NYS Office of the Comptroller DiNapoli: State Pension Fund Valued at $254.1 Billion at End of First Quarter

 

New York State Comptroller Thomas P. DiNapoli today announced that the estimated value of the New York State Common Retirement Fund (Fund) was $254.1 billion at the end of the first quarter of state fiscal year 2023-24. For the three-month period ending June 30, 2023, Fund investments returned an estimated +3.08%.

“The rebound of the financial markets in recent months helped the Fund post positive results for the quarter,” DiNapoli said. “Recent economic indicators have shown a resilient U.S. economy, but the Fund’s diversified portfolio is well-positioned to handle any market fluctuations. Our pensioners, members and beneficiaries can remain confident that their benefits are safe thanks to our prudent management and long-term perspective.”

The Fund's value reflects retirement and death benefits of $4.09 billion paid out during the quarter. Its audited value was $248.5 billion as of March 31, 2023, the end of last state fiscal year.

As of March 31, the Fund had 44.14% of its assets invested in publicly traded equities. The remaining Fund assets by allocation are invested in cash, bonds, and mortgages (21.53%), private equity (14.61%), real estate and real assets (13.39%) and credit, absolute return strategies, and opportunistic alternatives (6.33%).

The Fund’s long-term expected rate of return is 5.9%.

DiNapoli initiated quarterly performance reporting by the Fund in 2009 as part of his on-going efforts to increase accountability and transparency.

About the New York State Common Retirement Fund

The New York State Common Retirement Fund is one of the largest public pension funds in the United States. The Fund holds and invests the assets of the New York State and Local Retirement System on behalf of more than one million state and local government employees and retirees and their beneficiaries. It has consistently been ranked as one of the best managed and best funded plans in the nation.

Foreign National Sentenced to Over 21 Years for Mailing Ricin to President of the United States in 2020

 

Defendant Also Mailed Threatening Ricin Letters to Texas Law Enforcement Officials

Pascale Cecile Veronique Ferrier, 55, a dual citizen of Canada and France, was sentenced today to 262 months in prison, followed by a lifetime of supervised release, for sending threatening letters, containing homemade ricin (a toxin), in September 2020, to then-President Donald J. Trump at the White House, and to eight Texas State law enforcement officials.

Ferrier pleaded guilty on Jan. 25 to prohibitions with respect to biological weapons in two separate criminal cases. One case was brought in the District of Columbia, and the other was brought in the Southern District of Texas and transferred to the District of Columbia for purposes of plea and sentencing.

According to court documents, Ferrier admitted that she made ricin at her residence in Quebec, Canada, in September 2020. Ricin is a deadly poison made from castor beans. Ferrier placed the ricin toxin in envelopes containing letters she wrote to then-President Trump at the White House and to eight Texas State law enforcement officials.

Ferrier had been detained in the State of Texas for approximately 10 weeks in the spring of 2019, and she believed that the law enforcement officials were connected to her period of detention. In early September 2020, Ferrier used the Twitter social media service to propose that someone should “please shoot [T]rump in the face.” The letters in the envelopes contained threatening language, and the letter addressed to then-President Trump instructed him to “[g]ive up and remove [his] application for this election.” Ferrier mailed each of the threatening ricin letters from Canada to the United States. Ferrier then drove a car from Canada to the Peace Bridge Border Crossing in Buffalo, New York, on Sept. 20, 2020, where border patrol officials found her in possession of a loaded firearm, hundreds of rounds of ammunition and other weapons, and arrested her. Ferrier has remained in custody.

Assistant Attorney General Matthew G. Olsen of the Justice Department’s National Security Division, U.S. Attorney Matthew M. Graves for the District of Columbia and Assistant Director Susan Ferensic of the FBI’s Weapons of Mass Destruction Directorate made the announcement.

The FBI Washington and San Antonio Field Offices investigated the case. Assistance was provided by the U.S. Secret Service and the U.S. Postal Inspection Service.

Attorney General James Urges Department of Homeland Security to Expedite Work Authorization for Newly Arrived Migrants

 

New York Attorney General Letitia James today called on the U.S. Department of Homeland Security (DHS) to take immediate action to grant work authorization permits for migrants who are new to the United States. As part of a coalition of 19 attorneys general, Attorney General James sent a letter to DHS Secretary Alejandro Mayorkas urging the federal government to resolve the delays and bureaucratic inefficiencies that are preventing migrants from finding work and making it more difficult for states to provide sufficient resources to support migrants.

“For generations, immigrants have come to New York seeking new opportunities for themselves and their families, and recent arrivals are no different,” said Attorney General James. “But bureaucratic delays and a lack of work permits are depriving new immigrants of the chance to create a better life here in America. Moreover, these delays are hurting our economy by depriving businesses of a much-needed source of labor. Immigrants helped build the Empire State, and I will continue to fight to make sure they are treated with dignity and have a fair shot at the American dream.”

While many newly arrived migrants are eligible for work authorization and eager to find employment, long processing delays have left many unable to support themselves and their families. This has placed an increasing and unsustainable burden on states that offer support services to ensure that migrants do not go without food, shelter, medical care, and education. 

Businesses are also experiencing increasing demand for workers in key industries like food service, retail, transportation, and health care. Expediting work authorization for migrants will help meet these demands and reduce the risk that workers will be subjected to depressed wages, poor working conditions, or other violations of their rights.

The coalition notes that while a significant portion of migrants are immediately eligible for work permits, processing delays have left many waiting 10 months or more for authorization. Wait times are particularly long for those who require a fee waiver, as they cannot submit their applications online. Of those migrants who have managed to secure employment authorization, many have lost their jobs due to the expiration of their work permits while renewal applications are pending. 

The attorneys general are urging the federal government to remedy these problems, and are specifically requesting that DHS: 

• Grant work authorization when new arrivals are allowed to remain in the United States;
• Address inconsistent lengths of permitted time allowed in the United States and streamline renewal; 
• Automatically renew work authorization permits whenever someone’s allowance to remain in the United States or other immigration status is renewed; and  
• Make work authorization applications with a fee waiver available online to streamline and expedite processes.  

Joining Attorney General James in sending today’s letter are the attorneys general of Arizona, Connecticut, Delaware, Hawaii, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, Oregon, Pennsylvania, Rhode Island, Vermont, Washington, and the District of Columbia.

MAYOR ADAMS ANNOUNCES NEW COLLABORATION WITH DOE AND POLICE ACADEMY TO SPOT AND INTERACT WITH STUDENTS ON AUTISM SPECTRUM

 

Collaborative Training Teaches NYPD Recruits How to Recognize and Interact with Students Classified with Autism and Other Developmental Disabilities

New York City Mayor Eric Adams, New York City Department of Education (DOE) Chancellor David C. Banks, and New York City Police Department (NYPD) Commissioner Edward Caban today announced a new partnership between the DOE and the Police Academy aimed at working with young people with autism and other developmental disabilities. Experts from the DOE’s Special Education Office led a day-long training in person at the Police Academy on behaviors and responses of students with autism and other developmental disabilities and to educate NYPD recruits on responsible and compassionate ways to communicate with all young people.  

 

“The protection of our students will always be a top priority for this administration, which is why we continue to invest in both upstream and downstream steps to keep our youngest New Yorkers safe,” said Mayor Adams. “Collaborations like this help to build on the productive steps we have taken thus far and invest in a holistic vision of public safety for New York City students just in time for the new school year.”

 

“The NYPD and New York City public schools have a long-standing collaborative working relationship, all aimed at making our students and our city safer, in and out of school buildings,” said DOE Chancellor Banks. “This new initiative is an important step in ensuring that the people entrusted to protect our city are equipped to work positively and collaboratively with all New Yorkers — especially those who learn and live differently.”

 

“At the heart of the NYPD’s steadfast public safety mission is an unwavering commitment to work every day to more fairly and effectively communicate with everyone we serve, particularly young people with autism spectrum disorder,” said NYPD Commissioner Caban. “We are proud that our partnerships in the new endeavor being announced today will only strengthen our collective ability to advance a safer and more just city for all New Yorkers.”

 

This partnership signifies the first time the DOE has been invited to directly participate in the training of NYPD recruits. Experts from the DOE will visit the Police Academy on a regular cadence going forward, hosting trainings for each class of recruits, starting with the current training class.

 

During the training session, participants not only develop an understanding of autism and communication-based disabilities but learn strategies to support students with autism and other developmental disabilities during crises, responding effectively and increasing the use of thoughtful communication tools. Participants also received an overview of school supports for students when they are in crisis and tools interventions schools use prior to calling for emergency services.

 

“It is essential that we foster understanding and engagement between the NYPD and all of our students with disabilities,” said Deputy Mayor for Strategic Initiatives Ana Almanzar. “Young people with autism often communicate with the outside world in different ways, and this type of training will empower our officers to identify and support these students in challenging situations.” 

 

 “Every child is different and so we need to expand our skills to connect with kids and meet their range of needs,” said New York City Department of Health and Mental Hygiene Commissioner Dr. Ashwin Vasan. “Schools promote health, and this will make them even better equipped to support children. We applaud the partnership between the DOE and NYPD so that these children can have their needs addressed when in crisis at school and be able to learn successfully.”

 

“DYCD knows from the diverse youth we serve that it is not ‘one size fits all’—every young person interacts, processes, and communicates differently,” said New York City Department of Youth and Community Development (DYCD) Commissioner Keith Howard. “We have seen the benefits of targeted outreach in the Summer Youth Employment Program, with the NYPD hosting a record number of youth with disabilities. This new forward-thinking strategy from Mayor Adams, the NYPD, and Public Schools will build even more bridges between young people and law enforcement, and create a more inclusive, safe, and compassionate city.”

Bronx Man Sentenced To 98 Months In Prison For Committing Multiple Shootings

 

Damian Williams, the United States Attorney for the Southern District of New York, announced today that THOMAS DISLA was sentenced by U.S. District Judge Lewis J. Liman to 98 months in prison in connection with a shooting spree he committed on June 3 and 4, 2022.  Over the course of 12 hours, DISLA shot an acquaintance in the groin, shot at a stranger who was driving a car, and brandished a firearm in the middle of crowded bar before striking a patron and shooting the firearm at the ceiling.  DISLA previously pled guilty to one count of possessing ammunition after conviction for a felony.

U.S. Attorney Damian Williams said: “Last summer, Thomas Disla committed multiple terrifying shootings in the Bronx.  He severely injured two people, one of whom he had never even met.  And he could have killed a third.  As today’s sentence demonstrates, our Office is determined to keeping New York City safe by vigorously prosecuting perpetrators of gun violence.”

According to the Indictment and other filings and statements made in court:

At approximately 3:35 p.m. on June 3, 2022, DISLA approached an acquaintance (“Victim-1”) who was standing in front of a grocery store located on Southern Boulevard in the Bronx.  DISLA and Victim-1 exchanged words and DISLA walked away to the street.  DISLA then returned, took deliberate aim at Victim-1, and fired, hitting Victim-1 in the groin.  Victim-1 was rushed to the hospital and continues to experience discomfort and pain from his injuries. 

At approximately 1:00 a.m. on June 4, 2023, DISLA approached a construction worker (“Victim-2”) on Wheeler Avenue in the Bronx.  Victim-2 was on his way to a construction site and had briefly exited his vehicle to remove a barricade that was blocking traffic.  DISLA told Victim-2 he could not continue driving to the construction site.  After Victim-2 returned to his car, he overhead DISLA yell that Victim-2 would “learn [his] lesson.”  As can be seen in surveillance footage, DISLA then walked to the sidewalk, turned around, and shot at Victim-2’s car:

At approximately 2:20 a.m. on June 4, 2023, DISLA waived a firearm at patrons of a popular bar located on Manor Avenue in the Bronx.  He then approached a stranger who was sitting on a chair, enjoying a drink, and struck him with the firearm in his face, inflicting a wound so deep it went to the bone.  As surveillance video shows, DISLA then left the bar: 

He returned moments later only to fire one round at the ceiling of the entrance.  

DISLA was not permitted to possess ammunition because of his prior New York State conviction for criminal sale of a firearm in the third degree.  DISLA has at least 18 prior criminal convictions. 

In addition to his prison term, DISLA, 44, of the Bronx, New York, was sentenced to three years of supervised release.

Mr. Williams praised the outstanding investigative work of the Federal Bureau of Investigation and the New York City Police Department.

NYC Comptroller Lander & Pension Fund Trustees Warn Entertainment Giants that They Risk Losing Investor Confidence over Prolonged Strikes

 

Trustees of the New York City retirement systems urge Disney, Comcast & Paramount to effectively address concerns of striking workers & actors

The trustees of the five New York City pension funds, led by New York City Comptroller Brad Lander, sent letters to the Chief Executive Officers of Disney, Paramount, and Chairman and Chief Executive Officer of Comcast, urging them to address the ongoing strikes by the Writers Guild of America (WGA) and Screen Actors Guild–American Federation of Television and Radio Artists (SAG-AFTRA) today. The ongoing WGA and SAG-AFTRA strikes have paralyzed major television and film productions in New York City and across the country for nearly three months, posing significant risks to the media industry’s financial stability.

The letters underscore the Comptroller’s vital role as custodian, investment advisor, and trustee to the New York City retirement systems (NYCRS), which holds significant stake in the financial, legal, and reputational health of these entertainment companies amidst the labor disputes. NYCRS collectively manages over $250 billion in assets for New York’s nearly 800,000 current and retired public sector workers.

• 2.7 million shares valued at $229.2 million in The Walt Disney Company
• 6.3 million shares valued at $272.7 million in Comcast NBCUniversal
• A combined value of more than $10 million in Paramount Pictures.

“My fellow NYCRS trustees and I have a fiduciary duty to safeguard the financial stability of our members’ assets and address issues that may present risks to NYCRS’ investments,” Comptroller Brad Lander states in the letters. “I am … concerned that the underlying business practices which led to this conflict, if not resolved, may threaten the long-term stability of NYCRS’ investments.”

Thousands of professional writers as part of WGA joined the picket lines since May 2, demanding fair compensation and improved working conditions. This critical labor dispute since escalated as SAG-AFTRA, representing 160,000 actors and performers, initiated their strike on July 14.

Growing production delays and cancellations due to the strikes have far-reaching implications for Comcast, Disney, and Paramount from production delays, canceled seasons, to postponed theatrical releases. Comptroller Lander’s letters highlight the potential for financial and reputational damage to these media companies if they fail to address the writers’ and actors’ concerns.

In the letters, Comptroller Lander urges these media giants to engage in constructive negotiations with the unions as the media landscape shifts to accommodate streaming services and artificial intelligence.

“As long-term investors, NYCRS has long considered constructive labor management relations to be fundamental to effective human capital management and the creation of sustainable shareholder value,” Comptroller Lander writes in the letters. “Your company … risks financial and reputational harm the longer you refuse to negotiate on core issues facing writers and actors, who enjoy broad support from the public and elected officials. With such visibility and public support, your company risks backlash from consumers, investors, or other stakeholders.”

Read the New York City pension funds’ letters to Disney, Paramount, and Comcast.

Governor Hochul Announces Nearly $15 Million in Awards to Four Demonstration Projects That Advance Long Duration Energy Storage Technology Solutions

 

Additional $8.15 Million Now Available for Yet to be Commercialized Technologies That Advance, Develop or Field-Test Hydrogen, Electric, Chemical, Mechanical or Thermal-Electric Storage Technologies

Supports Climate Leadership and Community Protection Act Goal to Install 3,000 Megawatts of Energy Storage by 2030 and Helps Facilitate Further Development to 6,000 Megawatts

 Governor Kathy Hochul today announced nearly $15 million in awards to four demonstration projects that advance long duration energy storage solutions that will help harness and provide stored renewable energy to New York's electric grid. In addition to these awards, $8.15 million in funding has been announced to support innovative long duration energy storage solutions, devices, software, controls, and other complimentary technologies yet to be commercialized. Project submissions should advance, develop or field-test hydrogen, electric, chemical, mechanical or thermal-electric storage technologies that will address renewable integration challenges, such as grid congestion, hosting capacity constraints and siting in New York City. Today’s announcement supports the Climate Leadership and Community Protection Act goal to install 3,000 megawatts of energy storage by 2030 while facilitating further development to 6,000 megawatts.

"Each energy storage technology breakthrough reduces our reliance on fossil fuels and marks progress toward successfully integrating renewable energy into communities across the state,” Governor Hochul said. “Today’s announcement reflects our continued commitment to innovate and develop technology that will allow us to be energy independent and ensure resources are available when and where needed.”

Administered by the New York State Energy Research and Development Authority (NYSERDA), the awards and competitive funding opportunity support energy storage product development and demonstration projects that are 10 to over 100 hours and multi-days in duration at rated power, otherwise known as long duration energy storage.

Awards

The awarded projects include:

• Ecolectro, Inc.: $1.08 million – To scale-up their groundbreaking polymer chemistry and materials that are expected to significantly reduce the cost of producing hydrogen by electrolysis and create a drop-in replacement for current designs. This project entails scaling laboratory-proven technologies with engineering and validation prototypes to build and test 10-kilowatt (kW) electrolysis units. The electrolyzer unit will be deployed in a pilot demonstration in partnership with Liberty Utilities in Massena, New York.
• Form Energy: $12 million – To develop, design and construct a commercial-scale, 10-megawatt (MW)/1,000-megawatt hour (MWh) demonstration of a new form of low-cost, long-duration energy storage that aims to be able to both support the integration of intermittent renewable resources and provide multiple days of continuous, zero-carbon power to the grid when called upon. The project will use breakthrough iron-air battery materials that are safe, abundant, ultra-low-cost, and globally scalable from existing supply chains. A project location is to be determined.
• PolyJoule, Inc.: $1.03 million – To Install a 2-MWh, 167-kW PolyJoule Long Duration Modular battery energy storage system (BESS) in partnership with Eastern Generation at its Astoria Generating Station located in Queens, New York. This demonstration project aims to prove the safety, technical, operational, and economic merits of the PolyJoule Conductive Polymer BESS in a densely populated urban setting. The permitting, installation, and facilitation requirements will show reduced cost-of-deployment advantages and site flexibility. Through multiple years of testing and analyzing data gathered during seasonal fluctuations, PolyJoule, Inc. aims to prove the technical robustness of the system, capable of being deployed anywhere in New York State.
• Urban Electric Power (UEP): $703,965 - To install a 100-kW/1-MWh BESS using UEP’s patented rechargeable zinc alkaline battery technology. The proposed BESS will be designed for long duration energy storage applications (i.e., 10 to 24 hour) at commercial and industrial facilities. Specifically, the BESS will provide power resilience to end users, allow for energy reduction through peak demand shaving, and support the electric grid by participating in demand response events. The project is located in Pearl River, New York.

New Funding Opportunity

For the newly issued solicitation, awards will be made in the areas of product development, demonstration projects and cost-share requests for inclusion in federal funding submissions. Proposals will be accepted through 3:00 p.m. Eastern Standard Time on October 17, 2023. Details for this solicitation are available on NYSERDA's website.

Advancing energy storage at scale is critical to meeting the State’s Climate Act goals and to ensure the safety and security of energy storage systems across the state. Last month, Governor Hochul announced the creation of a new Inter-Agency Fire Safety Working Group. While fires at energy storage facilities are exceedingly rare, the Governor has directed the New York State Division of Homeland Security and Emergency Services Office of Fire Prevention and Control, NYSERDA, New York State Department of Environmental Conservation, Department of Public Service, and the Department of State to lead the Working Group to independently examine energy storage facility fires and safety standards. The Group will leverage nationally renowned experts and national laboratories in energy storage root cause and emergency response analyses to independently assess and identify common causes, air monitoring results or other community impacts, and other factors involved with energy storage fires. The findings and resulting recommendations will be shared with the New York City Fire Department, National Fire Protection Association, International Code Council, the New York State Fire Prevention and Building Code Council, and Underwriters Laboratories, establishing New York as a national and international leader in fire safety and stationary energy storage systems.

This funding is offered through NYSERDA’s Renewable Optimization and Energy Storage Innovation Program and builds on New York State's investments in research, development, and commercialization to support innovators that are accelerating the low emissions and carbon sequestering technologies needed to meet the state's goal for economy-wide carbon neutrality. NYSERDA's Innovation program is deploying $800 million over 10 years as direct investments via grants and wrap-around commercialization support. More than $680 million in private investments and $200 million in project finance capital have been enabled, and more than 450 innovative clean energy products have been commercialized as a result of NYSERDA's technology and business development investments, including LED lighting systems, home appliances, longer-lasting batteries, and more efficient heating-and-cooling systems.

NYSERDA's initiatives are funded through the State's 10-year, $6 billion Clean Energy Fund. More information about this funding is available on NYSERDA's website.

NYS Private Sector Employment Up 6,300 Jobs in July 2023

 

Labor Force Participation Rate Reaches Highest Level in Nearly a Decade

According to preliminary seasonally adjusted figures released today by the New York State Department of Labor, the number of private sector jobs in New York State increased over the month by 6,300, or 0.1%, to 8,247,200 in July 2023. The number of private sector jobs in the U.S. also increased by 0.1% in July 2023.

     New York State's private sector jobs (not seasonally adjusted) increased by 145,100, or 1.8%, over the year in July 2023, which was less than the 2.1% increase in the number of private sector jobs in the U.S.

     New York State's seasonally adjusted unemployment rate held constant at 3.9% in July 2023. At the same time, New York State's labor force (seasonally adjusted) increased by 23,500. As a result, the labor force participation rate increased from 61.2% to 61.4% in July 2023, its highest level since October 2013.

     The number of private sector jobs in New York State is based on a payroll survey of New York businesses conducted by the U.S. Department of Labor’s Bureau of Labor Statistics (BLS). Monthly payroll employment estimates are preliminary and subject to revision as more complete data become available the following month. The BLS calculates New York State’s unemployment rate based partly upon the results of the monthly Current Population Survey (CPS) of approximately 3,100 households in the State.

Note: Seasonally adjusted data provide the most valid month-to-month comparison. Non-seasonally adjusted data are valuable in year-to-year comparisons of the same month – for example, July 2022 versus July 2023.

Statewide Industry Employment

July 2023 – Seasonally Adjusted

• On a net basis, the total number of nonfarm jobs in the state increased by 7,600 over the month, while private sector jobs increased by 6,300 in July 2023.
• At the same time, the total number of nonfarm jobs in the nation increased by 187,000, while private sector jobs increased by 172,000.

NYS Job Growth Equals That of the Nation

Over-the-Month % Change in Total Nonfarm & Private Sector Jobs, June – July 2023

Total Nonfarm and Private Sector Jobs Increased in July 2023

Total Nonfarm and Private Sector Jobs (in 1000s), January 1990 – July 2023

Statewide Unemployment

July 2023 – Seasonally Adjusted

• In July 2023, the statewide unemployment held constant at 3.9%.

• New York City’s unemployment rate decreased from 5.4% to 5.3%. Outside of New York City, the unemployment rate held constant at 2.9%, its lowest rate on records dating back to 1976.

• The number of unemployed New Yorkers decreased over the month by 3,700, from 383,900 in June to 380,200 in July 2023.

NYS Unemployment Rate Unchanged Over the Month

Labor Force Statistics, July 2022, June– July 2023

Substate and Industry Employment  July 2023 – Not Seasonally Adjusted New York State Gains Private Sector Jobs Over the Year Over-the-Year Change in Total Nonfarm & Private Sector Jobs, July 2022 – July 2023 Note: The sum of sub-state area job estimates will usually differ from the New York State total. This is because the State total is calculated separately from the sub-state areas and is estimated based on an independent sample. The Number of Leisure & Hospitality Jobs Increased by 5.8% Over the Year Over-the-Year Change in Jobs by Major Industry Sector, July 2022 – July 2023 *Government includes public education and public health services.  Jobs and Unemployment Fact Sheet This fact sheet conveys important technical information that will contribute to a better understanding of labor force data (“household survey”), including resident employment/unemployment rates, and jobs by industry data (“business survey”), which are presented in the New York State Department of Labor’s monthly press release. State Unemployment Rates Based on Regression Model Beginning with data for January 1996, unemployment rates for New York State and all other states (as well as New York City and the City of Los Angeles) have been estimated using time-series regression statistical models developed by the U.S. Bureau of Labor Statistics (BLS). Advantage of Regression Model Use of a time-series regression model reduces the month-to-month variation in unemployment rates and resident employment by reducing variation caused by sampling errors and other components of statistical noise (irregularities). Benchmarking of Estimates Once each year, labor force estimates, such as civilian labor force and the unemployment rate, are revised to reflect updated input data including new Census Bureau populations controls, newly revised establishment jobs data and new state-level annual average data from the Current Population Survey (CPS). As part of this procedure, all state figures are reviewed, revised as necessary and then re-estimated. This process is commonly referred to as “benchmarking.” Changes in Methodology Labor force estimates are now produced with an improved time-series regression model, which utilizes “real-time” benchmarking. “Real-time” benchmarking reduces end-of-year revisions, which also means that major economic events will be reflected in a more timely manner in state labor force estimates. In addition, the new methodology includes an updated way of estimating for sub-state areas (e.g. counties, metro areas) the number of unemployed who are new entrants or re-entrants into the labor force. This change in methodology will result in lower unemployment rates in some areas and increased rates in others. Unemployed and UI Beneficiaries The estimate of the number of unemployed includes all persons who had no employment during the reference week (the week including the 12th of the month), were available for work, except for temporary illness, and had made specific efforts to find employment sometime during the 4-week period ending with the reference week. Unemployment insurance (UI) beneficiaries include those who apply for and qualify for UI benefits. Consequently, the estimate of the number of unemployed and the number of UI beneficiaries do not necessarily move in tandem. Jobs Data Jobs data are obtained from a separate joint federal-state survey of business establishments. The survey, called the Current Employment Statistics of Establishments, has a sample size of 18,000 establishments in New York State. It excludes self-employed workers, agricultural workers, unpaid family workers and domestic workers employed by private households. This data represents a count of jobs by place of work. Data for each month is revised the following month as more complete information becomes available. The New York State Department of Labor is an Equal Opportunity Employer/Program.