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New York State Unemployment

February 13, 2011 by · Comments Off on New York State Unemployment 

New York State Unemployment, Its time to do something for Great Nation, No need to just saying bad to old administrations, every one has voted for change not just same old. Obama is hoping Nation now. World is looking to U.S. , Elmendorf, echoing its membership, which consists of small business owners in New York, said the engine of job growth does not turn up business costs start machine in New York.

In December, the state shed 22.6000 private sector jobs while the unemployment rate declined official state at 8.2 percent, against 9.8 percent nationally.

Elmendorf says his members are concerned that a massacre of jobs is facing New Yorkers without a plan for economic recovery.

But even with promises of a better business climate under Governor Como, it could be years before enough jobs are created to significantly reduce the number of unemployed.

States and companies can get a little more help from Washington in the treatment costs of high unemployment – at least for the next two years.

The Obama administration has waived interest payments for two years in the States and borrowed 42.3 billion the federal government to cover unemployment benefits. Some 30 states are on the hook for an estimated $ 1.3 billion in fees and interest this year.

The measure, one of three related to the costs of UI will be part of the federal budget that President Obama will deliver to Congress next week. Already, Republicans are lining up to oppose this proposal, which must be approved by Congress to become law.

The other two measures have a direct impact on employers pay taxes to support the system of unemployment. It might postpone for two years an increase in federal unemployment taxes, which are used to repay the loan principal.

The other, however, proves to be the most controversial. It calls for increasing the level of wages of workers subject to federal unemployment and 15,000 in 2014 and now 7000 cons.

Five residents of Rockland County have been arrested in connection with the theft of state unemployment benefits in New York, according to Attorney Thomas P. Zugibe and state Labor Commissioner Colleen C. Gardner.

Zugibe said they are accused of receiving benefits totaling more than 24,300 funds and state unemployment insurance trust while earning a salary.
Charged with third degree grand theft, a crime, are:
Charles Austin, 42, of Palisades Court 2, Pomona
Mauricio Duarte, 48, 30 Third St., Hillburn
Group Robin, 49, 13 Wyndham Court, Nanuet
Kaufman Hayden, 32, 7 Georgian Drive, Stony Point |
Jayson Joubert, 31, of 19 Hoyt St., Spring Valley
“Unemployment benefits act as a lifeline for those in need during times of economic instability,” said Zugibe. “These funds will not be fraudulently drained by Rockland County residents, who rightly, be supported. ”
The charges are the result of an investigation by the Rockland County Special Investigations Unit and the New York State Department of Labor.
Zugibe said Rocklanders five are accused falsely stating that they either did not work, or to lie about the number of hours they worked. He said they worked in a variety of occupations, including retail sales, occupational therapy and sanitation and benefits overpaid from 3100 and more than $ 7,000.

Unemployment Benefits

February 6, 2011 by · Comments Off on Unemployment Benefits 

Unemployment Benefits, (AFP) – New claims for U.S. unemployment benefits fell more than expected at the end of January, official data showed on Thursday a day ahead of key government report jobs per month. The Labor Department said initial claims for unemployment insurance fell to 415,000 seasonally adjusted in the week ending January 29, at nine percent a week earlier revision 457000 against surges. The drop in applications last week was higher than the average forecast of 425,000 as the labor market struggles to get in trouble over a year and a half after the release of economic recession.

The week preceding increase is partly due to seasonal factors and winter storms in several states, officials said. “With this new decline, initial applications are closer to their underlying trend, which is consistent with a slow improvement in the labor market,” said Andrew Gledhill of Moody’s Analytics.

The unions are pressing for unemployment le”bénéficient clearly insufficient,”who now accuses the old age pension of nearly 100 a week and, to be increased significantly in order to improve protections for workers.

As part of it’s proposed federal budget for the ACTU wants the Newstart allowance for single people, and now about 234 a week to remove immediately and 47.82 per week and eventually reach the same level as the pension.

Newstart payment for singles, which is estimated to apply to more than 300,000 Australians, has been criticized by rights groups of being too stingy. The Organization for Economic Cooperation and Development, in a report last November, also criticized and said one option would be to increase Newstart for the initial period of unemployment.

Rep. Barbara Lee calling on Congress to fund relief for long-term unemployed, in response to the unemployment figures last week.

“The extension of emergency unemployment compensation Act, would ensure that these long-term unemployed workers get long-awaited assistance they need to support their families make ends meet and help our economy, “said Lee. “Our bill would add 14 weeks of emergency unemployment benefits and would ensure that these benefits are retroactively to persons who have exhausted their benefits and remain unemployed.”
In addition, the ministry report shows black unemployment is at 15.7 percent. The rate is down 15.8 percent last month and 16 percent in November. The highest rate since Obama took office was 16.3 percent in August.

“The report also shows that the unemployment rate of some groups – such as women and African-Americans – have improved very little,” said Lee. “In front of this report, we must redouble our efforts to create jobs and ensure that people are trained and ready to fill those jobs with success.”

New York State Unemployment

February 6, 2011 by · Comments Off on New York State Unemployment 

New York State Unemployment, The objective of President Barack Obama driving the unemployment rate below 9 percent this year is threatened by national and local budget cuts that are likely to intensify as federal recovery funds are exhausted.

The austerity measures may add as much as 0.25 percentages point the unemployment rate this year, according to Mark Zandi, chief economist at Moody’s Analytics Inc.

“It could make the difference between the end of 2011, unemployment above or below 9 percent,” he said. “There is no more serious drag on economic growth and severe budget cuts at the state level and local level.”

Reductions in the public wage bill will ripple through the economy, cutting revenue to companies that rely on contracts and public spending depressing among those thrown out of work, “said Zandi. The result could be loss of 600,000 jobs in the fiscal year beginning July 1, he said.

State and local governments cut 12,000 workers from payrolls last month, a Labor Department report showed today. Total payroll increased by 36,000, depressed by the weather, and the unemployment rate fell to 9 percent from 9.4 percent.

The 18-month recession that began in December 2007 – the longest since the Great Depression 43 months – declined to state and local tax revenue while increasing the demand for services such as Medicaid and unemployment insurance. After three years of struggle to close budget gaps, many governors and mayors have used the maneuvers of a time and rainy day funds.

(AP) – Two years ago, the stock market has been roadkill along the highway funding. Now, one of the greatest bull markets in history in stock – may be enough to finally get the attention of the average investor.

The Dow Jones industrial average closed above 12,000 for the first time in two and a half years on Tuesday, putting the Great Recession further in the rearview mirror and erasing most of the damage inflicted on tens of millions of pension accounts.

A broader measure of stock market, the Standard & Poor’s 500 closed above 1300 for the first time since August 28, 2008. And at least a widely observed suggests stocks are still cheap by historical standards.

The race remarkable for stocks began March 9, 2009. The Dow stood at 6,547, its lowest level in 12 years. Since then, the fastest climb since the Great Depression, it has increased 84 percent due to soaring corporate profits, the unexpected resistance of staff costs and intervention buying of bonds by the Federal Reserve who making stocks more attractive. And some of the early gains came as investors realized that stocks have fallen too far during the financial crisis.

The total yield of the Dow, which assumes dividends were reinvested in shares, is 92 percent. Anyone who bought a fund S & P 500 index that day in March 2009 has doubled his money, assuming dividends were reinvested.

The Dow closed at 12,040.16 on Tuesday, advancing 148 points after strong corporate earnings reports and signs that the manufacturing sector had a good month of January. The S & P 500 closed at 1307.59, up 21 points.

The rebound could bring small investors back on the stock market. They shot nearly 245 billion and mutual funds from U.S. securities in June 2008, the last time the Dow was at 12,000, according to the Investment Company Institute. Earlier in the decade, they are usually put in $ 145 billion per year.

And if Americans believe the stock market again, it could accelerate the economic recovery.

“Lack of trust has acted as a sedative throughout the economy,” said David Kelly, chief strategist at JP Morgan Funds. “The Dow at 12,000 could boost U.S. investor psychology and be a stimulant more potent than anything else in the conduct of the next stage of this bull market. “Investors see rising stock portfolios are more likely to spend money and take risks that could stimulate the economy,” he said.

The market has been rising without having to buy as much by small investors. Is that professionals who have pushed stock prices higher for two years because they expected corporate profits to increase.

Companies have been sitting on a huge pile of money – the largest in proportion to their total assets since 1959. They start spending a little to upgrade their computer systems and the purchase of basic materials to expand – even though they have yet to hire again in large numbers. Alcoa, the giant aluminum company, has benefited from this expenditure, and its shares jumped 30 percent over the last three months. Technology stocks led the rally in the final push. Hewlett-Packard and IBM have each jumped more than 10 per cent over the past month.

“We are at a new stage in the economy,” said Liz Ann Sonders, chief strategist at Charles Schwab. “There is a huge amount of pent-up demand for capital spending by businesses.”

Stocks that typically do well in the first half of a bull market have been lagging the overall market recently. Shares of small companies that usually lead have stalled after rising 27 percent last year. So-called consumer discretionary stocks – hotels, restaurants and fashion shops which rely on the spending of people – tend to perform well at the beginning of a bull market, because they tend to fall more in a downturn. Lately they have been delayed. Consumer discretionary stocks rose 0.5 percent this year, far behind the 4 percent gain in the S & P 500.

Gains in the stock market have not been matched elsewhere. Real estate prices in some cities are still near the bottom they hit at the height of the financial crisis. Economists expect that this year could make record seizures. Some state and local governments are struggling to provide basic services, and the federal deficit is at its highest level in percentage of GDP since the end of the Second World War.

And agitation in Egypt shows that the market is still vulnerable to unforeseen events. The Dow fell 1.4 percent Friday, its biggest decline in more than two months because of concerns that the protests in Egypt could disrupt the global oil trade. Egypt controls the Suez Canal, a vital route for oil tankers and cargo ships.

But the economy is in better shape today than it was the last time the Dow closed above 12,000, June 19, 2008. This proved to be only one third of the way through the Great Recession. The Dow had fallen 2,000 points from its peak of 14,164 in October 2007 but was much more to fall. The unemployment rate was 5.6 percent and was on his way to 10.1 percent.

Today, the economy is expanding again. But jobs are scarce and the unemployment rate is 9.4 percent. Millions of people cannot afford to invest in a rally through the stocks.

The lack of demand for small investors is building up stocks cheap by historical standards. The Dow now trades at 14.7 times earnings per share combined the last year of the 30 stocks that make up the Dow Jones, well below the historical average of 17. If the Dow traded at 17 times earnings now, it would be at 13,877 – just 287 points below its record high.

The Dow is 15 percent below its record in October 2007 and could reach a new high this year. Pulling off that would require a total gain for 2011 of about 22 percent. The Dow Jones rose by as much or more than one year eight times since 1985, or about once every three years.

Small investors have started buying shares again. Investors and proposes $ 2.5 billion in mutual funds that held American companies during the first three weeks of January, the biggest increase since April of last year.

Major brokerages that manage investments begin to see the return of individual investors. “Our customers are showing increased confidence in economic recovery,” said Morgan Stanley Chief Financial Officer, Ruth Porat.

If unemployment starts to fall steadily, the bull market probably has more to do. Before the financial crisis of 2008, the unemployment rate was last at 9.4 percent was in July 1983. In November 1985, he was 7 percent and the Dow Jones was 23 percent higher.

AP Business Writer Pallavi Gogoi contributed to this report.

Copyright © 2011 The Associated Press. All rights reserved.

New York State Unemployment

January 30, 2011 by · Comments Off on New York State Unemployment 

New York State Unemployment, (AP) – still vague threat enterprise Governor Andrew Cuomo to lay off thousands of state employees under the budget he will present on Tuesday, employees and their families shaking. The fear is real. But in Albany, where the fog of politics, it is even difficult to understand how state employees, even number, the reality is more difficult to understand.

Cuomo budget will probably include more threats of massive cuts in the workforce believes that approximately 190,000. The office of state comptroller says the total is greater than 266,000, based on payroll checks. On average, each worker costs the state and 98,500 per year in salaries and benefits, creating a ripe target to help meet a deficit and 10 billion.

But some Democratic lawmakers and financial analysts who have done many private visits in Albany say that the history, evolution and economic policy could mean a lot less, if any, layoffs when the 2011-12 budget is finalized in the coming months.

It’s hard to believe, after the horror stories relayed by the legislature, a wink and nod obvious – but no confirmation – from Cuomo to closed meetings this month. Lawmakers appeared saying that there could be as many as 15,000 jobs eliminated in all parts of the state.

On Tuesday, Cuomo will present a budget proposal to the Legislature that his colleagues will all breath whispered expensive “Saw” movie.

What part of this presentation will be real, how positioning Cuomo, labor negotiator, will determine if there is real blood on the podium or stage blood.

The big difference between the repeated threats of layoff by former Governor David Paterson – about 900 workers were eventually let go on Dec. 31 – and Cuomo is the contracts the unions of the public “due in March. The unions had refused to reopen their collective bargaining agreements for Paterson to fill the gaps more.

Each year there are hundreds of changes in tax laws – and this year is no different. Taxpayers go through all sorts of life changes throughout the year – getting married or moving, for example – they must keep in mind when filing fees. And this is the first tax preparer tax season must register with the federal Internal Revenue Service.

But New York State, the tax preparers had to register with the state Taxation and Finance Ministry last year. Now, with more than 80 percent of Americans go to a tax preparer to file, the IRS has made every trainer you register, you register for an ID number of tax preparers, test and take classes each year.

And most tax preparation in favor of the new regulations.

“It’s a good program,” said Valarie Kruse, owner of AAA Tax Service of the City of Lockport. “It gives people a sense of security. The IRS is there to protect the taxpayer.”

“It’s a very good thing, good for tax preparers, good for taxpayers,” said Mark Steber, the chief tax officer of Jackson Hewitt.

The best way to prepare for tax season is to organize, Steber said. Using a shoebox or envelope, people should gather all the important tax documents, receipts and return of last year, “said Steber. And find a preparer of record if the applicant wants to use a preparer, he added.

Steber said people should be aware of everything and all life changes, no matter how small. These can be something like a move, or even as simple as taking care of a parent.

“Every year there are a lot of changes to tax, but more common are changes in people’s lives,” said Steber.

Small businesses typically have many tax advantages that homeowners may not know, Steber said. The costs of job search could also help, he added.

Unfortunately, the change of life was the most common of unemployment, Kruse said. The unemployment rate has hovered between 8 and 9 percent on the spot for months.

“I also found there were many job changes, so people come in with a number of W-2s,” said Kruse. “The consistency of employment is not there.”

Towards the end of December action by Congress has resulted in deductions to be reduced. For example, deductions for teachers’ materials and tuition deductions were late, but were renewed for the 2010 tax return.

New York State 3-month rate of unemployment average of 8.3%. This falls below the average of 8.5% required by the federal government for people to claim the six weeks of EUC benefits under Tier 4. If you have claimed all Tier 3 EUC benefits with the week ending August 15, 2010, you can receive six weeks of EUC Tier 4. So if you’re still unemployed, you can move through the extended benefits. If you have not applied all Tier 3 EUC benefits with the week ending August 15, 2010, you cannot receive benefits from level 4. This means you will spend EUC Level 3 directly into the extended benefits.

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