NJ unemployment rises as job seekers reenter the market

From the Star Ledger:

New Jersey added 4,600 jobs in June, as unemployment rate edges up

The state’s jobless rate inched up a notch in June as thousands of job seekers flooded the market and companies took a breather in hiring, according to data released today by the state Department of Labor and Workforce Development.

Employers added just 4,600 workers to their payrolls in June, or about a quarter of what they added in May. Meanwhile, the state’s unemployment rose slightly to 8.7 percent, the first time it has increased in a year.

State officials said the entry of new job seekers, including recent college graduates, helped bump up the jobless rate, which is a measure of unemployed people looking for work, from 8.6 percent in May. About 8,700 people entered the labor force in June, according to Labor Department data.

But while hiring in June proved tepid, May’s statistics ended up much better than originally thought, a fact that state officials were quick to tout. Based on more complete data from employers, the state added 17,300 workers in May, or 3,000 more than previously estimated, the Labor Department said.

“Putting together May and June, New Jersey created more than 21,000 new jobs over the last two months, continuing its recent impressive performance,” Charles Steindel, chief economist for the state Department of Treasury, said in a statement accompanying the job numbers.

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

58 Responses to NJ unemployment rises as job seekers reenter the market

  1. grim says:

    From HousingWire:

    Number of flipped homes rises 19% in seller’s market

    It looks like flipping homes is coming back into style. At least that’s what RealtyTrac’s Midyear 2013 Home Flipping Report revealed. According to the report, 136,184 single-family home flips occurred in the first half of 2013, a 19% increase from a year ago and a 74% rise from the first half of 2011.

    A flip is where a home is purchased and subsequently sold again within six months.

    The report also states that real estate investors brought in an average gross profit of $18,391 on single-family home flips in the first half of this year. This totals a 9% gross return on the initial purchase price, up 246% from an average gross return of $5,321 in the first half of 2012 and an average loss of $13,206 in the first half of 2011.

    The real estate investors who flipped these homes during the first half of the year on average bought the homes at a discount of 5% below estimated market value, selling them at a premium of 1% above estimated market value of average.

    “While flipping continues to be profitable in most markets, particularly those where the home price recovery is still nascent and a recent rebound in foreclosure activity allows investors to find distressed inventory at a discount, home flipping is tapering off in markets where fewer of those distressed bargains are available,” said Daren Blomquist, vice president at RealtyTrac.

    According to Blomquist, out of the 100 markets RealtyTrac analyzed for the report, 32 had declining flipping numbers, including perennial flipping hot spots like Las Vegas, Phoenix, Southern California and Atlanta. Still flipping was on the rise in more than two-thirds of the markets, including New York, Washington, D.C., Chicago and several Florida metros.

  2. Comrade Nom Deplume, Halfwit dumbass says:

    We may have a deal so we are submitting written offer this morning. Otherwise, it might be another year of dirty renting.

  3. neanderthal economist says:

    oh. a renter.

  4. neanderthal economist says:

    lol. good luck nom.

  5. neanderthal economist says:

    grim thanks for the light bulb info yesterday…

  6. grim says:

    6 – Isn’t this exactly the intended response?

  7. Fast Eddie says:

    Just nine short months after proclaiming victory on his plan to save Detroit by throwing taxpayer money at the ‘problem’ of over-levered, over-unioned, and under-demanded auto manufacturers, it seems the ball is back in President Obama’s court once again. He “refused to throw in the towel and do nothing. We refused to let Detroit go bankrupt. We bet on American workers and American ingenuity, and three years later, that bet is paying off in a big way.”

    Of course, what the rest of the unsuspecting US citizenry is likely unaware of yet is that once again the municipal workers’ pension plans (that face 90% losses) will be bailed-out via the Pension Benefits Guaranty Corporation (PBGC) – A US Government (ponzi) Agency. But of course, that’s for the good of the whole nation…

    What the country really wants to know is how the Kardashians feel about the Zimmerman verdict! :o

  8. grim says:

    From Bloomberg:

    Gorilla Flipping Homes as Rebound Revives Rapid Trades

    John Helmick loves to buy homes reeking of cat urine and doesn’t mind if they’re infested with rats, bats or bees.

    His seven-year-old Gorilla Capital seeks out some of the most distressed properties to avoid competition and get the best deals, then sells them 60 to 120 days later after major renovations for an average 13 percent return. After flipping 400 homes last year, he expects to sell 500 in 2013 in eight states across the country, making the Eugene, Oregon-based firm one of the largest companies of its type in the U.S.

    “There are a lot of people in this industry who are looking to do nothing, or just buy paint and carpet, and those homes are much more competitive,” Helmick, 54, said. “The homes we’re buying, a lot of people won’t even touch them. They are not financeable.”

  9. lostinny says:

    Good luck Nom. And hi everyone else. It’s been a while.

  10. Painhrtz - Disobey! says:

    Nom good luck

    Grim of course they blame the Republicans in that article. Been to that hospital near lake placid the problem is there is no the population to support an emergency room and most of the people who use it are skiers at whiteface so it is only busy from Nov to March. If there is such a need for a dialysis center believe someone will open one. sure the same thing is true for all est bumble f*ck medical centers. Never hear about them cutting administrative staff though do you. Make a deal with the devil don’t be surprised when you get burned.

  11. grim says:

    8 – Auto Industry Bailout != Detroit Bailout

  12. Sima says:

    Once again I’m seeing flipping of houses on streets by me – investors buying old small houses, and then total renovations and even expanding of the houses. These are houses that I think will sell somewhere from $400,000 to almost $550,000. when done.

    I’m also seeing K Hov. fighting to change zoning on a large parcel of land (that the county and town wants to be a county park) and to build “affordable” multiple housing (many, many townhouses). My town and most residents would rather have the park.

  13. The Original NJ ExPat says:

    Nom may be be buying again? I’m calling a market top if he closes. Ruh-roh!

  14. JJ says:

    Hospitals need a firm base of people 52 weeks a year, in a decent neighbor hood and own their own land and have room for expansion and a niche to survive.

    Long Beach Hospital which was in trouble after Sandy went under. There is no hospital in an densely populated city or emergency room Think about it last Saturday and Sunday in a heat wave the Long Beach LIRR Train holds 3,000 people every 30 minutes from 8am to around two pm it is packed. Place has miles of beach, last weekend big riptide. Tons of bars and row after row of 30 story condos and coops packed during summer.

    Long beach has towns nearby by. Lido Beach, Point Lookout, Atlantic Beach and Island Park. Guess what not one of them have a hospital or emergency room. Good luck if you drown. Nearest emergency room is 7 miles away and in the summer you also have a drawbridge in the way and huge traffic and NO highway to go on that seven miles and one way in and out.

    That hospital had a huge amount of customers, but mostly broke people., no speciality, not big enough to expand and not profitable and was unionized and we got Obama care coming. Meanwhile Rich towns like Great Neck have four hospitals in a two mile zone.

    Hospitals are a business now. Medicare, insurance gives fixed payments and obama care is a nightmare and in emergency rooms you have to treat illegals who will never pay you. How can Long Beach spend 100 million to build a new one, then buy flood insurance for 100 million with that business model. It cant. Cuomo refused to even give them a nickle unless they give themselves away to a larger hospital to run.

    A few old people down at jersey shore or long beach dont realize the hospitals and ER rooms are barely functioning yet 55 year old men are sitting on beach with a cigar, six drinks in 97 degree heat and realize when they dial 911 no one is coming. I guess they may not realize it as they will be dead.

    Painhrtz – Disobey! says:
    July 19, 2013 at 8:46 am

    Nom good luck

    Grim of course they blame the Republicans in that article. Been to that hospital near lake placid the problem is there is no the population to support an emergency room and most of the people who use it are skiers at whiteface so it is only busy from Nov to March. If there is such a need for a dialysis center believe someone will open one. sure the same thing is true for all est bumble f*ck medical centers. Never hear about them cutting administrative staff though do you. Make a deal with the devil don’t be surprised when you get burned.

  15. JJ says:

    Near me the flood house are all hitting the market again. Healthy profit. Seeing beach bungalows bought for 200K on market for 300k. Mind you these are 800 square foot homes. No exterior damage. I can see even with a new kitchen 1.5 bath, water heater, furnace, electric box and sheetrock how it could have cost more than 35k to do.

    Some guys bought 5-7 of them. And I have seen a few closer already for 350K cash.

    I guess from a buyer point of view. These place was worth 350K day before Sandy when it was junky. Today you get it for same price all redone and brand new. For a couple from City think about it. You put 75K down and borrow 275K at 4%. Taxes are like 6k and there is nothing at all to fix no maint for next 20 years as all new. You buy flood insurance and since you dont live there year round not as big a deal. These babies were 500K at peak unrenovated. It is win win.

    By me I have a regular house that was a bk before sandy and boarded up that just got two feet of water, not so bad. bank sold it for 179K. New owner redid whole thing, did not need any permits as no additions etc. But all new, back on market for 500K. He did a nice job, maybe 100K. But still. Impressive.

    Flipping will die again but this time they will run out of run down homes. I say by me the last bargains will be gone by next spring.

    Sima says:
    July 19, 2013 at 9:00 am

    Once again I’m seeing flipping of houses on streets by me – investors buying old small houses, and then total renovations and even expanding of the houses. These are houses that I think will sell somewhere from $400,000 to almost $550,000. when done.

  16. Juice Box says:

    Fog a mirror coming to a town near you.

    In an interview with CNBC’s Andrew Ross Sorkin following the release BB&T Chairman and CEO Kelly King said loan underwriting standards may have loosened too quickly since the 2008 crash. Going into the Great Recession, he said, underwriting had become too liberal and then it tightened dramatically after the crisis hit. Now it is about halfway back to the “too liberal” standards.

  17. Juice Box says:

    Part II on Fog a Mirror.

    “I have been doing this for 41 years now,” King said. “Usually, we go in a 10-year cycle of memories from the bad times to forget all the bad loans and start making bad loans again.” He said he was a little concerned that underwriting standards have been “coming back faster” than he had expected.

  18. JJ says:

    Loose underwriting is ok when home prices were rising. Unless you have large faith in the housing market it is crazy.

    My brother knew this old guy like in his early 70s who was mega mega mega rich. He used the same strategy for almost 30 years. He would lend money to folks directly to folks looking to buy a house no fees at slightly lower than bank rates. He would only lend in good neighborhoods he know well and only if you did not overpay and he saw property. Did not care about your finances.

    He had a big income stream. Homes always rose in value. And he did not offer refinancing and charged a prepayment penalty.

    Since interest rates fell for 30 years what appeared to be a good deal locking in below market rates worked out for him. Since Real Estate only rose if you defaulted he got a home for free worth more than your purchase price. Since he mainly lent to married couples in rich neighborhoods there was a shame to defaulting.

    The wheels came off his truck in 2006. Rising Rates made his older mortgages less profitable, then he took on way more risk in Spring 2004 through Spring 2008 lending larger and larger balances. He used to do 100% financing even.

    Then it collasped. Home prices fell like a brick and folks had no shame walking away. Heck no BK they walk into his office and give them their house. He barely survived.

    Trouble with a strategy even one that works for 25 years in a row it works till it no longer works.

    Juice Box says:
    July 19, 2013 at 11:27 am

    Part II on Fog a Mirror.

    “I have been doing this for 41 years now,” King said. “Usually, we go in a 10-year cycle of memories from the bad times to forget all the bad loans and start making bad loans again.” He said he was a little concerned that underwriting standards have been “coming back faster” than he had expected.

  19. Comrade Nom Deplume, Bostonian says:

    [14] expat,

    LOL, yeah, so am I.

    The offer price is 25K under ask and comps support it. It isn’t a low-ball, the sellers just overreached a bit. Importantly, while not everything was new, it was really well-maintained, particularly the building envelope and systems. So many other houses in this price point needed something or you could expect that something would happen that would cost lotsa money. I don’t get that sense here.

    I did a lot of research on the town, county, etc. This subdiv is not ideal insofar as the only access is via a busy single lane state highway. But everything else I checked was positive: The house had been resided with hardiplank, the roof repaired, and a major addition done in 2007. Large partially finished basement with plenty of room to finish off another room for an office (in one section, owner has his own driving range set up). Rough-ins in basement for another half-bath, so I can finish that off as well. An alcove in the unfinished basement will make an ideal “strong room” for guns, ammo, valuables, wine cellar, etc. once I frame it off and add a steel door. Not fully updated but the building envelope and systems appeared to be newer and in good shape. Roof appears in decent shape for its age. Window and skylight issues addressed as they occurred. Dual zone HVAC and radiant heat in the addition. 2 decks redone with Trex. Fireplaces cleaned when they purchased but then never used. Basically, anything that needed to be addressed got addressed by the owners. Only found a couple of repair items. Open lot that isn’t that level but is usable and gradable, well-landscaped, and without large trees overhanging the lot or house. Best elementary school in the county about one mile away, making for short bus ride (and no school change for my 5th grader).

    And I did a lot of digging in areas some folks won’t. The president of the HOA told me that the plantings I would propose were not a problem under the subdiv rules. The code officer who handled septic for that township told me that it was one of the better locations in that part of the county for perc testing (and that a nearby uber-desirable development had “unusual soil” that could lead to drainfields sealing up over time). The documents filed with the county for a septic “repair” showed a new, code-compliant dual tank installed a few years ago, and the reason for the upgrade was due to an addition to the house (existing tank would have been too close). The town clerk advises that no tax increases are contemplated for the foreseeable future.

    There are some negatives: Foreclosure across street is headed for tear-down status, which is a shame because it was a beauty once. Basement is prone to some seepage in one spot but they did a lot of interior work to address that. Lot faces oncoming traffic on curve so I will get headlights until I plant a screen. Found some obvious lies on the disclosure, and one that I am hoping will get me some credit at the closing table; others will get me some work done on their dime.

    Finally, I had two criteria for style, location and size: The house had to be in the sweet spot for resale and/or rental. Basically, if it was unusual, I didn’t want it even at a good price. And once that foreclosure gets rehabbed or rebuilt, it is going to be a decent section of the subdivision.

  20. JJ says:

    Best elementary school in the county about one mile away

    How do you determine that? Is there a rating system like for High Schools?

  21. joyce says:

    Cart before the horse

    JJ says:
    July 19, 2013 at 12:17 pm
    Loose underwriting is ok when home prices were rising.

  22. joyce says:


    I am almost speechless at the “advice” and “logic” of that article.

  23. JJ says:

    The last month I spend a lot more than I thought on my place and I am a cheapskate. But it has to look good and I already have contracts signed for folks spending their vacation there in August.
    But think of snow ball effect. On top of money I spent at closing, the realtor fee, the former owners got a large chunk of cash they are spending. But more importantly a former empty unit now has people coming and going hit restaurants, bars, supermarkets and spending vacation money.

    A new car you buy and that is it, a house and even more so a fixer upper house is a month pit that every body gets money from.
    God near me every deli, fast food joint, hardware store you name it has been going full trottle for six months. Home rebuilding is a huge economic driver.

    In fact next week I am taking a family to Disney world. My contractor is going on vacation. I am sure my two projects paid for part of that.

    My closing costs I thought was unusually cheap. Like nothing. Since I paid cash I avoided most fees and since seller had enhanced senior citizen and vet breaks on home the property tax amounts I owed her were peanuts. Much different than when I bought with a mortgage a house with higher property tax.

    joyce says:
    July 19, 2013 at 2:06 pm


    I am almost speechless at the “advice” and “logic” of that article.

  24. joyce says:

    Then we should all take turns knocking on houses down and rebuilding, you know, for the sake of the economy.

  25. Juice Box says:

    re: # 28 – No surprise the fact checker in chief could not resist. Let the riots commence.

  26. grim says:

    Somehow it’s hard to picture President Obama having walked around in baggy pants, underwear hanging out, with his hoodie up. Was he the fifth guy from NWA?

  27. Bystander says:

    Grims main article as well as articles in 20 & 23 all represent bald face lies shoved down to Gump like sheeple for pink slime like consumption. Unemployment rise? No problem. Everyone was hired in May so it is ok now. Truth is there are few Ft jobs and rolls of people move from contract to contract. There will be no stability until employers change their approach. Also the few millenniala who made fortune on FB do not represent the 99% who are f-ed with loans and no good jobs. Lastly, the blowhard in 23 will hopefully be living under a bridge by 2015. What a moron. It is all about getting fools to act rich and pile on the debt. That is what the media is always about.

  28. Juice Box says:

    re: # 30 – Grim Choom gang – Honolulu 1978.

    In his 1995 memoir “Dreams of My Father,” Obama writes about smoking pot almost like Dr. Seuss wrote about eating green eggs and ham. As a high school kid, Obama wrote, he would smoke “in a white classmate’s sparkling new van,” he would smoke “in the dorm room of some brother” and he would smoke “on the beach with a couple of Hawaiian kids.”

    He would smoke it here and there. He would smoke it anywhere.


  29. Juice Box says:

    Pic of the Choom Gang, bunch of real hardcore flip flop wearing gang bangers.


  30. grim says:

    Ain’t nobody running from a kid wearing those ball hugger 1972 gym shorts and sportin’ a sweat band.

    How again are they similar? Didn’t Obama go to a very expensive private prep school in Hawaii?

    Or is the similarity really just about bogarting the joint out of turn?

  31. Juice Box says:

    re# 34 — Grim The fact checker in chief’s oldest kid is around the age when he started inventing new ways to inhale. I doubt he is going to allow her to have the same level of liberal education down in Washington DC.

  32. JJ says:

    Now you finally get it. You are leaving money on the table!!!

    joyce says:
    July 19, 2013 at 2:28 pm

    Then we should all take turns knocking on houses down and rebuilding, you know, for the sake of the economy.

  33. JJ says:

    Joyce here is an example of govt in action. I applied to NYS rising to get repairs I did to house and not covered considered for grant.

    Well NYS says today, that any work I did already unless it was from a licensed contractor AND not covered by FEMA pay out I wont get a dime. But even then I may or may not get paid.

    Now they tell me that starting in next few weeks they will mailing letter and assigning case worker that only structural damage to make house safe that is directly because of Sandy and not covered by FEMA or insurance is covered and they will give a voucher to give to a contractor.

    Now I tell them me electric box is acting up. I did not replace it and cleaned and fixed breakers and I need a new one. I was told just cross your fingers it lasts till the fall when we get someone out there.

    So folks have to live in mold and damaged houses and if they fix them they are screwed.

    Folks are going to die in one of these death traps. If I make it through the heat wave I am golden.

    Funny I would have finished but my contractor has a ton of other “insurance work” he is charging double. He said I will come back in late fall or early spring to finish and give you cash rate. So it is what it is.

    But what about all those houses folks are selling as is for 300K off they will be furious when word leaks out they could of got it all redone.

    Funny stuff from a politicial point of view. By time money comes out there will be no one to give it to and NYS can put it in the bank.

  34. Sterling Grey Matters says:

    Gary –

    Re: #8 – I don’t believe the PGBC covers municipal pensions. The failure is covered by either state and local statutes. That still doesn’t preclude a federal bailout as suggested by the pretext of the comment made by TD/ZH.

    Now what would Chloe K. have to say about that?

  35. I think Bojangles is back on the choom.

  36. Diane says:

    Obama says “Trayvon Martin could have been me 35 years ago.” Well Mr.President I could have been the mother in Millburn who got her teeth knocked out by an African American while my daughter watched 35 days ago

  37. Get back to work, Diane. You have an entitlement class to support.

  38. Zimmerman won that trial because his lawyers kicked the prosecution’s ass.

  39. Grim says:

    Why does everyone keep talking about stand your ground, stand your ground had nothing to do with the Zimmerman defense. Their position was straight up self defense.

  40. Juice Box says:

    Grim – facts about the trial and law play no part in this, fact checker in chief who has more in common with Zim (one white parent) took a side. You sit where you stand.

  41. joyce says:



    Cause it’s propaganda.

    Why does everyone keep saying Bernanke will be “buying” X amount each month… because people know printing money is not a good thing.

  42. joyce says:

    Well, not a good thing for average folk… it’s a blessing for the ones who own the printing presses.

  43. Juice Box says:

    re: # 47 Joyce- “not a good thing for average folk” only a few trillion penalty for the savers, no worries we are a strong middle class (what is left of it).

  44. Only thing I’m saving up is .223 and potable water.

  45. Comrade Nom Deplume, Halfwit dumbass says:

    This Zimmerman thing is only going to get worse. Mark my words.

  46. Comrade Nom Deplume, Halfwit dumbass says:

    I’m entitled to a clot moment.

    Obama: “There are very few African- American men who haven’t had the experience of walking across the street and hearing the locks click on the doors of cars. That happens to me, at least before I was a senator.”

    When I was in DC or NJ, that click you heard was my car lock. Now its the sound of a round being chambered.

  47. Comrade Nom Deplume, Halfwit dumbass says:

    I predict that the DOJ will go after SYG laws in the same way they went after voting rights, by trying to frame it as a civil rights issue.


    It will be a tough sell but that is what I predict. Failing that, they will consider putting pressure on government contractors but that will fail miserably so they won’t.

  48. grim says:

    So who exactly was “standing their ground” here? Are we entirely sure it was Zimmerman? It’s arguable that SYG would have been equally applicable to Martin in this situation, and perhaps even justify his confrontation with Zimmerman, especially in the context of being actively pursued and harassed.

    I really wonder if the prosecution would have considered this as an offensive strategy. According to SYG, Martin wouldn’t have had to back down or run away. Of course, this would have caused a bit of an issue with their angelic honor student approach.

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