Friday, May 4, 2012

The consequences of job gains

A decreasing unemployment rate is what just about every labor market stakeholder wants, right?

Well, for about 1,000 jobless residents between Manatee and Sarasota counties, the answer is a definitive wrong.

That's because 617 of the area's unemployed will immediately lose their federal extended benefits next week as a result of recent dips in Florida's unemployment rate, which reached 9 percent in March, the latest figures available. Another 449 jobless slated to soon fall into the extended benefits program -- the last lifeline for long-term unemployed -- now will not qualify.

When Congress passed its Unemployment Compensation Extended Benefits plan, all states that reach a certain benchmark of improvement no longer could tap into the fund. For Florida, that mark was passed in March.

Great for the economy. Bad for 1,066 jobless residents in Southwest Florida.

The cutoff date is May 12.

The state and local jobs agency are working now to notify those impacted by the change, while seeking to remind them of the local help available.

You can read all about the situation in my story, which is slated for tomorrow's Bradenton Herald and Bradenton.com first thing in the morning.

But, if you were following me on Twitter @JoshSalman, you would have known this already. (That was a hint to follow me!)

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