February 2, 2009

States’ unemployment funds dwindling.

New York, “is running on empty when it comes to unemployment insurance. The state borrowed $120 million from the federal government to pay jobless benefits in 2008, and the fund was broke again on the first day of business this year. What’s more, the weekly benefits are completely inadequate given our high cost of living. Albany saw this problem coming and did nothing to solve it.”

“A spokesperson with the Nevada Department of Employment, Training and Rehabilitation says $533 million dollars in the fund currently could be gone by the end of this year. Mae Worthey also says the department may have to tap into federal funds to make sure those who are unemployed get their benefits.”

In California, “According to the Employment Development Department, the state pays about $30 to $34 million a day in unemployment benefits. It will have to rely on a $2 billion federal loan to get through March.”

“With Missouri’s jobless rate at 7.3%, the fund that pays unemployment benefits will be broke in two weeks. The unemployment trust fund has about $37 million dollars in the bank and it pays out around $20 million dollars a week.”

“With South Carolina set to release its latest unemployment numbers, businesses and lawmakers are contemplating tax hikes as one way to fix a system that needs to borrow hundreds of millions of dollars from the federal government so residents continue to get benefit checks.”

January 14, 2009

Ohio unemployment fund runs out

Filed under: FYI,unemployment,US — 7macaw @ 7:37 am
Tags: , ,

Ohio’s unemployment compensation fund has been depleted, forcing the state to begin borrowing federal funds.

Officials say no disruptions in benefits are expected.

The Ohio Department of Job and Family Services said Monday the federal government has already approved $500 million to be borrowed by Ohio to pay benefits in January and February. The state has requested that it be able to use $50 million of that amount to pay benefits this week.

Source: MSNBC

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December 24, 2008

U.S. outpaces Colorado in new jobless claims

According to BizJournals: “Initial claims for unemployment benefits in Colorado rose 44 percent in the week ending Dec. 13 from the same week a year ago, a lesser increase than the 60 percent national average, the Department of Labor reported Wednesday.

In Colorado, 5,917 new jobless-benefits claims were filed that week, versus 4,097 in the comparable week of 2007. The pace of new claims in the state declined slightly from the week ending Dec. 6.”

November 21, 2008

Job cuts cast dark cloud over economy

According to CNN: “As the economic outlook worsens, job cut announcements have come in hard and fast this week from businesses across the nation.
In all, employers have announced in excess of 110,000 job cuts thus far in November – over 60,000 of which were announced this week alone. Though many of the job cuts represent global figures or won’t take place until next year, the ever-worsening job scene is an ominous sign before this month’s payroll figures are announced in two weeks.”

November 20, 2008

Unemployed? More help for you

According to CNN: “Congress passed legislation late Thursday to extend the period of government assistance to Americans struggling in the shrinking job market.
The bill, which was already approved by the House, is expected to be quickly signed by President Bush.
The measure helps people whose benefits have recently expired, extending benefits by seven weeks in most states and 13 weeks in states with unemployment higher than 6%.
Workers typically get 26 weeks of unemployment benefits, and it’s not uncommon for the government to extend that during economic slowdowns.”

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