'The Monthly Employment and Unemployment Numbers Can be Volatile'

Statement on the Employment Situation in February

  

WASHINGTON, DC – Alan B. Krueger, Chairman of the Council of Economic Advisers, issued the following statement today on the employment situation in February. 

   

Today’s employment report provides further evidence that the economy is continuing to heal from the worst economic downturn since the Great Depression. It is critical that we continue the economic policies that are helping us dig our way out of the deep hole that was caused by the recession that began at the end of 2007, including measures to help the sectors that were most severely harmed by the bubble economy that misdirected investment and created too few durable jobs.

After losing millions of good manufacturing jobs in the years before and during the recession, the economy has added 429,000 manufacturing jobs in the past two years. For the first time since the 1990s, the manufacturing sector is adding jobs. To support a revival in manufacturing jobs and output, the President has proposed tax incentives for manufacturers, enhanced training for the workforce, and measures to create manufacturing hubs.

Private sector payrolls increased by 233,000 jobs and overall payroll employment rose by 227,000 jobs in February. The unemployment rate was unchanged at 8.3%. The unemployment rate has fallen by 0.8 percentage point over the last 6 months.

There was an increase in the size of the labor force last month of 476,000. Importantly, the increase in the labor force last month was due in large part to a reduction in the number of workers who exited the labor force between January and February.

Despite adverse shocks that have created headwinds for economic growth, the economy has added private sector jobs for 24 straight months, for a total of more than 3.9 million payroll jobs over that period. In the last 12 months, 2.2 million private sector jobs were added on net. In the last 6 months, 1.3 million private sector jobs were added, the most of any 6 month period in nearly 6 years.

Sectors with net job increases included health care and social assistance (+61,100), temporary help services (+45,200), leisure and hospitality (+44,000), and manufacturing (+31,000). Construction lost 13,000 jobs, reflecting a loss of 15,400 specialty trade contractor jobs. Employment in the Federal government fell by 7,000 jobs.

The monthly employment and unemployment numbers can be volatile, and employment estimates can be subject to substantial revision. Therefore, as the Administration always stresses, it is important not to read too much into any one monthly report; nevertheless, the trend in job market indicators over recent months is an encouraging sign.

Krueger: 'We Need to Extend the Payroll Tax Cut...'

Statement on the Employment Situation in January

WASHINGTON, DC – Alan B. Krueger, Chairman of the Council of Economic Advisers, issued the following statement today on the employment situation in January.   

Today’s employment report provides further evidence that the economy is continuing to heal from the worst economic downturn since the Great Depression. It is critical that we continue the economic policies that are helping us to dig our way out of the deep hole that was caused by the recession that began at the end of 2007. Most importantly, we need to extend the payroll tax cut and continue to provide emergency unemployment benefits through the end of this year, and take the additional steps that President Obama proposed in his State of the Union address to create an economy built to last.

The unemployment rate fell 0.2 percentage point to 8.3%, from a high of 10% in October 2009. The drop in unemployment over the month was entirely due to employment growth, as the labor force participation rate remained constant, once new population weights are taken into account. The unemployment rate has fallen by 0.8 percentage point in the last 12 months. Private sector payrolls increased by 257,000 jobs and overall payroll employment rose by 243,000 jobs in January. Despite adverse shocks that have created headwinds for economic growth, the economy has added private sector jobs for 23 straight months, for a total of 3.7 million payroll jobs over that period. In the last 12 months, 2.2 million private sector jobs were added on net. Nonetheless, we need faster growth to put more Americans back to work.

Sectors with net job increases in December included professional and business services (+70,000), manufacturing (+50,000), leisure and hospitality (+44,000), health care and social assistance (+29,700), and construction (+21,000). Government lost 14,000 jobs.

The monthly employment and unemployment numbers can be volatile, and employment estimates can be subject to substantial revision. Therefore, as the Administration always stresses, it is important not to read too much into any one monthly report; nevertheless, the trend in job market indicators over recent months is an encouraging sign.

President Obama Speaks at Washington Auto Show

President Obama discusses the resurgence of the American auto industry at the Auto Show in Washington, DC.

Advance Estimate of GDP Growth for the Fourth Quarter of 2011

(Click to enlarge graph) 

Report Released by Council of Economic Advisers

The following information was submitted by Alan Krueger, Chairman of the Council of Economic Advisers.

Today’s report shows that the economy posted its tenth straight quarter of positive growth, as real GDP (the total amount of goods and services produced in the country) grew at a 2.8 percent annual rate in the fourth quarter of last year. For 2011 as a whole, GDP rose by 1.7 percent, raising the level of real GDP 0.7 percent above where it was at the start of the recession in the fourth quarter of 2007.  While the continued expansion is encouraging, faster growth is needed to replace the jobs lost in the recent downturn and to reduce long-term unemployment.

Positive contributions to real GDP growth in the fourth quarter included consumer spending (1.5 percentage points) and fixed investment (0.4 percentage point).  Overall government purchases fell (4.6 percent), with substantial declines in Federal defense spending (12.5 percent) and State and local spending (2.6 percent). 

As President Obama has said, this is a make-or-break moment for the middle class, and those who are struggling to get into the middle class.  That is why the President announced on Tuesday his Blueprint for an America Built to Last – an economy built on American manufacturing, American energy, skills for American workers, and a renewal of American values.

President Speaks on an Economy Built to Last in Iowa

President Obama visits Conveyor Engineering and Manufacturing in Cedar Rapids, Iowa and speaks about strengthening our economy and building an American that’s built to last.

Suze Orman Under Fire for Her Debit Card

Personal finance guru Suze Orman is under fire for her new prepaid debit card. Critics say it’s full of hidden fees.

Sources:KMBCFoxHLNTIMEFoxBusiness

BusinessWeek 

Watch video: http://www.newsy.com/videos/suze-orman-under-fire-for-her-debit-card/ 

By David Earl

Anchor: Nathan Byrne

Link courtesy of Newsy.com

EU Marks 10th Anniversary

Greece, Portugal, Ireland, Spain and Italy are all in financial trouble. Some are predicting each - or all - could exit the European Union in 2012.

Sources:BusinessWeekBBCTheNewYorkTimes

BloombergHinduBusinessLine

Watch video: http://www.newsy.com/videos/is-the-euro-s-tenth-birthday-its-last/

By Jim Flink

Anchor: Lauren Zima

Link courtesy of Newsy.com

Unemployment Hits a Three-Year Low

Analysts say fewer Americans filed for unemployment benefits over the past month than at any time in the past three years.

Sources:CNNBusinessWeekBloombergCNBC

FoxBusiness

Watch video: http://www.newsy.com/videos/unemployment-hits-a-three-year-low/

By Jim Flink

Anchor: Megan Murphy

Link courtesy of Newsy.com

France Passes Genocide Bill, Angers Turkey

The bill would make it illegal to deny the 1915 genocide of Armenians by Ottoman Turks despite Turkey's rejection of the term.

Sources:euronewsFrance24BBCNews
BusinessWeek

Watch video: http://www.newsy.com/videos/france-passes-genocide-bill-angers-turkey/

By Harumendhah Helmy

Anchor: Lauren Gores

Link courtesy of Newsy.com

Open for Questions: Women's Entrepreneurship

Christine Koronides of The White House National Economic Council and Ana Harvey, Associate Administrator of the SBA for Women's Business Ownership, take your questions on women's business ownership.

Vice President Biden Holds a Campaign to Cut Waste Cabinet Meeting

Vice President Biden announces that $5.6 billion in fraud was recovered across the government in 2011, and discusses new initiatives to eliminate wasteful government spending, including suspending production of $1 coins and cracking down on prescription drug fraud and abuse.

Politics in Action: H.R. 3630

STATEMENT OF ADMINISTRATION POLICY

H.R. 3630 – Middle Class Tax Cut Act of 2011

(Rep. Camp, R-Michigan, and 5 others)

The Administration strongly opposes H.R. 3630. With only days left before taxes go up for 160 million hardworking Americans, H.R. 3630 plays politics at the expense of middle-class families. H.R. 3630 breaks the bipartisan agreement on spending cuts that was reached just a few months ago and would inevitably lead to pressure to cut investments in areas like education and clean energy.

Furthermore, H.R. 3630 seeks to put the burden of paying for the bill on working families, while giving a free pass to the wealthiest and to big corporations by protecting their loopholes and subsidies.

Instead of working together to find a balanced approach that will actually pass both Houses of the Congress, H.R. 3630 instead represents a choice to refight old political battles over health care and introduce ideological issues into what should be a simple debate about cutting taxes for the middle class.

This debate should not be about scoring political points. This debate should be about cutting taxes for the middle class.

If the President were presented with H.R. 3630, he would veto the bill.

Image courtesy of http://www.freestockphotos.biz

Croatia Signs Treaty of Access to EU

Croatian officials signed the treaty in Belgium Friday, putting the country on the road to 2013 full membership. But will it pass a referendum?

Sources:euronewsEUX.TVBusinessWeek

InternationalBusinessTimesFinancialTimes

Watch video: http://www.newsy.com/videos/croatia-signs-treaty-of-access-to-eu/

By Orkide Izci

Anchor: Christina Hartman

Link courtesy of Newsy.com

Cuomo: 'The Actions of the Committee Could Deprive New York of Billions of Dollars in Promised Federal Aid

Governor Sends Letter to Congressional Delegation Regarding Impact of Super Committee on New York

Governor Andrew Cuomo has sent a letter to the New York congressional delegation regarding the impact of the actions of the "Super Committee" on the state. The letter is below.

Members of the New York State Congressional Delegation:

As you know, the deadline for the Joint Select Committee on Deficit Reduction (the Committee) to approve a consensus plan is this Wednesday, November 23. The actions of the committee, whether or not the members reach a consensus, will have a direct and significant impact on the finances and economy of the state of New York. I write to express my strong concern regarding the possible impacts of either a stalemate, which would trigger across the board cuts to federal programs, or any agreement that targets programs that New Yorkers and state government depend on. We cannot allow the actions of Washington to undo the progress we have made here in New York.

I recognize the fiscal challenges facing Congress at this critical moment in our nation's history. Rising federal deficits and debt pose a serious threat to the economic viability of this nation and must be addressed in a bi-partisan way with shared sacrifice coming from all Americans. Reviving America's economy and putting Americans back to work is the greatest challenge facing our nation's leaders.

Since taking office more than 11 months ago, my administration, in partnership with the Legislature, has achieved historic budgetary reforms allowing us to close a $10 billion budget gap without raising taxes or borrowing, eliminate automatic spending inflators that cost New Yorkers billions, and impose renewed fiscal discipline on state and local governments. These efforts have resulted in the significant reduction of out-year deficits.

However, as the economy has slowed and uncertainty has gripped financial markets at home and overseas, our state's fiscal situation has become more dire. We are watching the state's tax receipts and budget projections closely as the financial markets remain roiled. Now more than ever, we need to work together to come up with ways to stimulate our economy and put New Yorkers, and all Americans, back to work. A vibrant and growing economy is the best way to generate new revenues for the state and the federal government.

I write to you today because the actions of the Committee could deprive New York of billions of dollars in promised federal aid and deal a major blow to the economy and fiscal stability of this state. These are difficult times that require tough decisions. However, the burden of cuts or reductions in tax deductions must be shared evenly by all states and, as New York's representatives in Congress, I urge you to work to minimize the potential damage to New York.

I am specifically concerned that certain proposals could have a catastrophic impact on New Yorkers and our economy. Specifically, dramatic cuts to Medicaid reimbursements, transportation funding, agricultural assistance, and other federal programs could significantly widen the state's budget gap next year and into the future. In addition, proposals to eliminate tax deductions on state and local taxes as well as home mortgage interest payments could cost New Yorkers thousands of dollars a year, dealing a body blow to families across the state. This would not only take money out of the pockets of hard working New Yorkers, but also take money out of our fragile economy.

New York State receives nearly $40 billion in Federal funding on an annual basis to support critical programs and initiatives. This Federal funding represents approximately 30 percent of the State all funds budget, and supports activities including:

$2.4 billion for educational services that primarily support schools with high concentrations of students from low-income families and students with disabilities.

More than $25 billion for the Medicaid program that provides health care services and employment for millions of New Yorkers.

Nearly $4 billion for construction related to transportation and clean water infrastructure programs that ensure a safe and effective infrastructure system across the State.

These Federal resources support more than 670,000 jobs and $32 billion of wages throughout the State.

The Committee is charged with developing deficit reductions of at least $1.2 trillion over 10 years. These recommendations will have a potentially devastating impact in many critical areas.

The loss of Federal transportation aid would reduce the level of capital repairs on our system, diminishing our efforts to repair a system that is already under stress. Over 7,000 of our bridges are over 50 years old and nearly 6,200 bridges are in deficient condition. New York State ranks 46th nationally in Interstate pavement condition. In addition, the loss of this construction funding would hurt job creation in the construction industry – which is already suffering a 20 percent unemployment rate nationally.

Proportional cuts to Federal programs could result in a loss of $2.4 billion for the State Medicaid and Medicare programs. Loss of funding at this level would likely result in closure of fiscally fragile health care institutions, impact individual access to services and displace thousands of health care employees.

Across the country, leaders in government have heard the call to do more with less. We have done this in New York and Washington should do the same. However, cuts to critical programs should be made in a manner that does not undo the progress we have made at the state level or further erode the chances of a strong economic recovery. I believe certain proposals reportedly being considered by the Committee have the strong possibility of doing both. That cannot be allowed to happen.

Thank you for your committed service to this State and its people.

Sincerely,

Andrew M. Cuomo

Governor

BAE Systems to Remain in Southern Tier

State to Provide Incentive Package for Company Significantly Damaged by Hurricane Irene

BAE Systems, a global defense, security, and aerospace company, will continue operations in the Southern Tier. With the State's support and assistance, the company will relocate from its current facility in Johnson City to another location in the region, retaining its 1,350 employees in the Southern Tier.

"Saving nearly 1,400 local jobs is a big win for the people of the Southern Tier," Governor Cuomo said.

"If BAE had been forced to relocate out of state, it would have been a significant loss for the entire region. We pledge to assist companies like BAE that have been significantly affected by natural disasters to ensure our businesses have the tools to keep New York jobs in the hands of New Yorkers."

Dan Gobel, President, BAE Systems Controls, Inc., noted, "We are grateful to Governor Cuomo, Lieutenant Governor Duffy, and the entire economic development team for the diligence with which they have supported us in the wake of the flooding. Our ability to recover our business in the Southern Tier would not have been possible without the State's involvement."

BAE System's Main Street facility sustained major flood damage in the aftermath of Hurricane Irene in September. At the height of the flooding, BAE officials report the plant was inundated with 16 million gallons of water.

A final damage estimate has not been tallied but is estimated to run in the tens of millions of dollars, with some of the plant's custom-made machinery destroyed. The company announced in October it would not be returning to the Johnson City facility and was looking within a 35 mile radius for a new facility.

Losing the company at this location would have meant a staggering impact on the local economy, families, communities and school districts as BAE is one of the largest employers in the area.

To assist BAE, the State has put together an incentive package of $40 million in job and investment-related tax credits over a five-year period, pending legislative approval enabling companies significantly affected by natural disasters – like the recent historic floods experienced in the Southern Tier – to receive disaster-related tax benefits for retaining jobs in New York State.

"When I toured BAE following the devastating flooding, I witnessed BAE's loyalty to its employees, and I am proud New York State can return that loyalty by keeping these jobs in the Southern Tier. This successful effort demonstrates our commitment to supporting the retention of jobs and full recovery of businesses damaged by the flooding," stated Lieutenant Governor Robert Duffy.

Senator Tom Libous added, "This fall's flooding had a devastating effect on some of the Southern Tier's major companies. I was pleased to work in cooperation with Governor Cuomo to provide the resources necessary to allow BAE Systems to stay in the Southern Tier and more importantly to save the jobs of almost 1,400 families."

"Keeping BAE Systems in the Southern Tier is critical to the region's economic viability and future growth. I applaud Governor Cuomo and all of the partners who came to the table to retain this company and its 1,400 employees," said Assemblywoman Donna A. Lupardo.

"Under the leadership of Governor Cuomo and Lieutenant Governor Duffy, this critical manufacturer and major employer will remain in the Southern Tier. ESD is pleased to have been able to work with the company on a business retention package that ensures it will continue to operate effectively in New York State," concluded Empire State Development President, CEO & Commissioner Kenneth Adams.

Image source: Wikipedia
Author: BAE Systems
Permission: Public Domain

New York State DOB Releases Mid-Year Update

Update Revises Budgetary Projections for the Current Year Through Fiscal 2015

The State Division of the Budget today released the Midyear Update to its FY 2012 Financial Plan. This update revises the state's budgetary projections for the current year through FY 2015 based on a review of current financial data and operations.

Weak and unsettled economic conditions around the world -- illustrated by the Eurozone financial crisis, volatility in the financial markets, and persistently disappointing data on employment, consumer confidence, and income -- have darkened the State's fiscal outlook.

The significant positive receipts results early in the fiscal year have been largely eroded as the economy weakened in the summer months. With the prospect of a weak bonus season on Wall Street, even more negative pressure is being placed on the State's receipts outlook.

Based on comprehensive review of these factors, as well as actual operating results, updated program data, and other factors, the Division of the Budget (DOB) estimates that the General Fund has a budget shortfall of $350 million in the current fiscal year.

In order to eliminate the shortfall, DOB will immediately institute a fiscal management plan. If it appears that the savings from the management plan will be insufficient to eliminate the shortfall, the Governor is expected to call the Legislature into session to consider additional actions to achieve a balanced budget in the current fiscal year.

The same adverse economic factors have increased the size of the projected budget gap that must be closed in FY 2013. DOB now estimates that the gap for FY 2013 is in the range of $3.0 billion to $3.5 billion.

Governor Cuomo will propose an Executive Budget for FY 2013 that will eliminate the gap.

DOB will have a better sense in coming weeks of the magnitude of the receipts decline as more data becomes available.

A copy of the full report is available at www.budget.ny.gov.

The Power of the Pen: Bills Signed into Law

Statement by the Press Secretary

On Saturday, November 12, 2011, the President signed into law:

S. 1487, the “Asia-Pacific Economic Cooperation Business Travel Cards Act of 2011,” which authorizes the Department of Homeland Security to issue Asia-Pacific Economic Cooperation Business Travel Cards to eligible business leaders and U.S. Government officials actively engaged in Asia-Pacific Economic Cooperation business.

Cuomo Announces $4.2 Million in Development Grants

15 Awards Across the State Leverage $63.9 Million in Private Investment

Governor Andrew Cuomo announced the approval of $4.2 million in Community Development Block Grant (CDBG) Economic Development awards to communities across the state to assist in attracting, retaining, and spurring job creation. The 15 awards will benefit businesses ranging from small microenterprises to larger industrial companies.

The federally-funded CDBG program provides financial assistance to eligible counties, cities, towns, and villages to help develop viable communities by providing decent affordable housing and expanding economic opportunities.

The State's grants, awarded through the Housing Trust Fund Corporation, one of the agencies integrated into New York State Homes and Community Renewal (HCR) will leverage a return of nearly $64 million in private investment.

Governor Cuomo said, "With these successful joint ventures between government and private industry, we can attract more business and investment to our state, creating and retaining even more jobs. It's a model that works and will lead to a brighter economic future for communities across the state."

"Under Governor Cuomo's leadership, we are working to create an economic development strategy that is more than simple economic stimulus. The economic benefits of these awards will spark business growth and will spur more national and international interest in keeping and bringing more business and industry to New York State," said HCR Commissioner/CEO Darryl C. Towns.

The awards announced today were part of an application process begun in May at HCR. Future CDBG awards will be made through a performance-based, community driven approach under the aegis of the Regional Councils.

The awards include $585,000 in grants to region-centric Microenterprise Assistance Programs to localities in Sullivan, Albany and Niagara Counties. The funds will be used for both start-ups and existing businesses, with a minimum of 50% of the total allocation awarded to start-up enterprises.

The Microenterprise Program provides grants between $5,000 and $35,000 to eligible microenterprises. Funds will be used for: the purchase of capital goods, including machinery, equipment, furniture, fixtures, and/or to provide working capital to support operations. Grant recipients are required to commit at least 10% equity to the project.

The awards approved by region include:

Capital Region

A $516,000 award to Town of Bethlehem to assist in the expansion of Owens Corning Insulating Systems, LLC., a world leader in building materials and glass fiber composite systems. NYS CDBG funds will be used for employee training and will create 93 new jobs, of which at least 51% will be made available to low-to-moderate income individuals.

A $300,000 award to Columbia County to assist in the start-up of Hudson Valley Creamery, LLC (HVC), which will produce and package artisanal cheeses that will be sold and distributed by Couturier North America. NYS CDBG funds will provide gap financing and help leverage over $800,000 in private investment while creating 25 full time jobs, of which at least 14 will benefit low- and moderate- income New Yorkers.

A $105,000 award to the City of Watervliet, to assist in the expansion of Wicked Smart, LLC. The funds will be for the purchase of equipment as well as working capital associated with the expansion.

Wicked Smart is a company with a national imprint, as a full-service apparel customization provider, for the athletic market, from youth sports to organizations and clubs through the collegiate market. Wicked Smart's expansion is critical to their on-line sales presence that will give them a more national audience.

The award will help leverage more than $220,000 in private investment and create seven new full-time jobs, of which at least 51% will be made available to low- to moderate-income individuals, and retain 10 jobs.

A $50,000 award to the City of Watervliet, to assist in the expansion L & M Family Properties, LLC doing business as McIntyre's Restaurant. McIntyre's Restaurant is a family business that serves as a cornerstone business of the Watervliet Main Street district.

The CDBG grant will be used to renovate the frontage of the restaurant as well as an expansion that includes more kitchen space, a full salad bar, a larger dining area, and provide better handicap accessible facilities. Energy efficiency upgrades will be a key element of the project.

The award will help leverage more than $75,000 in private investment and create two new full-time jobs, both of which will benefit low- to moderate-income individuals.

A $200,000 award to the City of Watervliet, in Albany County, to establish the Watervliet Microenterprise Grant Program. Beneficiaries will be required to complete the annual Business Planning Workshops conducted by the Center for Microenterprise Development, The Albany Center for Economic Success of the Community Loan Fund, and the School of Business of the College of Saint Rose.

The program will assist seven micro-businesses in the City. The award will help leverage more than $16,000 in private investment and create 14 full-time equivalent jobs, eight of which will be made available to low- and moderate-income individuals

Hudson Valley

A $185,000 award to Sullivan County to establish the Sullivan County Microenterprise Assistance Program. Grantees/beneficiaries will also be required to complete the Entrepreneurial Assistance Program developed and delivered by the Sullivan County Chamber of Commerce.

The award will help leverage more than $18,000 in private investment and create 15 full-time equivalent jobs, 10 of which will be made available to low- and moderate-income individuals.

A $165,000 award to the City of Port Jervis to assist in the expansion of Samaki, Inc., which prepares, packages, and ships for wholesale its specialty fish.

NYS CDBG funds will be used for the purchase of machinery and equipment, as well as inventory associated with the expansion, and will help create 11 new jobs, of which at least 10 will be made available to low-to-moderate income individuals.

North Country

A $375,000 award to the Town of Willsboro, in Essex County to assist in the start-up of Champlain Valley Senior Community, LLC (CVSC), a senior assisted living facility located in the historic property of the old Willsboro High School.

The school building will be rehabilitated into a 64-room assisted living facility which will provide supervision and assistance with activities of daily living, coordination of services by outside health care providers, and monitoring of resident activities to help to ensure their health, safety and well-being.

The CDBG funds will provide gap financing and will help leverage over $7.1 million in private investment and create 30 full-time jobs, of which a minimum of 18 will benefit low- and moderate-income New Yorkers.

A $255,000 award to Jefferson County to assist in the start-up of Florelle Tissue Corporation, which will establish a paper manufacturing facility and produce paper towels, napkins, and tissues.

NYS CDBG funds will assist in the acquisition of machinery and equipment, and help leverage over $2.3 million in private investment while creating 55 jobs, of which a minimum of 29 will benefit low- and moderate- income New Yorkers.

Central New York

A $466,000 award to the City of Oswego to assist the construction of St. Francis Common, a new 60 bed adult home and assisted living program on the St. Luke Health Services campus. NYS CDBG funds will provide gap financing and create 33 full time equivalent jobs, of which at least 17 will benefit low- and moderate- income New Yorkers.

Mohawk Valley

A $750,000 award to Schoharie County to assist in the expansion of a natural theme park Howe Caverns, which annually draws 170,000 visitors to the region. Howe Caverns serves as a large economic driver in the region, spurring the influx of tourist dollars.

The company has created a master plan for a multi-phase expansion that will see the addition of many other attractions, with the goal of boosting attendance to almost half a million visitors per year. Howe Caverns has added a gemstone mining building, a zip-line course and a new picnic pavilion.

Phase II will include the building of an RV Park and the construction of Dinosaur Canyon Preview Center, with a corresponding private investment of $1.5 million. The company will apply the CDBG funding to assist with upgrades to infrastructure and site work and purchase equipment for the Dinosaur Canyon.

The funding will lay the groundwork for Phase III and an additional projection for over $20 million additional private investment. The award will create 50 new full-time jobs, of which at least 38 will be made available to low-to-moderate income individuals.

A $150,000 award to Schoharie County to assist in the expansion of AMT, Inc. which manufactures quality ferrous and non-ferrous metal and metal alloy precision investment castings.

NYS CDBG funds will assist in the purchase of machinery and equipment. The project will result in the creation of 10 full-time positions within two years, of which a minimum of six positions will benefit persons from low- and moderate- income families.

Finger Lakes

A $110,000 award to Wyoming County to assist in the expansion of Upstate Door, Inc. for the purchase of machinery and equipment. Upstate Door is a manufacturer of an extensive line of interior, exterior, and screen/storm style doors. The company experienced a downturn with the housing crisis, but has seen an uptick in orders in 2010, which is a key indicator that suggests strong growth in 2011.

Upstate Door is seeking to acquire a door manufacturing company located in Kansas that is closing after 60 years. Upstate Door would move those assets and equipment to a facility in Castile, allowing them to penetrate more markets with more product lines.

The project has also received an $82,000 grant from ESDC. The expansion would create eight new jobs over two years and up to 20 new jobs over three years, and will retain 45 jobs. These new jobs are critical to the local economy because they are created outside the agricultural industry which is the primary dynamic in Wyoming County.

Southern Tier

A $375,000 award to the Village of Groton in Tompkins County to assist in the expansion of Finger Lakes Fresh, a division of Challenge Industries. Finger Lakes Fresh grows produce that is shipped year round throughout the Northeast, offers employment opportunities, and generates funds to help support the work of Challenge.

NYS CDBG funds will provide gap financing and help leverage over $1 million in private investment while creating 14 full time equivalent jobs, of which at least nine will benefit low- and moderate- income New Yorkers. The project will also retain 16 full time equivalent jobs, of which nine are filled by low- and moderate income New Yorkers.

Western New York

A $200,000 award to establish the City of Lockport Lockport Downtown Microenterprise Program, which will revitalize the city by assisting 17 microenterprises—both existing and start-ups—and create 25 full time jobs, 19 of which will be available to low- and moderate- income individuals. NYS CDBG funds will be used to purchase equipment, inventory, furnishings and fixtures, provide working capital, and cover employee training expenses.

New York State Homes and Community Renewal (HCR) consists of all the State's major housing and community renewal agencies, including, the Affordable Housing Corporation, the Division of Housing and Community Renewal, Housing Finance Agency, State of New York Mortgage Agency, Housing Trust Fund Corporation and others.

Image courtesy of http://www.hasslefreeclipart.com

More Aid for NY Farmers Affected by Hurricane Irene and Tropical Storm Lee

Total of $4.5 Million Has Been Distributed to 353 New York Farms

An additional $851,553 in aid from the state's Agricultural and Community Recovery Fund (ACRF) will be distributed among 120 farms to help New York's agricultural communities recover from Hurricane Irene and Tropical Storm Lee.

Including the three previous rounds of aid distribution, a total of 353 New York farms have now been granted over $4.5 million in funds for rebuilding efforts.

"New York's farming communities were hit hard by Hurricane Irene and Tropical Storm Irene, and this aid will help with the recovery process," said Governor Cuomo.

"I visited farms in the affected areas to view the damage first hand and assessed what could be done to help farmers get back on their feet. This aid from the ACRF will help agricultural communities rebuild and we will continue to ensure these recovery funds are distributed so that New York’s agricultural economy can continue to thrive.”

"Governor Cuomo created the Agriculture and Community Recovery Fund to help farms rebuild quickly from the devastating flooding. This money will allow work to begin as soon as possible to help New York's farmland recover and help our state's robust agricultural industry rebuild. Together we will continue doing all we can to help New York's farmers return to life as normal," said Darrel Aubertine, Commissioner of the Department of Agriculture and Markets.

The ACRF was announced by Governor Cuomo on September 3rd and will provide at least $15 million to rebuild communities and the agricultural industry in hard-hit areas.

The funds awarded to date are from the ACRF Conservation Program, which is designed to help farms recover, stabilize soils and stream banks, restore water control structures, and improve and protect water quality.

About the ACRF Conservation Program

The Conservation Program is administered by the New York State Department of Agriculture and Markets in consultation with the New York State Soil and Water Conservation Committee.

The Soil and Water Districts determined land eligibility based on site inspections of damage. For land to be eligible, the Tropical Storms must have created a new conservation problem that, if left untreated, would: degrade the state’s natural resources; impact public drinking water supplies; present ongoing pollution risks to surface and groundwater; pose threats to production facilities; impair farm safety; affect the land’s productive capacity; or present challenges to farm production that would be too costly to implement without state assistance.

Eligible emergency conservation practices include, but are not limited to: debris removal; restoring fences and conservation structures; crop removal; land shaping and grading; and installation of vegetative practice, including cover crop. Eligible costs include: architectural and/or engineering services; consultant services; construction; and other direct expenses related to implementation.

Project selection is based on identified need and degree of loss and with consideration of the available funding for eligible counties.

Image courtesy of http://classroomclipart.com.

Spain, Italy Ratings Down

Fitch cut down the credit ratings of Spain and Italy.

Sources:Street InsiderBBCBusinessWeekBloombergWall Street JournalDaily MailMarketWatch

Watch video: http://www.newsy.com/videos/spain-italy-ratings-down-not-a-surprise/

By Ruisha Qian

Anchor: Ana Compain-Romero

Link courtesy of Newsy.com