ObamaCare may be among the reasons why the economic recovery is still searching for its third gear, suggest Federal Reserve surveys of businesses in five states.
While the law hasn't prevented solid job growth this year, it appears to have slowed gains at a sizable minority of firms.
In a Philadelphia Fed survey of regional manufacturers out Thursday, 18% said they employ fewer workers due to the Affordable Care Act than they would in its absence. Just 3% say employment levels are higher as a result.
Further, 18% said part-timers make up a greater share of workers due to ObamaCare, which absolves employers of responsibility for health care for those who work fewer than 30 hours a week. Just 1.5% said they've scaled back part-time work in response.
The Philadelphia Fed's monthly business conditions index hit its best level since March 2011. But the capital spending outlook was a relative weak spot, falling to a seven-month low.
The ObamaCare responses in Philadelphia are in line with those from businesses in the New York region, including parts of Connecticut and New Jersey.
The New York Fed released two surveys on Monday showing that 22% of manufacturing and 17% of service firms are carrying fewer workers in response to ObamaCare. The part-time share of the workforce is higher at about 20% of firms in each sector and lower at about 5%.Read the rest of the story HERE.
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