The Affordable Care Act is cited five times in the Federal Reserve's latest Beige Book. One of those citations notes that the law will likely drive up demand for health care services. The other four describe the health care reform as hurting employment and sales.

The notion that Obamacare, as the law is popularly known, would be a jobs killer was widely denied by its supporters. A report from the Annenberg Public Policy Center accused Republican critics of misrepresenting facts when the bill would hurt employment. It citied "non-partisan experts" who said the law would have little or no effect on employment.

When the Congressional Budget Office examined the law's impact on jobs, it saw only mildly negative employment effects arising from early retirement and allowing the poor to work fewer hours to meet their needs. The CBO didn't think that employers would slow down hiring because of the law.



But that's exactly what appears to be happening.

