From the AP:
N.J. unemployment rate jumps in February
New Jersey’s unemployment rate jumps for the second straight month.
The rate hit 4.8 percent in February, up from 4.5 percent in January.
The state Labor and Workforce Development Department says that puts New Jersey’s jobless rate as high as the national average for the first time since October 2006.
The numbers show New Jersey lost 10,400 jobs in the private sector in the first two months of 2008.
The New Jersey Business & Industry Association says the state has 6,600 fewer private-sector jobs than it did at the last peak in December 2000. That’s when there were 3.43 million jobs in the state.
From the APP:
State lost 1,700 jobs in February
New Jersey’s job market declined by 1,700 jobs in February, the state Department of Labor and Workforce Development reported today, in a sign the slowing housing market is taking a toll on the larger economy.
…
“The slowing of our national economy has affected New Jersey businesses and impacted our state’s job market,” Labor Commissioner David J. Socolow said.The jobs figure is taken from a survey of New Jersey companies. The unemployment figure is taken from a survey of New Jersey residents. Taken together, they show the state’s job market is performing anemically.
The state had been growing slower than the rest of the nation — but growing nonetheless. For the first two months of the year, though, the state has lost a combined 10,300 jobs, according to state figures.
From the NJ Department of Labor and Workforce Development:
NJ Employment Decreased Modestly in February Unemployment Rate Matches National Rate for the Month
Employment in New Jersey decreased modestly in February while the state’s unemployment rate moved higher to 4.8 percent, equaling the national rate. February’s rate marks the first time that New Jersey’s unemployment rate has been equal to or above the United State’s rate since October, 2006.
According to preliminary estimates from the New Jersey Department of Labor and Workforce Development’s monthly survey of employers, total nonfarm wage and salary employment in the Garden State fell by 1,700 in February to 4,072,300. Based on more complete reporting, the previously released January estimate was revised higher by 900 to 4,074,000, for a revised loss of 8,600 jobs in January.
“The slowing of our national economy has affected New Jersey businesses and impacted our state’s job market,” said Labor Commissioner David J. Socolow. “The Department of Labor and Workforce Development is ready to offer timely assistance to workers displaced by these economic factors. We are also supporting employers who invest in the productivity and training of their workforce in order to remain competitive in this troubled economy.”
GSP, Turnpike, 80, 78 and 287 are packed with cars. Malls are packed with people. AC casinos are so packed they are adding 3 new one. So where’s the recession I ask?
Frankie…..Yo…..da recession in ya house iffn ya loose ya job, yo.
What do you expect? A guy pushing an apple cart down 78? A tent city in the Willowbrook parking lot? Panhandlers on the boardwalk? Hmm, scratch that last one.
I expect to find a parking space at a mall. I expect to see less traffic so my commute is under 2 hours. I expect to see a real drop in home prices. So far none of the above is happening.
How about robbing a homeless guy of his booze? Surely that doesn’t happen during periods of economic prosperity.
Homeless man beaten, robbed of alcohol and cash
man reported being robbed and assaulted at an area off Lalor Street where homeless people gather and sleep, police said.
Jeffrey Wilkes, 47, went to a nearby 7-Eleven at about 10:45 p.m. Tuesday and called police and reported he was robbed of alcohol and a small amount of cash at the nearby site, police confirmed Wednesday.
#2,
I am waiting for those layoffs to happen but so far headhunters are calling me weekly.
From the Star Ledger:
Nycomed to shed 196 jobs in wake of Bradley acquisition
The other shoe dropped this week in Nycomed’s acquisition of Bradley Pharmaceuticals, with word that nearly two-thirds of Bradley’s work force will be let go.
Nycomed, a Swiss specialty drugmaker that has local offices in Florham Park, told state officials that it plans to eliminate 196 jobs that were once based at Bradley’s headquarters in Fairfield. The layoffs take effect April 30, according to information on the New Jersey Department of Labor’s website.
Frank, 1: GSP, Turnpike, 80, 78 and 287 are packed with cars. Malls are packed with people. AC casinos are so packed they are adding 3 new one. So where’s the recession I ask?
Translation: Data is nice, but I want anecdotal evidence.
Translation: Data is nice, but I want anecdotal evidence.
NJ casino revenues down 4.4% YTD compared with last year. While February was up year over year, revenues have been lower over the past 10 months. Not to mention the fact that Febuary YTD revenues were at a 5 year low.
http://www.state.nj.us/casinos/financia/mthrev/Press%20Release%20docs/2008/200802_revenue.pdf
#1 frank: I was in Paramus Malls twice this week (only because I had to) Sports Authority on 17 (near IKEA) empty.
Paramus Park (MACYS), parking right outside the door. Not to mention Macy’s has sales evey day now.
Bradley doesn’t qualify as a pharmaceutical company.
“When unemployment rises by more than 0.5 percent from its cycle low, a recession generally ensues.”
http://www.wsws.org/articles/2008/jan2008/jobs-j05.shtml
NJ unemployment rose from 4.2% to 4.8%. IMO, the jump in unemployment is a leading indicator for what’s to come.
2007 has become widely accepted as the most challenging year in the history of the Atlantic City gaming market,” lamented Trump chief executive officer Mark Juliano
In 2007, Atlantic City suffered its first annual revenue decline in its 30-year history of casino gambling.
http://www.pressofatlanticcity.com/106/story/99499.html
Malls are packed with people
That’s not the same thing as spending. My wife loves the mall, but 3/4 of the time she comes home empty handed.
I hate the mall, but she sees walking around the mall as a cheap and easy way to get out of the house on a winter afternoon.
The Great Unwind has begun, Citigroup warns
Avoid leveraged companies, countries and consumers, bank’s strategists say
http://www.marketwatch.com/news/story/great-unwind-has-started-avoid/story.aspx?guid=%7B1DC25DFD%2D3543%2D4CF4%2DBE26%2D74EA4B9C9330%7D&dist=hplatest
“We are now confronted by a broad bloodbath in the credit markets,” Citigroup said. ” The most leveraged paper is falling in value because it is leveraged, and now the least leveraged paper is also falling in value because it is owned by leveraged investors.”
6. Headhunters are some of the biggest fishermen in the world……huge time wasters sometimes….take their calls and talk to them….at least 75% are completely clueless and will never get you a job.
Can someone with mls tell me what happened with:
55 Meadowbrook Road, Short Hills
and
108 Glen Ave, Millburn?
thx
oh
hello everyone
Hey confused, I agreed heartily with you in the last thread (I know you wouldn’t want to miss it…)
15 essex
I’ve taken to saying “not looking, but keep me in your rolodex” and hanging up. You have to do your research; in my industry, some are clueless and some really know what they’re doing and add a great deal of value.
I’m lucky enough to do something that no one in their right mind wants to do, so I get called about 20 times a day.
Citi is toast.
they are done.
SAS
“We are now confronted by a broad bloodbath in the credit markets,” Citigroup said. ”
in winter 2007/8????
I thought my NYC St. Pats Day watering hole area was less eventful this year.
ALot of owners telling me this St. Pats was a slow one this year.
anyone else??
SAS
# Frank Says:
March 19th, 2008 at 7:57 pm
GSP, Turnpike, 80, 78 and 287 are packed with cars. Malls are packed with people. AC casinos are so packed they are adding 3 new one. So where’s the recession I ask?
————————-
I drive over the GWB from Union county every day at rush hour and there is virtually NO traffic. 90% of the time I have to slow down at the tolls. I have been waiting since last summer for delays at the bridge to return but they haven’t. I don’t know if traffic is necessarily indicative of a recession, but I do know my commute used to take 90 minutes and now takes just under an hour, almost every day.
“The rate hit 4.8 percent in February, up from 4.5 percent in January.”
Most countries would love unemployment of 4.8% Talk to me when it hits 8% in NJ.
#23
How is that statement relevant to anything?
21
SAS
It seemed very quiet in midtown
10,300 lost jobs.. how many lost homes?
16
55 Meadowbrook Road, Short Hills
SOLD 3/18/08
OLP: $669,000
LP: $635,000
SP: $565,000
108 Glen Ave, Millburn
SOLD 03/06/08
OLP/LP: $599,000
SP: $520,000
The sad part about the Unemployment Statistics is that like the Inflation Statistics, they are not accurate, but rather are intentionaly presented low. If you use a multiple of 4 for inflation and unemployement, it would be closer to reality.
“The rate hit 4.8 percent in February, up from 4.5 percent in January.”
Most countries would love unemployment of 4.8% Talk to me when it hits 8% in NJ.
New Jersey is supposed special. One of the arguments real estate bulls use to justify higher than average (even after normalizing for higher incomes) real estate prices in NJ is our strong economy indicated by our lower than average unemployment rate. Well, it looks like we are just average now.
sybarite –
thanks for the info.
Thornburg Mortgage Needs Help
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a3V6QOQeLrIQ
The rate hit 4.8 percent in February, up from 4.5 percent in January.”
It was 4.2 in December.
NJ has lost this many jobs a few times in the past few years, however a shrinking labor force has kept the unemployment rate low.
One theory is that as people lost jobs or their jobs were relocated, they packed their bags and left NJ. So, NJ may have lost a job, but the labor force shrank at the same time keeping unemployment low. These days it isn’t so easy to sell the house and leave.
Anecdotally, this has been backed up by some realtors® in popular NJ relocation destinations (such as NC) reporting slower sales as NY metro area refugees express a desire to relocate, but report difficulty selling their existing home. Hughes & Seneca (from the Bloustein school) also hypothesized that difficulty selling homes would likely stem the exodus out of NJ.
My employer has not gone through our “yearly reviews” yet, but we are a distribution facility a Fortune 500 retailer, and we already unexpectedly slipped on our holiday season numbers. I’ll let everyone know what happens after management takes headcount and our Q1 numbers start to tally up.
The only anecdotal evidence I have right now is that we got rid of our holiday temps right after Christmas…we usually keep them around for Returns season (through Mid Feb).
#7- Grim
Nycomed is in Florham Park because of the acquisition of Altana Pharma in which a couple of departments has been laid off.