Pasadena, CA -- (SBWire) -- 11/17/2010 -- Almost 190,000 people in the state of New York are going to run out of the unemployment benefits by the year’s end.
Over a 100,000 people in the state have already exhausted their emergency benefits. But the number could increase by another 190,000 by January, 1 if the US Congress does not extend the Tier 5 benefits. Nationwide, up to 2 million people could run out of all benefits if the emergency benefits are not extended before the year end. Unemployed people can get benefits for 99 weeks in most states.
New York’s unemployment rate for September was 8.3 percent, below the national average of 9.6 percent. But the number of unemployed people on benefits has already put the state’s unemployment trust fund in the red. It is already running at a deficit of $3.2 billion and the state will have to start paying interest on the loan to the federal government beginning January 1.
The state’s Labor Commissioner, Colleen Gardner has warned that Congress’s failure to renew the program would prove to be “catastrophic” for the jobless New Yorkers. The main reasons that the jobless are having a hard time finding employment is that there are five applicants for every one opening.
CEO A. Harrison Barnes of NewYorkCrossing says that there are still jobs being created in New York, but most the competition for them is fierce. “With one opening for every five people, you need to know when and where to apply.” Barnes’ firm has been able to compile a list of over 40,000 jobs available in New York City alone.
190,000 New Yorkers to Run out of Jobless Benefits, Newyorkcrossing Finds 40,000 Jobs
CEO A. Harrison Barnes of NewYorkCrossing says that there are still jobs being created in New York, but most the competition for them is fierce.