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Jobless level falls to lowest level in four years

first_imgVermont Department of Employment and TrainingVermont Unemployment Press ReleaseJune 17, 2005For Immediate ReleaseContact: Michael Griffin, 802-828-4153E-Mail: mgriffin@det.state.vt.us(link sends e-mail)Vermont Labor Force Statistics (Seasonally Adjusted) May 2005 April 2005 May 2004Total Labor Force 351,600 352,300 352,900 Employment 340,700 340,700 340,300 Unemployment 10,900 11,600 12,600 Rate (%) 3.1 3.3 3.6Montpelier — The Department of Employment and Training announced today that theseasonally adjusted unemployment rate for May was 3.1 percent, down two tenths of apercentage point from the revised April estimate. The change from last month was notstatistically significant.Unemployment rates for Vermont’s 17 labor market areas ranged from 1.7 percent inHartford to 3.9 percent in Rutland and Springfield. Labor market area rates are notseasonally adjusted; for comparison, the unadjusted rate for Vermont was 3.0 percent.”Vermont’s unemployment rate dropped once more to its lowest level in four years,” saidPatricia A. McDonald, Commissioner of the Department of Employment and Training.”May’s early season job gains in leisure and construction were particularly encouragingsigns for the labor market.”The number of seasonally adjusted jobs grew by 2,200 in May, a considerably larger gaincompared to the changes from recent months. The largest increase came from the leisureand hospitality industries, which bounced back from a loss in April. Other small gainsresulted from growth in the construction industry, professional and business services andgovernment services. Expansion may also have occurred in sectors of the economywhich are not published. Additionally, the figure for total seasonally adjusted jobs mayhave slightly overstated actual gains.Before seasonal adjustment, total nonfarm employment grew by almost 4,000 jobs. Thegains occurred in the industries that usually expand as the summer months approach.Construction showed the largest growth, adding jobs at a rate on par with prior years.Entertainment, recreation and the food service industries began their usual summer hiringwith fairly typical gains. Professional and business services also experienced increasesrelated to seasonal hiring. Within the professional and business sector, administrativesupport led the growth with employment increases primarily from traffic control andlandscaping companies. Other job gains occurred in retail, manufacturing, and healthcare. Hotels, motels and other lodging experienced employment losses with the wrap-upof the winter tourism season. State and private colleges also showed a drop in jobstypical for the end of the academic year.Total nonfarm employment increased 1.6% over the last twelve months. The annualgrowth rate was slightly stronger than it was in April.last_img read more

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The CFPB’s final payday rule: The PAL exemption

first_img 14SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr On October 5, the CFPB announced it had finalized its rule on payday loans. The final rule seeks to provide “common-sense protections” for payday loans, auto title loans, deposit advance products and certain other longer term loans with balloon payments. A key protection under the new rule is that lenders will be required to conduct an ability-to-repay analysis to determine whether the borrower can repay the full amount of the loan without re-borrowing. The final rule also imposes requirements concerning withdrawal practices, disclosures and recordkeeping. The final rule covers a number of different types of loans, but the rule also provides a number of exclusions and exemptions, one of which is of particular importance for credit unions – the PAL exemption.New section 1041.3(e) exempts “alternative loans” from the payday rule. In the preamble, the CFPB explains that this exemption applies to any loan that meets the conditions outlined in the final rule so that any lender, not just federal credit unions, may qualify for this exemption. The CFPB found that this was the best approach to ensure the rules are applied consistently to all lenders. In order to qualify as an “alternative loan,” the loan must meet all of the following conditions: continue reading »last_img read more

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CUInsight Minute with Lauren Culp – March 6, 2020

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Lauren Culp Lauren Culp is the Publisher & CEO at CUInsight.com.She leads the growing team at CUInsight, works with organizations serving credit unions to maximize their brand and exposure, connects … Web: https://www.cuinsight.com Details Welcome to the CUInsight Minute, sixty seconds from our Publisher & CEO Lauren Culp with the top three of our favorite things from the week.Mentioned this week:Growth in the digital era requires bold leadershipby SAMANTHA PAXSON, CO-OP FINANCIAL SERVICESHow often do you engage with all of the different companies you do business with from your phone? I’ll bet you do it all-day long. With the advent of the smartphone, we have all become empowered consumers, aggregating all of the different things we need to do in our financial life into a suite of apps on our mobile phones. (read more)An easy way your credit union can help veteransby ANTHONY HERNANDEZ, DEFENSE CREDIT UNION COUNCILServing those who serve our country is a deep commitment to proudly serve our nation’s military, veterans, and their families. It is a commitment every credit union in the United States shares as military members are included in virtually all fields of membership. (read more)It’s Better to Avoid a Toxic Employee than Hire a Superstarby NICOLE TORRES, HBRSuperstar employees are the obsession of the corporate world. They’re highly sought after, given the most attention and the best opportunities, generously rewarded, and expressly reassured after setbacks. (read more)last_img read more

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