Category Archives: Business News

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 U.S. Small Business Administration (SBA)  has been directed to provide additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan (EIDL) program borrowers.

 The extended deferment period—30 months deferment from inception on all approved COVID EIDL loans—will provide additional flexibility to small business owners impacted by the pandemic, especially those in hard-hit sectors managing disruption with recent variants, as well as recent supply chain and inflation challenges amid a growing economic recovery.

 Since its inception, the COVID EIDL program, a federal disaster relief loan, has allocated more than $351 billion in relief aid to 3.9 million borrowers, including to the smallest of small businesses from historically underserved, disadvantaged communities, according to the SBA.

 “Though our small business owners continue to power a historic economic recovery under the Biden-Harris Administration, we must continue to do everything in our power to meet our small businesses where they are with resources to ensure they can recover and thrive,” said SBA Administrator Isabel Guzman. “This extended principal and interest deferment will provide financial relief to millions of small business owners—particularly those hardest-hit by the pandemic and related marketplace challenges – so they can continue to pivot, adapt, and grow.”

The deferment extension is effective for all COVID-EIDL Loans approved in calendar years 2020, 2021, and 2022. Loans now have a total deferment of 30 months from the date of the Note. Interest will continue to accrue on the loans during the deferment. 

By Jill nagy

Close to 900 university students are expected to arrive from overseas in the next few weeks to work at Lake George area hotels, restaurants, and resorts. Business people stress they all need housing, something that is always an issue but appears to be worse this year.

Several properties that were previously available for students have been sold or rented to other summer visitors, according to Gina Mintzer, executive director of the Lake George Regional Chamber of Commerce. 

The Chamber is always on the lookout for available motel rooms, cabins, campsites and the like, especially properties with accessible public transportation, she said. They pass on the information to the students who, she pointed out, “are used to paying for housing.” Usually, though, “before we know it, it’s already gone,” she said.

“The students are looking frantically,” she said. Some “couch surf” with fellow students until they can find places of their own. “We try to make sure they are safe.”

One such employer, Lake George Steamship Co., tendered employment offers that were accepted by 22 students.

“I hope they can get here,” said Bill Wilson, who is in charge of food and beverages for the company. He uses two recruiting companies to assist him in finding student employees. He reviews resumes and listens to pre-recorded interviews online. 

The steamship company itself does not provide housing. However, Wilson is aware of some viable apartments behind the Lobster Pot restaurant on Canada Street and some cabins on Route 9—three miles away on busy Route 9 with no public transportation available.

The students, according to Mintzer, come from “all around the world.” 

In 2019, the last summer before COVID travel restrictions, employees came from 53 countries. In a typical year, there are close to 1,000 of them, she said.

Lake George employers also hire local young people, both high school and college students. Mintzer said there is a slight preference for the international students because their schedules are more flexible and they can stay on into the fall—sometimes beyond that. In fact, she recalled some students who worked through the winter and are back for this summer.

The housing shortage is partly the result of boom times in the Lake George area. Mintzer noted that Lake George had a very good season last year and she expects the same this year. Rooms that used to be available for students have been rented to others, usually for more money. 

She is aware of several properties near Bolton Landing that used to house students that have recently been sold. In short, she summed up, “it’s a tighter situation than in the past.” “We need more inventory.”

There has been some discussion of the town and village buying and rehabilitating old motels for student use or building dormitories. However, there are no current plans in place to do that.

Future plans may require grant money to pay for the purchase of vacant property along Route 9 between the village and the outlet stores.

However Jim Siplon, EDC Warren County CEO and president, thinks that the situation for this summer’s student workers in Lake George is, pretty much, under control. “The right people are working on it,” he said.

After a two-year hiatus, it was necessary to “reopen the pipeline” and start bringing international student employees to Lake George again. The next problem was finding housing for them. In the short term, this summer’s student workers have to be housed.  “They have a handle on that.”

Beyond the immediate housing emergency, he sees a larger issue for the region. Mid-term, he noted, there is a need for a more enduring home for hospitality workers in Lake George. 

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.”

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. 

State Liquor Authority Chairman Vincent Bradley said getting craft producers open quickly is important for both the individual businesses and for our state’s entire economy.

“When our craft manufactures grow and thrive, they create jobs, put money back into their local economies and set the stage for future growth. New York has been a leader in the craft beverage industry, and these fast-tracked permits will no doubt help ensure this trend continues,” he said.