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Unemployment rate jumps half point to 5.7 percent

first_imgThe Vermont Department of Labor announced today that the seasonally adjusted unemployment rate for November 2008 was 5.7 percent, up five-tenths of a point from the revised October rate and up 1.9 points from a year ago.”The nation’s economic slowdown is showing up in more sectors of Vermont’s labor market” said Patricia Moulton Powden, Commissioner of the Vermont Department of Labor. “Bright spots remain in Education & Health services as well as Professional & Business services which continue to show annual growth.”Job GrowthBefore seasonal adjustment, Total Non-Farm (TNF) jobs fell by 2,500 or -0.8% from October to November. Most of this decline is expected as we transition into the winter and holiday period. However, annual TNF job losses increased to -1,950 or -0.6%. The largest monthly seasonal declines were observed in Leisure & Hospitality, (-1,750 or -5.4%), Construction (-950 or -5.6%) Professional & Business services, (-450 or -2.0%) and Manufacturing, (-300 or -0.9%). Only Education & Health services, (+100 or 0.2%) and the Government sector, (+150 or 0.3%) showed month to month gains. On an annual basis Education & Healthcare, (+900 or 1.6%) and Professional & Business services, (+150 or 0.7%) are the only sectors showing significant job growth. The Manufacturing and Construction sectors have contracted by 1,050 and 1,200 jobs respectively over the year.When seasonally adjusted, November job levels declined by 600 or -0.2% over October and by 1,800 or -0.6% from November of 2007. Education & Health services, (+100 jobs), Leisure & Hospitality, (+ 400 jobs) and Total Government, (+200 jobs) were the only major employment sectors to show any seasonally adjusted monthly job growth.Employment GrowthVermont’s unemployment rate grew to 5.7 percent in November as a result of a sharp increase in the number of unemployed (+1,697 to 20,200) and a decrease in employment (-918 to 336,800). Vermont’s observed November seasonally adjusted unemployment levels and rate were statistically significant and greater than October values, but employment and total labor force values were not. For comparison purposes, the US seasonally adjusted unemployment rate for November was 6.7 percent, up two-tenths of a point from October 2008. Unemployment rates for Vermont’s 17 labor market areas ranged from 3.2 percent in Hartford to 7.4 percent in Newport. Local labor market area unemployment rates are not seasonally adjusted. For comparison, the November unadjusted unemployment rate for Vermont was 5.5 percent, up three-tenths of a point from October 2008 and up 2 points from a year ago.last_img read more

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Romania’s second pillar pension returns at nine-year high

first_imgRomania’s second pillar pension funds generated impressive returns in 2019 despite hostile policies from the previous government.According to the Romanian Pension Funds’ Association (APAPR), the seven second pillar pension funds averaged a 12-month nominal, asset-weighted yield as of the end of 2019 of 11.8%, a nine-year high and well above the year’s 4% inflation rate.The previous year the funds returned their lowest ever – and only sub-inflationary yield – of 1% compared to an inflation rate of 3.3%.Despite 2018’s poor results, the total return since the second pillar’s start in May 2008, was 154%, against a cumulative inflation rate of 41.8%. Investment profits (net of management fees) on the €13bn of pension assets managed at the end of 2019 totalled more than €2.6bn.The troubles besetting the second pillar system were largely the result of the policies of the Social Democratic Party (PSD), which took power in 2016.These included lowering the contribution rate from 5.1% to 3.75% and, via a government emergency ordinance (GEO 114/2018) introduced in December 2018, turning the hitherto compulsory second pillar platform into a voluntary system for subsequent contributions and imposing substantial hikes on second pillar pension fund capital requirements.Following the loss of a no-confidence motion, the PSD was replaced last October by a centre-right minority government lead by Ludovic Orban, head of the National Liberal Party (PLN).The PLN has already proved significantly more sympathetic to the second pillar than its predecessor. Earlier this year it introduced another ordinance (GEO 1/2020) that overturned most of the previous regulation’s pensions. Mihai Bobocea, APAPRThe capital increases have been scrapped, and the system has once again become compulsory. The latter change will have relatively little impact as only 500-odd workers of the total 7.4 million second pillar membership had opted out.The new ordinance has also capped the fees levied by both Romania’s Financial Supervisory Authority and the state system’s pensions administrator.It did not, however, reinstate the participation of construction workers, who were arbitrarily removed from the second pillar for 10 years.According to Mihai Bobocea, adviser to the board and spokesman for APAPR, this measure affects some 250,000 workers, with total annual contributions of €100m.However, statements from the government indicate that it intends to continue making positive amendments to the system.Earlier this year finance minister Florin Citu promised that the contribution rate would increase to 5% in 2021, and subsequently to 6% as specified in the original second pillar pensions law.Bobocea told IPE that APAPR “welcomed the changes adopted by the current government through GEO 1/2020 regarding the functioning of the mandatory second pillar for private pension provision”.“We deem the legal solutions identified and adopted by the new cabinet to be fair, sound and reasonable, and meant to restore the balance between the legitimate interests of all stakeholders: the 7.4 million pension plan members, the pension companies managing these funds and, through its institutions, the Romanian state,” he said.last_img read more

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Renovation breathes new life into Gold Coast home

first_imgMORE: Why I live in Broadbeach Waters 11 Parkdale Court, Robina. 11 Parkdale Court, Robina.“The only thing that’s still original is the shed.”They lived in the house for a little while before moving elsewhere and renting it out.More from news02:37International architect Desmond Brooks selling luxury beach villa14 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoHowever, they moved back into the house in August because its location was much more convenient.“We loved the location, it was very central for us,” Mrs Gaspar said.The house is on a 551sq m elevated corner block and has four bedrooms and two bathrooms.It has an open floorplan with the kitchen at its heart.MORE: Zero tolerance in ‘schoolie-proof’ zones 11 Parkdale Court, Robina.A FRESH lick of paint and some tender love and care has breathed new life into a Robina house.Black and white hues, plush carpet, timber-look tiling and modern finishes give the Parkdale Court property a fresh style, making it appear new.Owners Idalina and Paul Gaspar bought the house in 2016 with plans to rejuvenate it.“We could see the potential to make it all brand new again so we decided to buy it to live in,” Mrs Gaspar said.“It’s fully renovated, it looks like a brand new house. “I really love the kitchen’s outlook because you can see the pool,” Mrs Gaspar said.“It’s very peaceful.”There are two bedrooms at both ends of the house, the main of which has a walk-in wardrobe and ensuite. 11 Parkdale Court, Robina. 11 Parkdale Court, Robina.The main bedroom opens out onto an outdoor entertainment area in the backyard.There is also a magnesium pool with frameless glass fencing in the backyard.While reluctant, the Gaspar family have decided to sell the property to move closer to the water.“The kids are really happy here, they actually don’t want to move,” Mrs Gaspar said.“We’ve been on the water before and we always loved to be there for summer and have the boat to enjoy the lifestyle.”last_img read more

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‘ELVIS’ IS FINED €50 FOR BEING DRUNK IN KERRYKEEL

first_imgA Kerrykeel man known as ‘Elvis’ has been fined €50 for being intoxicated.Gardai told Letterkenny District Court that they had received reports of a man on a bike asking for money from people in the car park of the LIDL supermarket in Milford.Garda Enda Jennings told the court told the court that he knew the man as Frank McGroary of Kerrykeel. He said the 68 year old was well-known in the area as ‘Elvis’ and was a pitiful sight due to his drink problem.On the day in question Garda Jennings said McGroary was attempting to speak to people in cars with children in them.The Garda said he told McGroary that he was due in court but the accused said the Garda must have the wrong man as he said he was never in court in his life.Judge Paul Kelly fined McGroary €50 and gave him one month to pay.‘ELVIS’ IS FINED €50 FOR BEING DRUNK IN KERRYKEEL was last modified: April 20th, 2015 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:donegaldrunkElvisFrank McGroaryGardaiKERRYKEELlast_img read more

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