Fed Survey: Obamacare Causing Companies to Cut Jobshttp://blogs.wsj.com/cfo/2016/08/16/fed-survey-obamacare-causing-companies-to-cut-jobs/Vipal Monga
Aug 16, 2016
Many companies are cutting jobs in response to rising health care costs spurred by the Affordable Care Act, according to a new survey by the Federal Reserve Bank of New York.
Roughly one-fifth of service sector and manufacturing company executives said they are reducing the number of workers in response to provisions in the healthcare law, according to the Empire State Manufacturing Survey and the Business Leaders Survey.
The New York fed surveyed about 100 executives in the manufacturing sector and roughly 150 executives in the services sector located in New York State, Northern New Jersey and Fairfield County, Connecticut earlier this month.
The results add to a bevy of bad news related to the Obama Administration’s signature health care law. Health insurers are requesting average premium increases of 24% this year, according to an independent analysis, while Aetna said it would withdraw from 11 of the 15 states where it offers plans through the Affordable Care Act exchanges.
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