Memorial Day Weekend Travel

Travelers taking to the road this Memorial Day weekend only to face soaring costs as prices at the pump .

The nationwide average for a gallon of regular unleaded gasoline rose to $3.875 according to AAA. That marks the 16th consecutive record for gas prices. Retail gas prices are up nearly 10% from a month ago and have climbed more than 20% in the last 12 months.

A year ago American's paid an average of $3.23 for a gallon of gas.
The result? 1 in 5 drivers are staying home this holiday weekend.
In 2007, 38.2 million people traveled away from home over the Memorial Day weekend. This year, that number is down to 37.9 million and the reason is record high gas prices.

Occupational Outlook Handbook, Dept of Labor

Education and health services. This industry supersector is projected to grow by 18.8 percent, and add more jobs, nearly 5.5 million, than any other industry supersector. More than 3 out of every 10 new jobs created in the U.S. economy will be in either the healthcare and social assistance or public and private educational services sectors.

Healthcare and social assistance—including public and private hospitals, nursing and residential care facilities, and individual and family services—will grow by 25.4 percent and add 4 million new jobs. Employment growth will be driven by increasing demand for healthcare and social assistance because of an aging population and longer life expectancies. Also, as more women enter the labor force, demand for childcare services is expected to grow.

Public and private educational services will grow by 10.7 percent and add 1.4 million new jobs through 2016. Rising student enrollments at all levels of education will create demand for educational services.

Professional and business services. This industry supersector, which includes some of the fastest growing industries in the U.S. economy, will grow by 23.3 percent and add 4.1 million new jobs.

Employment in administrative and support and waste management and remediation services will grow by 20.3 percent and add 1.7 million new jobs to the economy by 2016.

Employment in professional, scientific, and technical services will grow by 28.8 percent and add 2.1 million new jobs by 2016. Employment in computer systems design and related services will grow by 38.3 percent and add nearly one-fourth of all new jobs in professional, scientific, and technical services. Employment growth will be driven by the increasing reliance of businesses on information technology and the continuing importance of maintaining system and network security.

Management of companies and enterprises will grow by 14.9 percent and add 270,000 new jobs.

Information. Employment in the information supersector is expected to increase by 6.9 percent, adding 212,000 jobs by 2016. Information contains some of the fast-growing computer-related industries such as software publishing, Internet publishing and broadcasting, and wireless telecommunication carriers.

Leisure and hospitality. Overall employment will grow by 14.3 percent.

Employment in retail trade is expected to increase by 4.5 percent. Despite slower than average growth, this industry will add almost 700,000 new jobs over the 2006-2016 period, growing from 15.3 million employees to 16 million. de.

Finance and insurance are expected to add 815,000 jobs, an increase of 13.2 percent, by 2016.

Government. Between 2006 and 2016, government employment, not including employment in public education and hospitals, is expected to increase by 4.8 percent, from 10.8 million to 11.3 million jobs. Growth in government employment will be fueled by an increased demand for pubic safety, but dampened by budgetary constraints and outsourcing of government jobs to the private sector.

Construction. Employment in construction is expected to increase by 10.2 percent, from 7.7 million to 8.5 million. Demand for commercial construction and an increase in road, bridge, and tunnel construction will account for the bulk of job growth in this supersector.

Manufacturing. While overall employment in this supersector will decline by 10.6 percent or 1.5 million jobs, employment in a few detailed manufacturing industries will increase.

Agriculture, forestry, fishing, and hunting. Overall employment in agriculture, forestry, fishing, and hunting is expected to decrease by 2.8 percent.

Mining. Employment in mining is expected to decrease 1.6 percent, or by some 10,000 jobs, by 2016.

Among all occupations in the economy, healthcare occupations are expected to make up 7 of the 20 fastest growing occupations, the largest proportion of any occupational group These 7 healthcare occupations, in addition to exhibiting high growth rates, will add nearly 750,000 new jobs between 2006 and 2016. Other occupational groups that have more than one occupation in the 20 fastest growing occupations are computer occupations, personal care and service occupations, community and social services occupations, and business and financial operations occupations. High growth rates among occupations in the top 20 fastest growing occupations reflect projected rapid growth in the health care and social assistance industries and the professional, scientific, and technical services industries.

www.dol.gov

U.S. Bureau of Labor Statistics Office of Occupational Statistics and Employment Projections Suite 2135, 2 Massachusetts Avenue, NE Washington, DC 20212-0001 http://www.bls.gov/OCO/ | Telephone: (202) 691-5700 | Fax: (202) 691-5745 Do you have a question about the Occupational Outlook Handbook?

Life Insurance

Term insurance is the most basic, and generally least expensive, form of life insurance for people under age 50. A term policy is written for a specific period of time, typically 1 to 10 years, and may be renewable at the end of each term. Also, the premiums increase at the end of each term and can become prohibitively expensive for older individuals. . This is a type of Life Insurance that provides protection only for a specific period of time. Normally sold in 5,10,20, or 30 year periods. This is the most affordable for a young person but, can be quite expensive when one wants to renew at the end of the term.

Declining Balance Term insurance, a variation on this theme, is often used as mortgage insurance since it can be written to match the amortization of your mortgage principal. While the premium stays constant over the term, the face value steadily declines. Once the mortgage is paid off, the insurance is no longer needed and the policy expires. Unlike many other policies, term insurance has no cash value.

Whole Life combines permanent protection with a savings component. As long as you continue to pay the premiums, you are able to lock in coverage at a level premium rate. Part of that premium accrues as cash value. A traditional type of life policy which provides coverage for the “whole life” of the insured, rather than for a specific term period. The proceeds are paid at the insured’s death or at the age specified in the policy, usually age 100 or more, when the insured survives that long.

Universal Life is similar to whole life with the added benefit of potentially higher earnings on the savings component. Universal life policies are also highly flexible in regard to premiums and face value. A combination flexible premium, adjustable life insurance policy.

Drawbacks to this type of insurance include higher fees and interest rate sensitivity. Universal policies include up-front fees as well as ongoing administrative fees totaling as high as 5% to 7% of your premiums. You may also find your premiums increasing when interest rates decline.

Variable Life generally offers fixed premiums and control over your policy's cash value. Your cash value is invested in your choice of stock, bond, or money market funding options. Fees for these policies may be higher than for universal life .

Universal Variable Life insurance is the most aggressive type of policy. Like variable life, you control your investment in mutual funds.

Key Terms and Definitions

* Face Value -- The original death benefit amount.
* Convertibility -- Option to convert from one type of policy (term) to another (whole life), usually without a physical examination.
* Cash Value -- The savings portion of a policy that can be borrowed against or cashed in.
* Premiums -- Monthly, quarterly, or yearly payments required to maintain coverage.
* Beneficiary -- The individual(s) or entity (e.g., trust) that is designated as benefit recipient.
* Paid Up -- A policy requiring no further premium payments due to prepayment or earnings.

What is going on at eBay?

The controversial new feedback policy from eBay removes sellers' ability to leave neutral or negative feedback for their buyers.

EBay hopes the change will benefit both buyers and sellers by creating a more reliable marketplace, some small merchants see this as another reason to move their wares elsewhere.

Sellers are taking more drastic action: A number have posted store notices saying they will no longer leave any feedback at all in protest of eBay's new policy.

EBay officials say the feedback change was necessary to counter a growing trend of sellers leaving retaliatory ratings for buyers who give them negative ratings. Wouldn't you?

"What we discovered through research was that any negative feedback that the buyer gets reduces their purchasing or willingness to purchase within the marketplace," said Brian Burke, eBay's director of global feedback policy. "The goal behind the changes is really to make sure that we've got buyer accountability and seller accountability."

To make up for limiting public feedback options for sellers, eBay is giving its sellers more tools to protect themselves against unscrupulous buyers. Starting May 27, vendors will be able to tighten buyer restrictions and block shoppers who have been reported for policy violations, such as feedback extortion or nonpayment, from buying or bidding on their items.


EBay's feedback change is part of a comprehensive revamp that has also brought changes to eBay's fee structure, search algorithm, and PayPal policies. Small merchants have been particularly vocal in their displeasure about the changes.

"I think we're in a very hostile seller situation," one merchant said. "I have no clue why eBay is doing it, but it scares me."

There is a seller's budding backlash, punctuated by eBay-bashing Web sites and online message groups. According to USA Today, Smaller auction sites Bidville, ePier.com and iOffer.com, among others, report an increase in new users. Wagglepop.com says 2,700 sellers, most of them eBay defectors, have lined up to join when it starts later this month. "We struck a nerve at the right time," says CEO Ray Romeo, a former eBay user.

About 430,000 individuals and small businesses make part or all of their income from listings on eBay — nearly three times the number in late 2002.

Problems with Rebate Checks....

About 350,000 eligible households that have received rebates didn't receive the additional $300 payment for their children. In some cases, the extra payments were withheld because people failed to check a box on their tax return indicating to the IRS that their children were eligible, IRS spokesman Terry Lemons says.

In other cases, the error occurred because a few tax software companies failed to provide the information the IRS needed to make the payments, Lemons says. The IRS plans to mail a "catch-up payment" to the parents by July.

Taxpayers who filed jointly with a spouse who doesn't have a Social Security number won't receive a rebate at all. They include thousands of legal residents whose spouses have applied for a Social Security number but haven't received one yet.


Starting in late April, the Treasury began sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment.


Economic stimulus payments will continue on a weekly basis through July. The last two-digits of your Social Security number and whether you opted for direct deposit into your financial account or a paper check will determine when you receive your payment.

Foreclosure filings hit record in April

U.S. foreclosure filings reached a record high in April, rising almost 65% over the previous year . 243,353 households, nearly one in 519, received a foreclosure filing during April, according to the U.S. Foreclosure Market Report from RealtyTrac, an online marketplace . That was up 4% from March, and surpassed the record of 239,851 set in August 2007.

RealtyTrac's measure of foreclosure filings includes notices of default, auction sales and bank repossessions. According to the report, 54,574 were fully repossessed by banks in April.

The record number of foreclosures added their weight to an already saturated real estate market, pulling down home prices. Plunging home values reduce the money that cities, villages and towns collect in property taxes.

In particular jeopardy are parts of Nevada, California, Arizona and Florida, whose states maintained the highest foreclosure rates, according to RealtyTrac.

The state of California had the second-highest foreclosure rate in the nation, up 112% over the previous year and affecting about one in 204 households. The top spot among states was held by Nevada, which maintained a foreclosure rate 3.6 times the national average, affecting about one in 146 homes.

Nationwide, single-family home prices have fallen 7.7% since the beginning of the year to the lowest level since at least 1982, according to the National Association of Realtors, and data from real-estate broker Zip Realty showed that the number of houses on the market grew by 3.5% in April.


Ten hardest hit metro areas: Cities in California and Florida have been particularly hard-hit. Areas in those states accounted for 9 of the top 10 metropolitan foreclosure rates.

The California metro areas of Merced, Stockton, Modesto and Riverside-San Bernardino took the top four spots. In Merced, one out of 66 households was hit by foreclosure in April.

In Florida, Cape Coral-Fort Myers came in at number 5, Port St. Lucie-Fort Pierce and Fort Lauderdale came in at numbers 9 and 10.

Also making an appearance was Las Vegas, a city that had seen heavy real estate speculation, at number 7 with one in 116 households receiving foreclosure notices.

1 in 10 baby boomers borrowing for everyday expenses.

The AP is reporting that in a new survey conducted by AARP Survey: 1 in 10 baby boomers borrowing for everyday expenses.

In the telephone survey of 1,002 adults 45 and older, nearly four in 10 said they had helped a child pay bills or expenses. Among retirees, one-third said they'd helped their children pay bills. Eight percent said they'd helped a parent pay bills or expenses. The survey's margin of sampling error was plus or minus 3 percentage points.

One-third of survey participants said they stopped putting money into their 401(k) or retirement account and 14 percent said they had cut back on their medications.



The majority of baby boomers said they were finding it more difficult to pay for essentials and utilities. Six in 10 said they had cut back on eating out and entertainment. More than one-quarter of those surveyed are having trouble paying their mortgage or rent.

Compared with older people, a greater percentage of younger baby boomers, those 45 to 54, said they were cutting back on medications, prematurely withdrawing retirement funds and postponing paying bills.