[expat_panama]

These new overtime labor costs are on top of existing costs. 

Anyone who's ever managed a payroll knows that overtime not only costs more per hour, but it's bad for morale, it also means lower productivity, and is a temporary measure at best.   Thing is that sometimes you just got to do it --deadline, penalties, weather, whatever.  Just the same, the rule of thumb is that employee output's just say, 60% after 8 hours and even that only lasts about 3 weeks before everyone's brain's gone out the window.  Of course, I'm talking 14 or 16 hour days/seven days per week but this is the kind of extreme situation we're dealing with.

Now we're piling more gov't interferance on top of it all.

[goodwithagun]

This makes me think of the Geico commercial with the little old ladies who think they know how to use social media. “That’s not how this works! That’s not how any of this works!”

[SoFloFreeper]

Megan, another perspective to consider. :)

[Biggirl]

Look for Trump to get rid of this EO.

[from occupied ga]

but that the United States undervalues science research

This gem caught my eye. Science research is valued EXACTLY as it should be. In a free market demand and supply set prices, and the demand/supply of scientists is at the level where their pay is what it should be.

[Buckeye McFrog]

Donning Asbestos Suit:

When I was young I spent some time in management in the retail industry. They would routinely work you 60 hours/week on salary, often running around doing mundane jobs that had nothing to do with managing anybody. The weeks got a lot longer at Christmastime. Break it down per hour and you were making less than the minimum wage.

I got smart and left that business when I realized that the impending birth of a child would qualify me for food stamps. But my former employers played WAY too fast and loose with the rules. As one of my former colleagues in that business was fond of saying “you gotta draw the line SOMEWHERE.”

[precisionshootist]

NEW RULE?

When did we become a nation of "rules"?

How can the labor department make rules that have the force of law?

Employers with the help of State Governors need to tell the labor dept to fuck off until congress votes and this is signed into law.

If I'm reading this correctly this is no little thing. This is going to have MAJOR impact on peoples lives.

[RoosterRedux]

Companies will circumvent these rules by outsourcing more work to subcontractors.

I often work as a subcontractor and get paid for the work completed regardless of the hours it took to get the job done.

On some projects, I make less than minimum wage (I make it up on other projects).

I prefer working this way.

[ChildOfThe60s]

This begs the question I have asked many times since Herr leader took office.

Why doesn’t he just dissolve congress like happens in 3rd world dictatorships? Clearly, no legislative action is necessary to make law in the US. That is why we have the executive branch, regulatory agencies, and a royal judiciary.

[expat_panama]

 

 

Good morning!  Stocks (left) flat/up in mixed volume.  Gold &silver going nowhere (beats going broke). Futures looking grim all around...

Reports:

8:30 AM Initial Claims
8:30 AM Continuing Claims
8:30 AM Philadelphia Fed
10:00 AM Leading Indicators
10:30 AM Natural Gas Inventories
 

Meanwhile we got all the news fit to line the birdcage:

Hillary Loves The '90s, But Can't Bring Them Back - Jim Pethokoukis, TW
Good Thing Investors Don't Believe Mr. Trump - Andrew Stuttaford, TWS
The Harsh Reality of Regulating Overtime Pay - Andy Puzder, Forbes
New Obama Regulations Will Make Overtime Fair Again - Editorial, NYT
5 Quick Takeaways From the Fed Minutes - Mohamed El-Erian, Bloomberg
Why London Could Decide Whether the Fed Hikes - Patti Domm, CNBC
Fed Keeps Investors Guessing On Rate Hike - John Crudele, New York Post
Is Bond Selloff a 'Taper Tantrum' Repeat? - Ellie Ismailidou, MarketWatch
Looking Into Future of Fossil-Fuel Divestment - Chloe Maxmin, The Nation
In Venezuela, Socialism Is Actually Killing the People - Jose Cardenas, NR

[Stosh]

The article mentions the effect of this mandate on NIH and post-doctoral research associates.

At most research institutions, post-docs in the sciences work random hours, like graduate students - work weeks much longer that 40 hours are not unusual, but nobody keeps count, because you do what you’ve got to do to complete whatever project you’re on. It will be amusing to see how research groups deal with this decree - are they going to install time clocks for Ph.D.’s to punch in every time they come into lab? Or will they keep daily records of their time at the bench? Any way you cut it, it will be an accounting nightmare for academic scientific research groups across the country.

[TomGuy]

One employer interviewed on a local radio news program was asked how it would impact him. He responded, ‘probably by reducing employee hours.’

[Who doesn’t see that coming? Oh, yeah, Liberals.]

[jalisco555]

My son is in precisely this position. His employer told him and his fellows that their hours will be reduced to avoid paying overtime.

[Chewbarkah]

Among a LOT of other unpaid work for a charity, I do payroll for 16 paid employees. Obama’s latest diktat, and another hundred miles of red tape discouraging employment, steal my time, using the charitable mission as a hostage.

Obama just increased the already massive pressure on private business to get rid of employees. Besides that, I can see two purposes behind this “overtime” rule: to increase violations the feds can use to shake down employers; and, to drive another wedge between labor and management by destroying the “management mentality” of salaried employees. FUBO!

[A_Former_Democrat]

What does the $$$ amount have to do with whether hours should be compensated as OT?

Another vote buying, income redistribution scheme. Is this even legal? Why isn’t that point being raised? This sure looks like a legislative issue, not an executive one

[armydawg505]

Centralized planning on a socialist model has never worked but you can’t tell the lunatic left anything. They have to destroy a country like Venezuela and even then they refuse to acknowledge their destruction.

[jdsteel]

IMHO the next administration AND Congress has to start deconstructing the monster that has become the “interstate commerce” rule, which has grown to mean ALL commerce. We need to say the following phrase A LOT: “That is not a legitimate function of the federal government”.

[elpadre]

I didn’t realize the president could wave his want and cause such a profound change in labor law. What is the history of such - hours and wages???

[tbpiper]

The effect will be (1) to raise costs to employers, discouraging employment; (2) to prohibit flexible time for employees; and (3) to stunt American productivity and economic growth.

I'm inclined to believe that it's not so much the effect as it is the intent.

[ridesthemiles]

Making this change on Dec 1-—instead of Jan 1 of 2017 is another blow to employers.

This means changes to current payroll software-—and more time clocks in places where none have existed before.

Wonder how many time clocks are on the shelves ready to be sold to these employers???Many companies won’t accept hand written time cards——which also are somewhat short in supply.

Hear the enviros now——there go more trees for time cards~!!!!!

I was a payroll supervisor in the 79’s for a weekly payroll of about 750 people in 7 states. The time cards we got-—almost all were hourly employees-—were not all the same. Some were hours & minutes-—some were 10ths of an hour-—some were other combinations. Had to be sharp as you were processing those time cards.

What are they going to do with people in the medical industry? Most nurses are exempt from overtime I think.

[Shanghai Dan]

So $1.2 billion spread over 4.2 million people. About $300 a person, per year. That’s the benefit? About $4 per week, or less than $1 per day?

Seems like nothing, even to those who “benefit” from the rule. Dropping out a single Starbuck coffee per WEEK would put more money in their pocket at the end of the year.