NJ September Unemployment 9.8%

From the Record:

State’s jobless rate climbs to 32-year high of 9.8 percent in September

New Jersey’s unemployment rate rose to 9.8 percent in September, the highest since 1977, state labor officials said today. The rate matched the national rate.

The number of jobs in the Garden State fell by 12,700, with 12,000 of the losses in the private sector.

“The latest national and state employment estimates show that New Jersey was not immune from the national trend,” said New Jersey Labor Commissioner David J. Socolow.

From the Star Ledger:

N.J. unemployment rate inches up to 9.8 percent

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.

From the Philly Inquirer:

N.J. jobs drop, unemployment rises.

New Jersey’s unemployment rate continued to rise in September, hitting 9.8 percent of the workforce, the highest in 32 years.

At the same time, the number of state residents with jobs fell after two months of gains, the state Department of Labor and Workforce Development reported today.

The jobless rate was up from 9.6 percent in August and matched the national rate for September, the report showed. The state’s unemployment rate was last at 9.8 percent in April 1977.

In September, seven of New Jersey’s 10 industry sectors posted job losses – with the largest decline coming in construction (4,000 jobs), the department said. Even the health services/education sector, which typically increases employment month-to-month, lost 1,000 jobs in September.

Financial services gained 1,200 jobs last month, and leisure/hospitality was up 1,000, the state said. One sector, natural resources/mining, was unchanged.

The state’s total number of jobless people rose by 8,000 in September to 444,900.

Employment fell by 12,700 to 3,917,700.

This entry was posted in Economics, New Jersey Real Estate. Bookmark the permalink.

50 Responses to NJ September Unemployment 9.8%

  1. Qwerty says:

    Click your heels 3 times, all this ‘badness’ will go away, and NJ houses will once again be worth 10X incomes.

  2. Schumpeter says:

    So, NJ’s U6 (or whatever its equivalent is) probably sits at around 20%.

    Very hopeful.

  3. Schumpeter says:

    Somebody pass me that bong…

  4. Comrade Nom Deplume says:

    How can this be???? Here is what our Dear Leader had to say on the subject today:

    “The fact is, as difficult as these times are … we are moving in the right direction. Our economy is in better shape today than when I took office,” Obama said.”

    Are you feeling the Hope yet????

  5. Cybersnoop says:

    According to the numbers posted, I come up with a 10.2% UI rate. NJ trying to hide the BIG 10+%????

  6. make money says:

    10+ is an ugly number if you’re running for re-election.

  7. make money says:

    http://www.youtube.com/watch?v=1dyvou-6hHY&feature=popular

    Everyone here is just hating on Omama cause the boy got rhythm.

  8. Jpasteurized says:

    Long-time lurker, 2nd time poster. Big fan of the blog, seems like some smart commenters too. Will donate, sincerely, today.

    Maybe some of you can clear some things up for me. Been looking for a house in Bergen Cty. for a year now for my family. Seemed like a good time to buy, prices were coming down but we didn’t love anything so we waited. Now sales are starting to pick up again. At seemingly inflated prices (i.e., not that much off of highs of 2-3 years ago). We’re reaching a point where we need to do something or get off the pot (i.e., rent). What the hell is going on with this economy? Many people here seem to think prices aren’t done falling once gov’t intervention wanes. Unemployment also suggests housing can’t keep holding out. Or are some areas really more or less impervious to this economy? Would appreciate any guidance.

  9. Essex says:

    4. Irie.

  10. Essex says:

    5. I’m feelin’ something. Just glad JP Morgan is making money again.

  11. Danzud says:

    Some of the schools of thought seem to be buy but with as little down as possible as a hedge inflation play or to keep waiting this out. 12,000 more private sector jobs lost last month implies we’re not seeing housing rise any time soon..

    Also, the latest home-buying rush is because the realtors got some of those buy now or lose the 8k tax credit people.

  12. make money says:

    http://www.cnbc.com/id/33310096/

    Did anyone see this? It sounds like from teh land of make believe.

  13. bi says:

    down closed over 10K. S&P near 1100. cheers.

  14. 3b says:

    #14 And?

  15. bi says:

    15#, and take some chips off the table.

  16. 3b says:

    #16 Profound.

  17. Hard Place says:

    make money (13),

    that article is crazy. like the wild west of real estate. no holds barred cage match between banks, buyers, sellers and bankrupt owners.

  18. Outofstater says:

    #5 No, sorry. The only thing I’m feeling is the vomit rise.

  19. NJGator says:

    Gawker’s take on the NJ Gov election:

    Obama Decides Corzine Will Probably Win

    Barack Obama is going to New Jersey! This means that Jon Corzine might actually pull this sucker off.

    Corzine trails Chris “Fatty-Boom-Batty” Christie by only one point according to the latest Quinnipiac poll, thanks in large part to recent revelations of various small-potato Christie scandals and also the fact that Christie is very, very fat. (Also there is an independent candidate who is pulling in the “hate Corzine but can’t vote Republican” portion of the electorate.)

    So here comes Obama! Even though many people in New Jersey think Obama is actually literally S*tan incarnate, he still might help energize Democrats. Not as much as, like, Springsteen would, but maybe enough to beat a fat guy across the finish line.

    Obama will be in Hackensack on October 21, and he might even go back to New Jersey some other time before the election if things go well, or if Corzine pulls ahead in the polls.

    http://gawker.com/5381776/obama-decides-corzine-will-probably-win

  20. sas says:

    “Pittsburgh may hire private firm to collect tax debts”

    http://www.post-gazette.com/pg/09287/1005405-100.stm

  21. Outofstater says:

    Lazard CEO Bruce Wasserstein has died.

  22. jamil.hussein says:

    comrade:”Our economy is in better shape today than when I took office,” Obama said.””

    He is right, assuming he is speaking about Obama household. Those tax-payer sponsored $13,000 hotel nights in Moscow and London (Clinton and Bush were ok with $500 rooms in Moscow) sure look great.

    For the rest of the suckers, it may be different story. Messiah managed to double the unemployment and national debt.

  23. yo'me says:

    14.bi says:
    October 14, 2009 at 4:31 pm
    dow closed over 10K. S&P near 1100. cheers

    L’ chaim!!

  24. chicagofinance says:

    yo’me says:
    October 14, 2009 at 5:38 pm
    14.bi says:
    October 14, 2009 at 4:31 pm
    dow closed over 10K. S&P near 1100. cheers
    L’ chaim!!

    y: shhhh you will be shouted down….

  25. Schumpeter says:

    3b (17)-

    Not profound. Just a idiot savant, sans the savant part.

  26. BC Bob says:

    “y: shhhh you will be shouted down….”

    Chi,

    Dow 10K, cause for celebration? In 1999 Dow/Gold was 30-1, now under 10-1. Did gold get that expensive or did real dow, since 99, get taken out to the wood shed?

    Not shouting, just partying like it’s 2009.

  27. BC Bob says:

    Dow, 10 years; simply an abysmal performance.

  28. chicagofinance says:

    Congrats to you. I think you missed my point, as well as made it, in the same post.

  29. George Soros says:

    Wonderinng how much wealth effect the DOW 10000 will have on our economy. 55% of people have invested directly or indirectly in the stock markets. So at least half of the population feels better from the stock market boom in the last six months.

  30. Schumpeter says:

    stock market = bucket shop, rigged & run by GS

    pump, then dump

    Come to think of it, people had a better chance of winning back in the original bucket shop days.

  31. chicagofinance says:

    stop talking logic; you will be silent!

    George Soros says:
    October 14, 2009 at 6:23 pm

    Wonderinng how much wealth effect the DOW 10000 will have on our economy. 55% of people have invested directly or indirectly in the stock markets. So at least half of the population feels better from the stock market boom in the last six months.

  32. chicagofinance says:

    clot:

    bucket shop or no bucket shop, there are a bunch of lemmings that have a tingly feeling in their jockstrap heading home; look for an uptick in the tips at satin dolls and shakers…..i mean money, not the urethral meatus….

  33. BC Bob says:

    What’s the point?

  34. BC Bob says:

    The only lemmings strapping it on are those that recognized the biggest financial catastrophe in our lifetime, sold at/near the highs and subsequently bought the bottom. Kudos to all of you, great trade.

    The 99% that buy and hold. Well, someone else can address that.

  35. BC Bob says:

    By the way, I’m rooting for the stock market. Hope it gets inflated to 20K. Will even wear a 20K Dow hat. In this scenario gold will be trading at 5-10K.

  36. Bromoney says:

    lol, 20K dow hat

  37. Essex says:

    40. Hmmm Chatham has that “side” of town which is close to downtown but really not that impressive. In fact it is kind of gross. $470k for this one does not really grab me. We passed on a place there for less in a better location and close to a major road in 2002.

  38. prtraders2000 says:

    My nephew is at UPR. Wonder when this is coming stateside.

    http://www.dailyrecord.com/article/20091013/UPDATES01/91012082/-1/UPDATES01

  39. Shore Guy says:

    I love cats but, this is a bit excessive:

    tp://www.dailyrecord.com/article/20091014/UPDATES01/91014085/1005/NEWS01/Livingston-couple-facing-animal-cruelty-charges-in-Ocean-County

  40. skep-tic says:

    #9

    “Maybe some of you can clear some things up for me. Been looking for a house in Bergen Cty. for a year now for my family. Seemed like a good time to buy, prices were coming down but we didn’t love anything so we waited. Now sales are starting to pick up again. At seemingly inflated prices (i.e., not that much off of highs of 2-3 years ago). We’re reaching a point where we need to do something or get off the pot (i.e., rent). What the hell is going on with this economy? Many people here seem to think prices aren’t done falling once gov’t intervention wanes. Unemployment also suggests housing can’t keep holding out. Or are some areas really more or less impervious to this economy? Would appreciate any guidance.”

    ************

    My 2 cents is that the crash period is over. Barring some type of new calamity (dollar collapse?), RE prices will be flat to slightly negative for several years. There is little danger of prices appreciating a lot in the near future due to high unemployment, so I don’t think there is any major urgency to buy, but I think the risk of buying then losing 20% in year one is behind us, so you should do it if you are ready otherwise.

  41. Shelley says:

    #40 The funny thing is that home is not worth $400K in this market. For $500K you can get something nicer in the township with more property.

    Many sellers are refusing to list my realtor tells me because they dont like the market.

  42. james says:

    #9

    Most of the posters in here are preparing for civil unrest. Real Estate is discussed in terms of how fertile is the soil not how much square footage. Also how easily it can be defended and the water table depth.

    I dont think anyone in this forum believes this economic recovery is real. Most believe that a sh#t storm is brewing and we are buying umbrellas.

    Many of that have houses wish we didnt because when the SHTF we would like to ride it out in the bahamas.

  43. Future History says:

    47. Sad, but true. People are so stressed that they are looking for any good news to convince themselves the storm is over and unfortunately, it isn’t.

    By mid ’11 we should have a better idea if the economy is going to collapse but this next round of mortgage issues is not going to be pretty and how much does uncle sam really have left?

    BTW – massive issue with underfunded public pension funds looming too. Only way to address is with higher risk investments.

    Any bets on when an accelerated decline of the US dollar will happen?

  44. Essex says:

    I hate to be negative. But I am negative.

  45. db says:

    ..well this about sums it up ….”Corzine’s record is clear, and as a result he shouldn’t even be in the discussion as a gubernatorial preference. His first term in office has been a total failure. Taxes have continued to skyrocket, and any attempts at spending reforms have been minimal and to negligible effect. At first Corzine blamed the state’s financial problems on previous administrations leaving him an economic mess to clean up. Then he started blaming the global economic meltdown. In the Corzine worldview he bears responsibility for none of the state’s problems, and pats himself on the back for averting some nebulous worse-case scenario,” Courier News/Home News Tribune.

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