsManpowerGroup Solutions provides clients with outsourcing services related to human resources functions, primarily in the areas of large-scale recruiting and workforce-intensive initiatives that are outcome-based, thereby sharing in the risk and reward with our clients. Our solutions offerings include Talent Based Outsourcing, Managed Service Programs, Borderless Talent Solutions, Language Services and Recruitment Process Outsourcing, where we are one of the largest providers of permanent and contingent recruitment in the world. ManpowerGroup Solutions is part of the ManpowerGroup family of companies, which also includes Manpower, Experis, and Right Management. More information about ManpowerGroup Solutions is available at www.manpowergroupsolutions.com.

About ManpowerGroupManpowerGroup® (NYSE: MAN) is the world’s workforce expert, creating innovative workforce solutions for more than 65 years. As workforce experts, we connect more than 600,000 people to meaningful work across a wide range of skills and industries every day. Through our ManpowerGroup family of brands – Manpower®, Experis®, Right Management® and ManpowerGroup® Solutions – we help more than 400,000 clients in 80 countries and territories address their critical talent needs, providing comprehensive solutions to resource, manage and develop talent. In 2015, ManpowerGroup was named one of the World’s Most Ethical Companies for the fifth consecutive year and one of Fortune’s Most Admired Companies, confirming our position as the most trusted and admired brand in the industry. See how ManpowerGroup makes powering the world of work humanly possible: www.manpowergroup.com.

SCOTTSDALE, Ariz., – GoDaddy Inc. (NYSE: GDDY), the world’s largest technology provider dedicated to small businesses, is heading to the Grace Hopper Conference (GHC), the world’s largest technical conference for women in computing, to recruit women who want to help very small businesses around the world, many of which are women-owned.

GoDaddy ranked as one of the Anita Borg Institute’s Top Companies for Women Technologists this year. Closing the gender gap has been a top priority at the company since Blake Irving took over as CEO two years ago. And there’s solid progress to report. Since last year’s GHC, GoDaddy has more than doubled the number of women interns and graduate hires.

As a return platinum sponsor of next week’s GHC, GoDaddy plans to showcase its transformation journey, share a timely documentary film and engage attendees with an interactive convention-floor booth, which features technology executives and recruiters. The diverse sponsorship approach is part of GoDaddy’s quest to attract more women to join its mission to help people easily start, grow and run their own ventures through the use of technology.

Overall, women now account for 20 percent of the GoDaddy technical workforce, which while still far below its ultimate goal, is up two percentage points from last year. GoDaddy is also providing all of its colleagues with “Unconscious Bias” training, in partnership with the Clayman Institute. Prior to GHC, GoDaddy plans to follow-up on its compensation parity pledge, a commitment made at the White House Demo Day this past summer.

“Gender diversity matters,” said GoDaddy CEO Blake Irving. “Diversity of thought reliably translates into better products. We have a gender diverse customer base, why wouldn’t you have a gender diverse workforce building those products? I’m heartened by our progress over the past couple years, but we’re still far from where we want to be — and I’m hoping that the women at GHC this year will help fuel our ongoing quest. Changing the face of tech, changing the lives of small business owners and continuing to drive our own transformation at GoDaddy.”

As part of this year’s sponsorship, GoDaddy will again support technology students to attend GHC, including women from Harvey Mudd College, University of California Berkeley, California Polytechnic State University, Massachusetts Institute of Technology, Louisiana State University and others.

New this year, GoDaddy CEO Blake Irving, a long-time tech executive and women’s advocate, is delivering a plenary speech from the main stage Wednesday at 4:30 p.m., titled “Be the Image You Want to See: The Transformation of GoDaddy, Inc.”

GoDaddy is also underwriting the screening of “CODE: Debugging the Gender Gap,” a new documentary which focuses on why more women aren’t joining the tech ranks given all the economic opportunity. Irving is an Executive Producer on the film and has worked closely with producer and director Robin Hauser-Reynolds. The two will lead a post-screening GHC discussion. The film will be shown in the Lanier Ballroom Friday at 11 a.m.

“We are excited to see so many in the tech industry stepping up to make change when it comes to increasing the participation of women in technical roles. GoDaddy has made significant progress in a short time,” said Telle Whitney, CEO and President of the Anita Borg Institute for Women and Technology. “If you had suggested to me a few years ago that GoDaddy could have transformed into such an example of positive change and empowering women technologists, I would have been skeptical. But I am impressed with the commitment Blake and his team have made to driving meaningful change.”

To learn more about a career at GoDaddy, visit: www.GoDaddy.com/Careers