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The Latest Breaking News from Labor Department

Economy and Society, February 21, 2023: Will Congress block Biden’s ESG retirement plan rule?

Economy and Society is Ballotpedia’s weekly review of the developments in corporate activism; corporate political engagement; and the Environmental, Social, and Corporate Governance (ESG) trends and events that characterize the growing intersection between business and politics.

Ballotpedia

Meat plant cleaning service fined $1.5M for hiring minors

The Department of Labor says one of the country’s largest cleaning services for food processing companies employed more than 100 children in dangerous jobs at 13 meatpacking plants across the country

The Independent UK

Labor Secretary Marty Walsh leaves Biden administration to lead NHL players' union

Marty Walsh, who's led the Labor Department since March 2021, is leaving the Biden administration. Walsh has been named executive director of the NHL Players' Association.

WEKU

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Walsh confirms mid-March departure from Labor Department - Roll Call

Labor Secretary Marty Walsh touted the department's achievements during his tenure as he told staff he would leave in mid-March.

Roll Call

US inflation showed signs of slowing down in January

In the 12 months through January, the CPI increased 6.4%

The Independent UK

Wait, layoffs and job growth? What's going on with the economy and is recession still coming?

WASHINGTON — Only a few months ago many economists warned that a recession was not just inevitable, it was around the corner. Inflation would take years to curb. Surging unemployment was on its way.

Los Angeles Times

Walsh to leave Labor Department for NHL players' union

WASHINGTON — Labor Secretary Marty Walsh will leave the department for the top post at the union representing players in the National Hockey League, the first Cabinet-level departure during the Biden administration.

Tribune News Service

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Walsh to leave Labor Department for NHL players' union - Roll Call

Labor Secretary Marty Walsh is expected to leave the department to become executive director of the NHL players union.

Roll Call

States sue Biden administration over ESG in retirement plans

Twenty-five states announced on January 26 that they had filed a lawsuit against the Biden administration alleging that, in their view, the Department of Labor’s new rule allowing for the consideration of ESG factors in Employee Retirement Income Security Act (ERISA)-governed retirement investments increased portfolio risk and violated the law:

Ballotpedia

US payrolls surprise with surge as jobless rate hits 53-year low

The U.S. labor market burned red-hot in January as hiring unexpectedly surged and unemployment fell to a 53-year low, defying recession forecasts and adding pressure on the Federal Reserve to keep raising interest rates.

Tribune News Service

US adds a surprisingly strong 517,000 jobs despite Fed hikes

January’s gains were broad-based across industries. A category that includes restaurants and bars added 99,000 jobs. Professional and business services jobs, including bookkeepers and consultants, rose by 82,000.

Chicago Sun-Times

Surge in US hiring surprises markets

WASHINGTON: US job gains surged unexpectedly last month as unemployment slipped to its lowest rate in more than five decades, government data showed on Friday, despite efforts to cool economic activity.

Bangkok Post

U.S. employers added 517,000 jobs last month. It's a surprisingly strong number

U.S. employers added 517,000 jobs in January, as the unemployment rate fell to 3.4% . The job market remains tight, despite signs of a slowing economy.

WEKU

January may have delivered lower, if still solid, job growth

The American economy has an unusual problem: The job market looks too strong — at least to the inflation fighters at the Federal Reserve

The Independent UK

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Tribune News Service

GOP attorneys general sue Labor Department over ESG rule

A group of 25 Republican attorneys general sued Labor Secretary Marty Walsh and the Labor Department over a Biden administration regulation that gives retirement plan sponsors more freedom to consider environmental, social and governance factors when selecting investments.

Roll Call

GOP attorneys general sue Labor Department over ESG rule - Roll Call

Republican state attorneys general are trying to block a Labor Department rule easing the path for investors to consider ESG criteria.

The Independent UK

U.S. job openings rise in December to 11 million

U.S. job openings rose to 11 million in December, a sign the American labor market remains hot and a blow to the Federal Reserve’s efforts to cool it off

The Independent UK

Republican-led panel targets COVID relief dollars for review

More than 1,000 people have pleaded guilty or have been convicted of federal charges of defrauding the myriad COVID-19 relief programs that Congress established in the early days of the pandemic

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Ballotpedia

States sue Biden administration over ESG in retirement plans

As the new Republican House majority prepares to push back against ESG investing, some House Democrats have launched their own ESG-related caucus to counter Republicans’ efforts:

Tribune News Service

US inflation cools again, putting Fed on track to downshift

U.S. inflation continued to slow in December, adding to evidence price pressures have peaked and putting the Federal Reserve on track to again slow the pace of interest-rate hikes.

Zenger

US Adds 223K Jobs In December As Labor Market Pressures Fed To Keep Hiking Interest Rates

The SPDR S&P 500 ETF Trust traded higher Friday morning after the Labor Department reported low unemployment numbers above 3%.

Tribune News Service

US hiring solid while wages cool, giving Fed room to slow hikes

The US labor market stayed strong last month and wage gains cooled, reducing risks of a near-term recession and giving the Federal Reserve room to slow interest-rate hikes.

Tribune News Service

US hiring solid while wages cool, giving Fed room to slow hikes

The U.S. labor market stayed strong last month and wage gains cooled, boosting hopes the economy will dodge a recession and giving the Federal Reserve room to slow interest-rate hikes.

The Independent UK

Asian shares mostly rise in muted trading on bargain-hunting

Asian shares are mostly higher after Wall Street benchmarks fell on worries that the U.S. Federal Reserve will keep raising interest rates

Bangkok Post

Restaurant Staffers Are Returning to Work After Covid Flight

Restaurants are finally staffing up.

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