Unemployment insurance an option for travelers

When losing a job is a real possibility for many, companies find innovative ways to lure hesitant customers, e.g. Hyundai is offering insurance against losing your job. Their policy states if you lose your income in the next year, you can return the car with no impact on your credit.

Now, groups like insuremytrip.com say more clients want policies to recover their trip costs in full if they lose their jobs. The Travel Authority checked a Disney vacation plan, which can be insured for $65 per adult, with no cost for children. American Express travel covers it, too, along with companies such as Travel Guard.

Source: MSNBC

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.”

Jobless claims fell 94,000

“Initial claims for state unemployment insurance benefits fell 94,000 to a seasonally adjusted 492,000 in the week ended December 27 from an unrevised 586,000 the prior week, the Labor Department said.”

“It was the lowest reading for initial claims since the week ended November 1 and well below the 565,000 new claims analysts had expected”, according to Reuters.

Jobless claims down sharply, backing away from 26-year high. according to CNN Money

Laid Off? You Have 62 Days to Get Health Coverage, So Here’s What to Do

Health.com published a useful article about what you should do first in case of layoff: “Nearly two million American jobs have been lost in the past year, and hundred of thousands of people will likely be laid off or have their hours scaled back in 2009. If you think you might be one of them, know this: You’re almost certain to lose your employer-sponsored benefits with your full-time job”. Read full story

Layoffs Flood a Weakened Unemployment System

According to BusinessWeek: “Just 37% of jobless U.S. workers are covered by unemployment insurance, down from 42% during the 1981-1982 recession and 50% during the 1974-75 downturn.”

New jobless claims drop from 16-year high

According to AP: “New jobless claims fell more than expected last week from a 16-year high, the government said Wednesday, though they remain at elevated levels due to the slowing economy.

The Labor Department reported that initial requests for unemployment benefits fell to a seasonally adjusted 529,000 from the previous week’s upwardly revised figure of 543,000. That is lower than analysts’ expectations of 537,000.”

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.”

Crisis Monitor at Flickr: Sacramento, California

Sign Waver job only

Photo: CrisisMonitor

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.”

Jobless claims reach 16-year high

According to CNN: “The ranks of Americans getting by on unemployment insurance are rising fast.
The number of people who filed new claims last week surged to the highest levels in 16 years, and the number of people continuing to collect benefits neared a 26-year high, the government said Thursday.”

Clean up your locker and hit the road, Mr. Murti at Goldman Sachs

According to NY Times (05/21/2008): “An analyst at Goldman Sachs, Mr. Murti has become the talk of the oil market by issuing one sensational forecast after another. Mr. Murti remembers the pain of the oil shocks of the 1970s. But he is bracing for something far worse now: He foresees a “super spike” — a price surge that will soon drive crude oil to $200 a barrel.”

According to CNN Money (11/20/2008): “crude futures fell $4 to settle at $49.62 a barrel, the lowest settle price since May 23, 2005”.

LayoffBlog.com comment: “Clean up your locker and hit the road, Mr. Murti”.

Layoff Tracker update (11/20/2008)

According to TechCrunch Layoff Tracker(11/20/2008, 12:00 pm PST):

Total Layoffs Since August 27, 2008: 225
Total Employees: 77,151

CNN: No job, bad mortgage – out of luck

According to CNN: “All the foreclosure prevention plans announced to date will do little to help the next wave of delinquent homeowners, who can’t make their monthly payments because they’ve lost their jobs. But something needs to be done for them, experts said, or the country will sink deeper into an economic recession.”