Mixed Bag: Nov. Unemployment Rate Stable, But 9k Jobs Lost

From the APP:

Weak holiday hiring leads to loss of 9,400 jobs in November in New Jersey

New Jersey lost 9,400 jobs in November in part because retailers added fewer workers than expected for the holiday shopping season, the state Department of Labor and Workforce Development said today.

The November report showed that New Jersey’s labor market continued lose jobs despite signs that the economy is beginning to recover from the longest recession since the Great Depression.

The state lost 10,900 private sector jobs and added 1,500 public sector jobs during the month. All of the public sector job growth was at the local government level, the report said.

From the Record:

N.J. lost 9,000 jobs in November

New Jersey lost 9,400 jobs in November in sharp contrast to the modest job gains the month before, and the state unemployment rate stayed at 9.7 percent, figures released today show.

The state lost 10,900 private sector jobs, but added 1,500 government jobs, according to the monthly report by the New Jersey Department of Labor and Workforce Development.

New Jersey’s unemployment rate remained below the national level, which fell from 10.2 percent to 10 percent in November. Economists have predicted that the rate will continue rising well into next year.

New Jersey’s unemployment rate fell in October from 9.8 percent to 9.7 percent. The state reported a job loss of 1,800 that month, but revised the figure today to a gain of 1,200 jobs.

State labor commissioner David J. Socolow said the weak retail sector was a key factor in the November job loss.

From the Philly Inquirer:

N.J. jobless rate stable, but total jobs fall

The biggest job losses last month from October were in the trade/transportation/utilities category (down 9,700 jobs), construction (down 2,800), professional/business services (down 1,900) and financial services fields (down 1,200).

“The usual retail hiring increases at this time of year did not reach the levels recorded in prior years,” state Labor Commissioner David J. Socolow said.

From the Star Ledger:

N.J. unemployment rate holds at 9.7 percent

The unemployment rate in New Jersey stayed at 9.7 percent in November, even though the private sector lost almost 11,000 jobs, the state labor department said today.

Retail stores hired fewer people than usual for the holiday season this year, resulting in a loss of about 9,700 jobs when adjusted for seasonal hiring patterns.

But the numbers are not firm, and estimates are regularly adjusted from month to month. For example, the Department of Labor and Workforce Development now says the state actually gained 1,200 jobs in October, instead of losing 1,800 as previously estimated.

Also, not everyone was firing employees. The manufacturing sector gained about 2,500 jobs, and the leisure and hospitality industry gained 2,100 jobs in arts, entertainment and recreation. Local government payrolls helped the public sector grow by about 1,500 jobs.

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

81 Responses to Mixed Bag: Nov. Unemployment Rate Stable, But 9k Jobs Lost

  1. chicagofinance says:

    Frist! BBBBBBBBBBBBOOOOOOOOOOOOYAAAAAAAAA

  2. Shore Guy says:

    Why is the public sector adding employees?

  3. flank says:

    what recession?

    buy now or I will be a dork forever!

  4. Mikeinwaiting says:

    Shore for votes.

  5. Schumpeter says:

    Shore (2)-

    In order to drain us dry.

  6. Mikeinwaiting says:

    Clot when we can not or will not support it any longer then it will hit the fan.

  7. grim says:

    From Bloomberg:

    Mortgage Originations to Fall 16% in 2010 as Stimulus Ends

    Mortgage originations probably will decline 16 percent next year as the homebuyer tax credit expires and the Federal Reserve winds down purchases of mortgage-backed bonds, according to a report by Keefe, Bruyette & Woods Inc.

    Lending may drop to $1.6 trillion in 2010 from $1.9 trillion this year, Bose George and Jade Rahmani wrote in a research note today. The volume of refinancings will decline after the end of the Fed program in March boosts rates, and home purchases will “taper off” after the tax credit expires in April, according to the analysts for the New York-based firm.

    “We do not expect the government to attempt to boost refinance activity further, primarily because there are limited options available to do so,” the analysts wrote.

    The housing market was helped this year by an $8,000 first- time buyers tax credit that pushed resales to a 6.1 million annual pace in October, the highest since February 2007, the National Association of Realtors said in a Nov. 23 report. Home sales are likely to be “flat” in 2010, Keefe said.

  8. Safeashouses says:

    #7 grim

    The government is running out of options? Does that mean the printing presses have overheated? Have we run out of fools to borrow from?

  9. lostinny says:

    Anyone interested in a Devils ticket for Friday night’s game?

  10. Painhrtz says:

    Lost no they are not playing the Rangers ; )

  11. lostinny says:

    10 Pain
    I know. They’re playing Ottawa. I’ve been watching my Rangers get their @sses kicked a lot lately.

  12. Stu says:

    Lost, I might have some interest and I promise to leave my shirt on! No Flobee either.

    If you want to know why the Flobee would be utterly useless…

    http://www.2peacesuit.com/

  13. lostinny says:

    Stu
    You scare me sometimes.

  14. Stu says:

    Lostinny,

    Nothing to be scared of here. I’m as honest and straightforward as they come. I’m also a diehard Devils fan and could probably provide more color to the game than many would be interested to hear.

  15. lostinny says:

    14 Stu

    Well that’s just great. DH is a diehard Sens fan so you all should get along great during the game. :) The seats are in section 112 row 4. If you’re interested, email me.

  16. Victorian says:

    From CR -

    From TIME Magazine: Person of the Year 2009 Extended Interview
    TIME: Do you have a mortgage?

    Bernanke: Oh, yes, we refinanced.

    TIME: Oh, perfect. When?

    Bernanke: About 5%. A couple of months ago.

    TIME: Good time.

    Bernanke: Yes. We had to do it because we had an adjustable rate mortgage and it exploded, so we had to.

    TIME: So, did you get a fixed rate at 5%? I think this might be the most valuable piece of information. (Laughter.)

    Bernanke: Thirty years fixed rate at a little over 5%.

  17. PGC says:

    I won tickets to the Jets this weekend.
    Is that an Oxymoron?

  18. Essex says:

    Say, anyone else think The Boss is being a p*ssy for not playing for the new governor??? They are hiring a Springsteen Cover band. How freakin’ embarrassing. I mean COME ON — A fan is a fan. Play for the guy!!! Do it for Jersey!!! Corslime was a douche.

  19. PGC says:

    #18
    Well if he wouldn’t come out for Live Aid, what makes you think he would play for Christie.

    Excuse me while I duck from Shore.

  20. dennis says:

    Any chance this blog might return to being a real estate blog?

    Grim has had some very insightful contributions over the years, long before the mainstream recognized the bubble. Now the routine seems to be juvenile “frists” and sports allusions.

    I recognize it’s your blog; I’m usually only looking on, but I sure do miss the best of the past… from all of you.

  21. chicagofinance says:

    denny: once booya bob bailed on us, we lost all motivation to achieve; we are hopeless searching for stu’s hair producing cranial follicles :(

  22. kettle1 says:

    dennis

    what are we to debate? the blog was right, the bubble bursts. the big picture has now gone far beyond housing.

  23. dennis says:

    On re-reading my post, I apologize for the “juvenile” jab…you do all sound like you’re having a good time.

    I guess I’m kind of tired, still looking for a house in the Toms River area and not finding much available that’s not next to the active landfill.

    Thanks for the years of advice that kept me from jumping too soon.

  24. Essex says:

    No crap…gee Dennis…we could continue to beat that dead horse….or you could just scan the archives. I know…I know…shaddup Essex….I know.

  25. gary says:

    dennis [20],

    I agree. I like the sideshow sometimes but I wouldn’t mind more dismantling of the idi*ts still trumping RE and some more economics discussion.

  26. Essex says:

    The sideshow only masks our misery. And the fact that ‘if’ we earned $300k in nearly a thousand other venues we would be so much better off.

  27. yikes says:

    do you guys watch the UNIT on CBS?

    great stuff. i think the show got cancelled, but they show reruns all the time. i want these guys on my side of the SHTF

  28. dennis says:

    Good point about the archives, Essex, in fact I do occasionally review things like comp-killers and old prices, just to see from whence we’ve come.

    I still come to you all in search of the perspective of the honest man (and woman.)

    Keep the views coming! Maybe 2010 will be the year.

  29. yikes says:

    anyone here own a snowblower? I just dropped $800 (w/ taxes) on a good one today.

    http://www.snowblowersdirect.com/Ariens-520E/p1791.html

    (that link is overpriced)

    why not shovel? Large driveway and i hate shoveling. plus, i dont want to go 8 rounds with the wife over “shovel the driveway” when the next snowstorm hits.

  30. yikes says:

    Alap says:
    December 15, 2009 at 4:23 pm

    Violence is not the answer.

    sometimes, it is.

  31. frank says:

    Debtor’s Dilemma: Pay the Mortgage or Walk Away
    In Down Real-Estate Market, Homeowners Are Deciding to Abandon Their Loan Obligations Even if They Can Afford the Payments

    http://online.wsj.com/article/SB126100260600594531.html

  32. grim says:

    My father has an Ariens with heated handles, nice toy.

  33. yikes says:

    Essex says:
    December 15, 2009 at 9:17 pm

    I wish someone would deport all of the illegals. I am sick of supporting their crap. I want my country back.

    2nded

  34. frank says:

    At this point I support all immigration, legal and illegal, make them all legal, let them try to get a job, best of luck.

  35. yikes says:

    Curmudgeon says:
    December 16, 2009 at 1:20 am

    I thought it became clear about a year ago that the only truly useful postings here are Grim’s.

    Clot/Schump has always been a useless arse, but today’s comments suggest a much more disturbed and potentially dangerous character.

    you must be new. Clot/Schump can dispense better knowledge after polishing a 5th of knob creek than you’ve acquired in all your years on the planet.

    i will be forever indebted to him, BC Bob and others for a) selling my rental house before the market went kaput, b) getting in on gold way early, c) making $$$ on SRS two summers ago.

  36. Stu says:

    I have a pretty good blower. I also have a snow blower (wha wha). Thing is worth it’s weight in gold. No matter what the snow depth is, it takes me ten minutes to clear my driveway and sidewalk. When the snow is really deep, I’ll blow the entire distance from my house to the Walnut Street train station since NJ Transit/Montclair municipal workers are too lazy to plow the long path across Erie Park which almost all of the commuters utilize to walk to the train station. This takes me an extra minute or two.

    A good snow blower, even Captain Cheapo will admit, will pay for itself in about 5 years. Just remember to maintain it.

    No heated handles for me, although it does have an electric starter.

  37. Stu says:

    Or better yet, hire illegals to shovel your driveway for $10 a storm.

  38. Pat says:

    Dennis, when the lines aren’t what you want, that’s what you want. Clear detail is only clear detail – useless without the background noise.

    It’s like looking at a house on zillow using the tightest zoom but not knowing the zip or having any locals to query.

    Did you ever do those pictures with the hidden theme if you focus beyond the picture?

  39. jamil says:

    Shore “Why is the public sector adding employees?”

    Because it can. Just keep voting the Party.

  40. dreamtheaterr says:

    chicagofinance says:
    December 15, 2009 at 9:32 am
    I just want to mention something….I know dream-index was on these threads three years ago telling me that I was professionally useless to him and spent his days genuflecting in the temple of Longleaf Partners which subsequently blew up.

    Chifi, have you continued suffering from intellectual constipation the past three years even though I don’t comment on this blog any more? I’ll gladly send you a picture of myself to paste in your commode to relieve yourself.

  41. dennis says:

    Yes, I enjoy the computer generated distortions that snap into focus.
    Strangely, I actually think I understand what you mean!

    I guess following your posts over the years has sunk in.

    I am working with a decent broker and he feels there’s not much good in my range at the moment. He says this is a dead time for new listings; advises I wait till mis January to look again.

    It always seems easier to accept when a broker says it’s NOT time to buy, just like when a surgeon advises against an operation!

    I’ll be patient.

  42. cobbler says:

    yikes [29]
    Ariens are generally very good. Yours definitely looks good. Whoever else is buying for this winter, don’t buy anything cheaper than $650 (for a 2-stage). From my experience, they are cr@p: even if enough power is there, the chute gets clogged in no time. For a single stage, people say Hondas are the best.

  43. Stu says:

    I swear by Honda mowers.

  44. PGC says:

    Yikes,

    I dropped 6 at Sears as I don’t have much of a drive, but it has a slope so I needed a two stage to cope with the hill.

    I’m in Jersey and not in the midwest so Ariens is sligtly over engineered for my needs. I would have went for their 20″ two stage, but that was 800+, so this was the best compromise at 24″ and price point.

    http://www.sears.com/shc/s/p_10153_12605_07188957000P

  45. safeashouses says:

    I’ve noticed the agents in Madison and Chatham are not using “price reduced”. Instead they are using “new price”. So we don’t know if the price has gone up or down? Is this the RE equivalent of pre-owned instead of used?

  46. frank says:

    Can anyone think of dumber group of people that the management of Citi? Clotpol, Stu? Tiger? Omama?

  47. safeashouses says:

    We have a 3 bdr in Summit not at 399, not at 299, but at 249k!!! Now where’s that agent who told me in Feb 07 we’d never see a 3 br 1.5 bath below 500k in Summit.

    http://www.realtor.com/realestateandhomes-detail/124-Morris-Ave_Summit_NJ_07901_1114293942

  48. safeashouses says:

    #47 frank

    You forgot foreigners who keep buying our debt.

  49. Barbara says:

    46. Safe
    I see houses with no bites, taken down and relisted a few months later at a higher price, ALL THE TIME. Don’t trust any of it.

  50. safeashouses says:

    “Featured on TV show Hidden Potential”

    http://www.realtor.com/realestateandhomes-detail/Berkeley-Heights-Twp_NJ_07922_1113700006

    That’s what the listing really says

  51. Stu says:

    Frank.
    How is your hot dog cart doing outside of Abercrombie? The recent cold weather must be impacting your lunch rush. Come on. Be honest now.

  52. safeashouses says:

    #50 Barb,

    That’s why I’m tracking the towns we are most interested in.

  53. Stu says:

    Safeas,

    ‘Hidden Potential’ is correct. As in hidden under that rotting deck?

  54. Stu says:

    There’s a little of both Barbara. I’ve seen the relists at higher prices as well as sales at prices that I wish I would have grabbed. One of these, one of those sales prices that I’m envious of will hopefully be my future purchase.

  55. PGC says:

    #20 Dennis

    A few years back we said that this fall would be played out at glacial pace over a period of years. Part of the problem here is that people are bored they need to fill a void. The elections are over so beyond Partisan fighting there is not much to argue or discuss.

    All is well, carry on.

  56. PGC says:

    #51 / 54

    Is that mold on the kids bedroom ceiling or just water damage?

  57. Stu says:

    Dennis,

    Things should heat up around here when (and if…a big if) the homebuyers tax credit is actually terminated in April and interest rates start to rise. The FED can’t keep bank lending rates at 0% forever. They will eventually have to reload their Keynesian inflation fighting clip. I didn’t want to wait until April to find my piece of paradise in Glen Ridge, but the selling panic that I expect to see arise then might (and a big might) make it a smart time to buy. Certainly there is no rebound anytime soon so time is still on our side.

  58. Stu says:

    PGC…I noticed the ceiling stains as well. When I see things like that in listing photos, I never consider even looking. What’s it cost to repaint a ceiling? $5? One hour of time? People really are stupid.

  59. sean says:

    Strange times indeed.

    Snookie, Mike and DJ Pauly are on Leno right now.

  60. Barbara says:

    STu,

    Im stalking a house right now in Montclair, went to see it Thursday. I’m iffy on the neighborhood, although the street is super tidy and nice enough, I hate the look of the houses on each side. But you know, I’m not rich and will have to compromise somewhere, the house itself it exactly what I’ve wanted. Its 20% over what I’m willing to pay, and in a bank’s hands. I’m not sure what I’m going to do.

  61. Stu says:

    I don’t mean to sound like a fuddy duddy but who the hell are Snookie, Mike and DJ Pauly?

  62. Stu says:

    Barb,

    What street if I may ask? I know the town very well having spent upwards of 17 years in the Regal Republic.

    I will say this. The current town council is scary with their spending and it makes a lot more sense to live on the outskirts of town (Little Falls or Cedar Grove) and simply enjoy the cultural activities that MY taxes are paying for.

    If you don’t have a kid going through our superior urban school system (but mediocre when compared to most suburban schools), I would hesitate to buy anything here except perhaps an investment property.

  63. Barbara says:

    Stu,
    and I agree, I’ve seen both. Trying to do comps on Tulia or Zillow is impossible, its all over the place.

  64. sean says:

    Stu – MTV show Joisey Shore

  65. Stu says:

    Gator could probably give you some advice as to how to find comps without wasting the time of a realtor. If you need my (valuable, right) opinion or want me to do a drive by or put in a low ball bid… just let me know ;)

  66. Stu says:

    Damn…and I watched an episode already. You can tell how much of an impact it had had on me.

  67. Barbara says:

    Stu, its on Madison. I do have a kid in 1st and a baby. I am getting mixed reviews of the school by long time Montclairians, I forgot to mention, this also gives me pause. My son is smart but quirky, not at all typical and I could see him falling through the cracks.

  68. dennis says:

    Thanks PGC and Stu. I will continue my search judiciously. I’ll keep in touch as I go.

  69. Barbara says:

    stu,
    I like your and gator’s take on things, and your perspective weighs in for sure, I’ll yet you know about that lowball ;)

  70. confused in NJ says:

    I’ve had a Honda Single Stage Snow Blower, a Craftman 24″ Two Stage and now an Ariens 20″ Two Stage. The Honda Single Stage was excellent. The Crafsman Two Stage 24″ was so/so, had a lot of problems with it including cracked block. The Ariens (5520) 20″ Two Stage is excellent. Had to order it from Ariens, as I wanted the 20″ with 6 Foward & 2 Reverse Gears and a larger engine. Home Depot sells the (520) which is single speed. I needed the 20″ to clear the cars getting it out of my garage entrance.

  71. Stu says:

    Madison has some gorgeous old victorians on it if I recall, but I’m not terribly fond of that part of town. A little close to Elm Street and the problems that come with it.

  72. Barbara says:

    72. Stu
    EXACTLY, Im not fond of east of Elm, but I can tell you this is the first *love it in my gut* house in all the years we’ve been looking. Not perfect, needs plenty of work but it cal all be brought back and the space can be organized perfectly for us. Tough call, real heartbreaker.

  73. Vikram says:

    When it comes to Citi, you can go a lot farther down the food chain there to find bloat and mediocrity

  74. danzud says:

    Stu,

    Would you put your kids through the Little Falls school system? Cedar Grove I can see but Little Falls? If you have heard good things about their schools, I’d like to know but I have held off looking there because I didn’t think the schools were that good.

  75. danzud says:

    A little stroll down memory lane…..

    Clotpoll says:
    November 1, 2006 at 6:32 am
    Hey, I’m proud to be subhuman! It’s sorta cool…like those cavemen in the Geico commercial.

    Deadman, glad to see you’ve unearthed the “coercion” in which we’ve engaged. Funny how all that undue pressure led to the highest homeownership rates in history and created such tremendous wealth. Yeah, we suck. And market manipulation? My clients- buyers and sellers- don’t (and never have) really listened to me that much. Look at the numbers of sellers out there attempting to still get ridiculous prices; are THEY listening to their agents? I wish we could manipulate as well as you allege. It’s almost a standing joke in most RE offices…emotional market players pretty much shut out all voices of reason at “crunch time”.

    Not to make light of the pain of many who purchased late-market via toxic loans and other risky vehicles, but methinks everyone’s estimates of how many people are going to be wiped out in this downturn are a little high. Runs are more apt to occur in highly-liquid assets, not illiquid assets like homes (cash-out refi and HELOCs notwithstanding).

  76. danzud says:

    Another goodie……..

    James Bednar says:
    January 30, 2007 at 8:30 am
    From MarketWatch:

    Countrywide net income falls 3%

    Countrywide Financial Corp. said Tuesday fourth-quarter net income for the three months ended Dec. 31 fell 3% to $622 million, or $1.01 a share, from $639 million, or $1.03 a share in the year-ago period. Revenue climbed 6% to $2.76 billion. Analysts surveyed by Thomson Financial forecast earnings of $1.03 a share and revenue of $2.8 billion, on average. Looking ahead to 2007, the mortgage giant said it expects continued pressure on margins as mortgage origination volumes decline. The Calabasas, Calif. company is preparing for increased borrower delinquencies and continued credit deterioration. “We believe, however, that 2007 will likely be the trough year of the current housing cycle and that 2008 should represent the beginning of upward trends associated with the next cycle,” Countrywide said.

  77. brewcrew says:

    For the past 2 years I have been watching a house in my neighborhood (4bed 3bath ranch on 100×100 on major road) slowly grind down from $565,000 down $365,000 and now it is off the market, still vacant. Just when I think sellers may finally be getting the picture, another house less than a mile away (3bed 2bath ranch on 100×80 on another major road) just came on the market. Price? $479,000.

    *facepalm*

  78. Punch My Ticket says:

    Want some help with your real estate? Move to Cleveland.

    But wait, there’s more

    More severely stressed borrowers in many hard-hit areas have gotten even more radical deals. There are even some who are having their debts forgiven entirely.

    “The interest rates they’re offering [delinquent borrowers] are a lot lower than they used to be,” said Tanya Davis, a foreclosure prevention counselor for Empowering and Strengthening Ohio’s People (ESOP) in Cleveland. “They cut them to 0% for three years, then 2% for a year, then 4%, capping out at 5%. I have a case where they lowered the interest rate to zero for the entire life of the loan.”

    Lenders are very reluctant to repossess properties in the worst hit parts of cities such as Cleveland, according to Jim Rokakis, treasurer of Cuyahoga County, where Cleveland is located. “Rather than going to a sheriff’s sale, some banks are just giving back the houses,” he said.

    Rosie Brooks, a retired hairdresser, has been paying off her house for more than 20 years, but it hasn’t been easy since one of her daughters came down with leukemia 10 years ago.

    “She was very sick and that cost me every dollar I had,” she said. “I got behind.”

    She had paid $38,000 for the house and had refinanced the loan a couple of times. By last year, her mortgage balance was more than $42,000. She no longer works and is dependant on Social Security. The payments became impossible to afford.

    She contacted ESOP, and her counselor, Scott Rose, knew her lender was unusually sympathetic. Three weeks later, Rose was able to tell Brooks that he had gotten her a workout — and it was a real dream.

    The bank forgave her entire debt in exchange for a one-time payment of just $3,000, which Rose was able to obtain through a loan from the county’s foreclosure-prevention program.

    http://money.cnn.com/2009/12/16/real_estate/great_mortgage_modifications/index.htm

  79. Essex says:

    81. at some point banks will actually pay people to move to Cleveland.

  80. db says:

    Snowblowers ..spray auger and chute with silicone ,you’ll never have to worry about clogging !