Five states running out of unemployment funds.

[moneysense]

Five states may be out of unemployment funds in the next 3 months. Those states include, Ohio, Michigan, Indiana, New York and South Carolina.

In face, Ohios unemployment could be empty as early as next month. With Ohio's 7.2 umemployment rate which is higher than the national average, Ohio is expecting more job losses in the auto industry and air-express industry.

Congress is being asked for aid so that the state wont have to borrow from the federal government. Andrew E Doehrel, who is president of the Ohio Chamber of Commerce and co chariman of Ohio's Unemployment Compensation Advisory Council says,

We may have to begin borrowing as soon as December, because unemployment has continued to rise and we're in worse shape than we were a few months ago.

Unemployment Compensation is funded through a tax paid by employers here in Ohio. And right now, the state of Ohio is paying out in excess of $100 M per month.

And with more layoffs from General Motors Corp with the closing of a factory near Dayton, Ohio, this will put even more people on the Unemployment lines.

[pennypinch]

If more people in Ohio would not have gotten so caught in what some of the ads were saying about the proposed casino we could have gained 5,000 jobs. Thats nothing to sneeze at. It would have helped to some extent. People had heard that there was a loophole in the proposal and that no tax dollars would go to the state from the casino. My thinking on the matter was, well at least we will have a few more jobs here.