what is so scary about nj unemployment?
The New Jersey unemployment rate inched up from 9.7 percent to 9.8 percent in September, exactly tracking the national rate, the state labor department said today. The state’s private sector lost 12,000 jobs from August to September, as well as 700 public sector jobs, according to an employment survey. Total nonfarm employment slipped to 3,917,700, down from 4,046,600 a year ago. The private sector slip is a particular disappointment, because over the summer the private sector looked as if it were making small but steady gains since a May low of 3,279,800 jobs. Many economists predict the national unemployment rate will go above 10 percent. The chief economist of a national mortgage bankers group said Tuesday he expected foreclosures to peak by the end of next year and the unemployment rate go above 10 percent. “The recession is behind us but the effects of the recession will linger for some time in the form of higher unemployment and lower levels of business investment and home constr
N.J. unemployment rate inches up to 9.8 percent By Lisa Fleisher/Statehouse Bureau October 14, 2009, 1:13PM The New Jersey unemployment rate inched up from 9.7 percent to 9.8 percent in September, exactly tracking the national rate, the state labor department said today. The state’s private sector lost 12,000 jobs from August to September, as well as 700 public sector jobs, according to an employment survey. Total nonfarm employment slipped to 3,917,700, down from 4,046,600 a year ago. The private sector slip is a particular disappointment, because over the summer the private sector looked as if it were making small but steady gains since a May low of 3,279,800 jobs. Many economists predict the national unemployment rate will go above 10 percent. The chief economist of a national mortgage bankers group said Tuesday he expected foreclosures to peak by the end of next year and the unemployment rate go above 10 percent. “The recession is behind us but the effects of the recession will lin
