The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Share Save Weekly initial unemployment claims came in at 1.3 million for the week ending July 4, a decline of 99,000, according to the Department of Labor.The prior week’s level was revised down by 14,000 to 1.41 million from 1.42 million. The four-week moving average was 1.43 million—a decline of 63,000 from the previous week’s revised average.The Department reported that the advanced unemployment rate was 12.4% for the week ending June 27, which is a decline of just 0.5 percentage points from the prior week.For the week ending June 20, there was a total of 3.29 million people claiming benefits in all programs. This is an increase of 1.4 million from the prior week. There were 1.6 people claiming benefits in all programs compared to the same week in 2019.The highest insured unemployment rates for the week ending June 20 were in Puerto Rico (25.4%); Nevada (20.8%); Hawaii (20.7%); New York (17.1%); California (16.7%); Louisiana (16.2%); Massachusetts (15.6%); Georgia (15.1%), and Connecticut (15%).Doug Duncan, Chief Economist, Fannie Mae, said that while the labor market has shown gradual improvement, it still faces a “significant degree of disruption” due to COVID-19.“Despite falling from a peak of 6.9 million on March 28, initial claims are still double the highest value seen during the previous recession,” Duncan said. “Furthermore, the pace of decline appears to have slowed in recent weeks. Over the last 15 weeks, more than 46 million unemployment insurance claims have been filed.”While First American Financials’ Deputy Chief Economist Odeta Kushi said the weekly figures came in lower than expected, the report marked the 15th consecutive week initial claims were over 1 million.“While the weekly jobless claims were lower than expected last week, it’s too soon to celebrate,” Kushi said. “More than 40% of the country is now reversing or pausing its plans to reopen, and this could potentially result in another labor market shock.”From a housing perspective, Kushi noted that the housing market will continue to benefit from an increase in home-buying power and the continual decline of interest rates.On Thursday, Freddie Mac announced the average rate for a 30-year fixed-rate mortgage hit another record low—coming in at 3.03%.“The summer is heating up as record-low mortgage rates continue to spur homebuyer demand,” said Sam Khater, Freddie Mac’s Chief Economist. “However, it remains to be seen whether the demand will continue if COVID cases rise to the point that it hinders economic growth.”Danushka Nanayakkara Skillington, AVP, Forecasting & Analysis, for the National Association of Homebuilders, said demand for housing is expected to grow from the spring and summer buying seasons and low rates.”Most of the states deemed residential construction necessary, therefore the impact of COVID-19 was not as wide-spread as in other industries. The industry has also gained back almost half the jobs that were lost in March/April,” Nanayakkara said. Demand Propels Home Prices Upward 1 day ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago coronaviurs housing market 2020 Labor Market 2020-07-09 Mike Albanese Home / Daily Dose / Unemployment Claims Rise to 3.2M Data Provider Black Knight to Acquire Top of Mind 1 day ago Unemployment Claims Rise to 3.2M About Author: Mike Albanese Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Print This Post The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago in Daily Dose, Featured, News Demand Propels Home Prices Upward 1 day ago Previous: Renters’ Homeownership Hopes Delayed Next: Supreme Court to Address FHFA’s Constitutionality, Autodialers Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: coronaviurs housing market 2020 Labor Market Related Articles Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily July 9, 2020 1,017 Views Data Provider Black Knight to Acquire Top of Mind 1 day ago
Time to put an end to the compensation cultureOn 6 Aug 2002 in Vexatious claims, Personnel Today Comments are closed. Related posts:No related photos. Previous Article Next Article How do we solve the employment tribunal conundrum? There is no dispute that there should be an accessible and responsiveemployment tribunal system that allows aggrieved staff to bring employers totask. But we also need to be rid of the damaging hoards of ‘gold diggers’ whosee the tribunal system as an easy way to fund a new kitchen. The CBI estimates that employment tribunals currently cost business £663mper year. And with Acas predicting that tribunal applications are set to riseagain, at least in the short-term, with a raft of new employment law about tocome on stream, it is time for the Government to act. Its main weapon in trying to combat spiralling tribunal applications hasbeen the Employment Bill, due to become law in the coming year. These measuresinclude the expansion of internal grievance and disciplinary procedures, andthe introduction of a fixed-period conciliation process. But many believe more needs to be done, and few agree with the Government’soptimistic predictions that these measures will cut applications by 30 percent. The Employment Tribunal Taskforce’s call for the Government to put morefocus on dispute prevention is a start. But while mediation will help, it willnot tame the compensation culture. Despite laws being introduced last year allowing tribunal chairmen to chargea deposit for weak claims to be taken forward and award costs against vexatiousclaimants, anecdotal evidence suggests these powers are little used. Until theyare compensation-seeking staff will continue having a punt at the employers’expense. And whatever happened to the proposal of charging tribunal applicants £100or so for lodging a complaint, as proposed in the Routes to Resolutionconsultation paper? Everyone (except of course the unions) agreed this was away forward. While the Government needs to take its lead from the taskforce andstrengthen the role of mediation in dispute resolution, it must have thecourage to tackle the compensation culture head on. The Employment TribunalSystem needs further reform.
Gabe Maciocia, AKA The Fabulous Gabriel with the platinum record he received for his album “Somewhere Elvis is Smiling”. By Tim KellyElvis has left the building. Or has he?“The Fabulous Gabriel,” an Ocean City man whose real name is Gabriel Maciocia, has a long and distinguished career in music as a performer, songwriter and producer.With platinum and gold records to his credit, he’s worked with such musical icons as the Four Tops and Tommy James. But Gabe’s biggest fame came in 1989 when his spoof song “Somewhere Elvis is Smiling” and an on-air practical joke by a Las Vegas disc jockey sent the national tabloids and rabid Elvis Pressley fans into a frenzy.“It was unbelievable,” said Gabe, 70. “My friend Bill Goodman was a popular DJ who liked to joke around on the air.”Goodman arranged to have a “psychic” in the studio when he played Gabe’s song.“The psychic said there was no body in the grave and that Elvis was working at a Burger King in Peoria, Illinois. As soon as he played my song, the phones in the studio started ringing off the hook. He kept talking, and after a while I looked out the window. There were dozens of people out there including a bunch of guys dressed in Elvis costumes.”Soon, the National Enquirer and other tabloids jumped on the “story” and Elvis “sightings” were reported all over the world. The recording industry trade journal Cash Box named “Somewhere Elvis is Smiling” as Single of the Week, and his album of the same title was named one of the “most entertaining” records of the year.Gabriel, who resides in the Gardens section with longtime companion Rita Boyle, chuckles at the thought his legacy seems to be for a novelty record about Elvis. Perhaps that is because at a time when many of his peers are retired or no longer with us, The Fabulous Gabriel is still going strong and is still, well, fabulous.He recently released a greatest songs CD, “The Fabulous Gabriel: The Ultimate Collection” and several summers back authored his first book, “Marilyn Monroe, the Lost Diary.” He has a website, www.fabulousgabriel.com and a YouTube channel showcasing his talents.With all that going for him, Gabe is most excited about his current project: producing “Damaged,” the debut CD of 2017 Ocean City High School graduate Amanda O’Connor.Amanda and her father Bill are former neighbors of Gabe’s who now reside in New York City. Amanda is attending the prestigious Lee Strasberg Institute in Manhattan and Bill is teaching in the city’s public school system.The Fabulous Gabriel at work in his home studio.“I heard she could sing and the idea was to produce a single for her resume that could help advance her acting career,” Gabe said. “I thought producing a song could help her get acting jobs. But when I heard Amanda for the first time and saw the depth of the lyrics she wrote, I was blown away by her talent.”He sent the single off to Parliament Records in Los Angeles, and less than a week later, Amanda was offered and signed a three-year deal.They are currently hard at work arranging and producing the 12-song album, expected to be completed in September and on sale just in time for the holiday gift buying season.The original plan was for the O’Connors to head out to the West Coast to record the songs, but the company executives were so impressed, they told Gabe and Amanda to continue as they had, recording at a studio in Cherry Hill.“Gabe is a fun guy,” Bill O’Connor said, “but when you see him in the studio, he is clearly in his element. He and Amanda work really well together.”Gabriel Maciocia (right) with Bill and Amanda O’Connor. Gabe is producing Amanda’s collection of songs for Parliament Records.Gabe brings a wealth of experience to the project. A native of Providence, Rhode Island, he is a graduate with masters degrees in music and history from Rhode Island College. He also attended the Barklee College of Music, Boston Conservancy and Brown University.Prior to all that education, he performed on stage playing the clarinet with his brother Mike, now 71.“We used to play before the PTA meetings. After that I never got stage fright or became nervous performing in front of people.”He knew that he wanted to pursue music as his life’s work after hearing Dion and the Belmonts on the radio in the 60s. “I just liked their songs and I knew that was what I wanted to do.”Gabe with companion Rita Boyle in their Ocean City home.Gabe moved from the clarinet to the saxophone as “my main instrument “and played in bands and recording sessions with Tommy James and the Shondells, Wilson Pickett, Gary US Bonds, among others. He also performed live on Dick Clark’s Caravan of Stars tour.In 1990, Gabe met Levi Stubbs and Lawrence Peyton of the Four Tops in Las Vegas and promised the Motown superstars to write them a hit song.The result was “Sexy Lady” which the Tops recorded and released years later. The song has the distinction as their very last single. It was released in 1997 and was picked up by HBO for the soundtrack of the movie “Swimming Upstream.” Gabe is still receiving residual payments every time the film plays on TV.Not bad for a guy who helped turn Elvis “sightings” into an international phenomenon.