CA jobless benefits extended

As of 11/21/08, CA unemployment rate is at 8.2%.

Federal legislation enacted in July provided up to 13 weeks of extended benefits for workers who exhausted their regular UI benefits in California and across the country. The new legislation adds up to seven weeks to the earlier extension, a total of up to 20 weeks of extended benefits. The new legislation also includes an additional extension of up to 13 weeks for high unemployment states. Workers in those states will be eligible for a total of up to 33 weeks of extended benefits.

If you are affected by the additional extended benefit weeks or the second extension, the EDD will notify you by mail.

WHO IS ELIGIBLE FOR THE FIRST EXTENSION

The first extension can be filed on or after July 6, 2008. You may be potentially eligible for the first extension if you:

• Are fully or partially unemployed on or after July 6, 2008,
• Have exhausted their entitlement to a regular UI claim,
• Are not qualified to file a new regular claim,
• Have had a valid claim that began on or after May 7, 2006, AND
• Meet all eligibility criteria.

If you already have an extended benefit claim, refer to the “WHO IS ELIGIBLE FOR THE SECOND EXTENSION” section below for more information.

SECOND EXTENSION

Once you have collected all extended benefits on your first extension claim, you will be eligible to file a second extension claim. The Department will automatically file the second extension and send you additional continued claim forms. No action is required on your part.

WHO IS ELIGIBLE FOR THE SECOND EXTENSION

You may be eligible for a second extension if you:

• Were eligible for the first extension,
• Have no benefits remaining on the first extension,
• Are not qualified to file a new regular claim, AND
• Meet all eligibility criteria.

S&P sinks to 1997 low

Wall Street slumped Thursday, with the S&P 500 plunging to an 11-1/2 year low as fears of a prolonged recession sparked a massive selloff.

Treasury prices rallied as investors sought the comparative safety of government debt. The dollar was mixed versus other major currencies. Oil prices plunged

The Standard & Poor's 500 (SPX) index lost 6.7% and closed at its lowest point sine April 14, 1997.

The Dow Jones industrial average tumbled (INDU) 5.6% and the Nasdaq composite (COMP) slumped 5.1%. Both the Dow and Nasdaq closed at their lowest points since March 12, 2003, which was just above the low of the last bear market.

11/20/2008 Congress Extends Unemployment Benefits

The Senate voted to provide seven additional weeks of payments to people who have exhausted their benefits. Those in states where the unemployment rate is above 6% would be entitled to an additional 13 weeks above the 26 weeks of regular benefits. Benefit checks average about $300 a week nationwide.

Last week there were half million new jobless claims filed. Companies reporting layoffs in past week include Citigroup, which slashed 20% of its workforce, or 50,000 jobs, the biggest cut by a corporation in 15 years. Financial services firm Fidelity Investments announced that it will cut 1,700 jobs, and Sun Microsystems reported that it would lay off 6,000 people, or 18% of its work force.

2 more banks failed

Franklin Bank, a Houston, Texas-based bank and Security Pacific Bank, a Los Angeles, Calif.-based bank were shut down by state regulators Friday, marking the 18th and 19th bank failures this year.