Month: April 2022

Total nonfarm payroll employment rose by 431,000 in March, and the unemployment rate declined to 3.6 percent, the U.S. Bureau of Labor Statistics reported on April 1.

According to the report, notable job gains continued in leisure and hospitality, professional and business services, retail trade, and manufacturing.

The Bureau said the unemployment rate declined by 0.2 percentage point to 3.6 percent in March, and the number of unemployed persons decreased by 318,000 to 6.0 million.

Among the major worker groups, the unemployment rate for adult women (3.3 percent)  declined in March.

Among the unemployed, the number of permanent job losers decreased by 191,000 to 1.4  million in March and is little different from its February 2020 level of 1.3 million, the report said.

The number of persons on temporary layoff was little changed over the month at 787,000 and has essentially returned to its February 2020 level. The number of job leavers—unemployed persons who quit or voluntarily left their previous job and began looking for new employment—fell by 176,000 to 787,000 in March.

In March, the number of long-term unemployed (those jobless for 27 weeks or more) decreased by 274,000 to 1.4 million. This measure is 307,000 higher than in February  2020. The long-term unemployed accounted for 23.9 percent of all unemployed persons in March, the Bureau said.

The labor force participation rate, at 62.4 percent, changed little in March, the Bureau said.

Some 54 percent of New Yorkers say the war in Ukraine and the international response to it will lead to long-term economic problems resulting in financial difficulties that all Americans will face for years, according to a new statewide survey of consumers by the Siena College Research Institute (SCRI).

Thirty-two percent are more inclined to say that the war will soon end and despite significant short-term economic impacts, the American economy as well as the personal finances of Americans will be largely unaffected, the survey indicated. Seventy percent say that inflation is having either a very (26 percent) or somewhat (44 percent) serious negative effect on their personal finances. 

The survey said in light of current economic conditions and the war in Ukraine, 87 percent are concerned about food prices, 80 percent are concerned with the cost of gasoline, 76 percent with home utility costs, 71 percent with the worth of the American dollar and 68 percent with the value of their retirement accounts.

In response to price increases due to inflation, 69 percent will buy less in general, 67 percent will buy less expensive items and 28 percent plan to dip into savings to pay for everyday expenses. Over a third, 35 percent plan to get a second job or generate another source of income while 34 percent now say that they will postpone or cancel a vacation in the next six months.

“Inflation had gotten New Yorkers’ attention, but now add in war in Ukraine and consumers are very concerned, and many are planning to cut back,” said SCRI director Don Levy. “While a third think the war will soon be over and that our finances will not be largely affected, over half believe the war in Ukraine will generate economic shock waves that New Yorkers will face for years to come.”

“Gas, food and utilities costs are a concern for between 76-87 percent of all New Yorkers,” Levy said. “And with inflation soaring, about 70 percent worry about the American dollar’s worth and the value of their retirement accounts. With the pandemic’s effects lessening, New Yorkers were ready to exhale, but economic conditions and war in Eastern Europe have us holding our breath again.

The State Liquor Authority is accepting applications for new permits to allow craft beverage manufacturing businesses the ability to manufacture and sell alcoholic beverages while their liquor license is pending. 

The new permits can generally be processed and approved in less than 30 days, compared to applications for new licenses that currently take an average of six months, expediting the time it takes to open new craft beverage manufacturing businesses throughout the state, officials said.

The permits allow businesses to manufacture and sell alcoholic beverages for a period of six months, or until the full application is approved, for a fee of just $125. The new permits may be extended for a three-month period for an additional $50 fee if necessary.

“New York’s craft beverage industry is not only a source of local pride, but also creates jobs and drives tourism in every corner of the state,” Governor Kathy Hochul said. “These fast-tracked permits will allow new businesses to hit the ground running by opening quickly and making immediate contributions to their local economies. This is another step in furthering our administration’s efforts to cut red tape, ease regulations, and make commonsense reforms to help these businesses grow and thrive.”

Legislation signed by Hochul in December  created new temporary permits for breweries, wineries, distilleries, cideries and meaderies, allowing them to open while awaiting the final approval, preventing accrued costs in rent and maintenance after the location and equipment have been acquired. There are currently 81 permit applications pending for craft manufacturers statewide, officials said.