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Rombel on Business: February U.S. jobs report shows signs of improvement
Friday’s monthly nonfarm payrolls report from the U.S. Bureau of Labor Statistics (BLS) provided fresh evidence of a bounce back in the U.S. labor market from recent weakness that may have been weather-related. This is despite the unemployment rate’s rise to 6.7 percent in February from 6.6 percent in January. For the record, employers added […]
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Friday’s monthly nonfarm payrolls report from the U.S. Bureau of Labor Statistics (BLS) provided fresh evidence of a bounce back in the U.S. labor market from recent weakness that may have been weather-related.
This is despite the unemployment rate’s rise to 6.7 percent in February from 6.6 percent in January.
For the record, employers added 175,000 people to payrolls nationally in February, the most in three months. The increase beat economists’ average expectation of about 150,000 jobs. It also marked a substantial ramping up of job growth from January and December when 129,000 jobs and 84,000 jobs were added, respectively.
Private-sector employers added 162,000 jobs last month, up from 142,000 in January, again beating forecasts.
The new payrolls report also showed income growth with average hourly earnings rising 9 cents, or 0.4 percent, to $24.31 an hour in February. That compares to a 0.2 percent earnings increase in January.
Another potentially hopeful sign was that the BLS data showed 264,000 people joined the civilian labor force last month, which means more people were looking for work. That could be an indication the economy is improving and individuals feel more confident to begin seeking a job again. The rise in the labor force was the primary reason why the unemployment rate ticked up a bit in February despite the job gains.
With more people joining the job market, the work-force participation rate stabilized at 63 percent in February, unchanged from January, but up from 62.8 percent in December.
A declining labor-force participation rate to 35-year lows has been a chronic feature of the U.S. job market the last several years and a major reason for the decline of the unemployment rate since it peaked at 10 percent.
“I conclude that the decline of the unemployment rate significantly overstates the degree of improvement in the labor market,” William C. Dudley, president and CEO of the Federal Reserve Bank of New York, said in the transcript of a speech he delivered Friday at Brooklyn College.
Contact Rombel at arombel@cnybj.com
State awards three CNY organizations funding to develop advanced energy-storage technologies
New York state has awarded two Central New York companies and a university $250,000 each for their work on new technologies in battery and energy
Elmira Savings Bank to pay cash dividend of 23 cents a share
ELMIRA — The Elmira Savings Bank (NASDAQ: ESBK) board of directors has declared a quarterly cash dividend of 23 cents per share on its common shares outstanding. The company will pay the dividend on March 28 to shareholders of record March 13. It’s the same cash-dividend amount the banking company paid in December. However, Elmira
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ELMIRA — The Elmira Savings Bank (NASDAQ: ESBK) board of directors has declared a quarterly cash dividend of 23 cents per share on its common shares outstanding.
The company will pay the dividend on March 28 to shareholders of record March 13. It’s the same cash-dividend amount the banking company paid in December. However, Elmira Savings also paid a 10 percent stock dividend at that time.
Elmira Savings Bank, with $509.5 million in total assets, is a state-chartered bank with six branches in Chemung County, three offices and a loan center in Tompkins County, two branches in Steuben County, one branch each in Cayuga and Schuyler counties, and one loan center each in Cortland and Broome counties.
The banking company generated $5.05 million, or $1.40 a share, in net income in 2013, compared to $5.21 million, or $1.37 per share, in 2012.
Contact Rombel at arombel@cnybj.com
New York’s initial jobless claims tumble 16 percent in latest week
The number of people applying for new unemployment-insurance benefits in New York state in the week ending Feb. 22 plummeted by 3,572, or nearly 16
Faxton St. Luke’s, St. Elizabeth form Mohawk Valley Health System
UTICA — Faxton St. Luke’s Healthcare (FSLH) and St. Elizabeth Medical Center (SEMC) today formally announced their affiliation as the Mohawk Valley Health System (MVHS).
State unemployment rate dips to 6.8 percent in January
New York’s unemployment rate declined to 6.8 percent in January from 7 percent in December, hitting its lowest level since December 2008. That’s according to
Rasmussen Business Equipment formally opens in Oswego
OSWEGO — James Rasmussen, who has more than 23 years of experience in business-machine service and repair, has formally opened his own business. Rasmussen Business
HSLC hires first executive director
SYRACUSE —The Human Services Leadership Council (HSLC), a membership organization comprised of the CEOs of human-services agencies in Central New York, announced it has appointed
Syracuse University to inaugurate Chancellor Syverud April 11
SYRACUSE — Syracuse University (SU) will inaugurate Kent Syverud as its 12th chancellor and president on April 11 with an afternoon ceremony and other campus
Cuomo: DeWitt hub for nano industries will create at least 350 high-tech jobs
SYRACUSE — New York Governor Andrew Cuomo on Tuesday night announced plans for a facility in DeWitt that will serve as a hub for emerging
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