NJ loses jobs, unemployment rate tumbles to 6.1%

From the Star Ledger:

N.J. sheds 7,400 jobs in June as construction industry shrinks

New Jersey lost more than 7,000 jobs in June with the biggest employment loss posted in the construction industry, according to new labor data released on Thursday.

The state’s unemployment rate, which is measured by a different survey, fell last month to 6.1 percent, its lowest level since October 2008. That’s down from 6.5 percent in May but still above the national rate of 5.3 percent.

A total of 7,400 jobs were lost in June, the data shows, including 5,700 private sector positions.

The construction industry took the biggest hit last month, with a job loss of 4,600, according to the federal data released by the state labor department. Education and health services lost 3,000 jobs in June and 2,700 jobs were eliminated in professional and business services.

The sectors that saw job growth in June include leisure and hospitality, which added 2,000 jobs. The information sector also added 1,900 jobs and manufacturing added 1,600 jobs.

June’s job losses follow a month where the state gained roughly 10,000 jobs. New Jersey has now added 41,600 jobs in total since last June.

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

54 Responses to NJ loses jobs, unemployment rate tumbles to 6.1%

  1. Mike says:

    Good Morning New Jersey

  2. grim says:

    To hell with Detroit, AC is the new foreclosure capital of the US. Don’t worry, nothing to see here, move along.

    From the Philly Business Journal:

    NJ foreclosure filings spike 24% in first half of 2015

    Fueled largely by troubled Atlantic County, New Jersey foreclosure activity in the first half of 2015 increased 24 percent from a year ago.

    AC’s housing market was enough to boost the state’s foreclosure rate to second highest nationwide, trailing just Florida, according to data from Irvine, Calif.-based RealtyTrac, which tracks foreclosure data across the country.

    With 1.70 percent of housing units experiencing a foreclosure filing in the first half of 2015 — a 42 percent jump from the same period of 2014 — Atlantic City once again posted the nation’s highest foreclosure rate among metropolitan areas with a population of 200,000 or more.

    Neighboring counties such as Cape May (49 percent increase from the first half of 2014), Ocean (33 percent) and Cumberland (28 percent) have also been affected.
    But there is some good news. Foreclosure filings in all eight South Jersey counties were down in the first half of this year compared to the second half of 2014. Even Atlantic County (-10 percent) saw a drop off.

    New Jersey year-over-year increase is contrary to national data that shows foreclosure filings down 3 percent from the same time period in 2014. Pennsylvania experienced less than 1 percent increase.

  3. grim says:

    Christie is going to get skewered in the debates if the discussion moves to economic growth. I can see him trying to hang his hat on the 6.1% (like we saw yesterday), only to take a sharp stick to the eye in rebuttal.

  4. 1987 Condo says:

    Really don’t know what accomplishment(s) he has to hang his hat on…..

  5. grim says:

    There was a time when you might point to the Sandy response, but I think that potato is too hot now.

  6. anon (the good one) says:

    that appeals to the base

    @maggieNYT:
    Rick Perry ups Trump critique:

    “what Mr. Trump is offering is not conservatism, it is Trump-ism – a toxic mix of demagoguery and nonsense.”

  7. anon (the good one) says:

    @njdotcom: Christie 9th, Trump at the top in Fox News 2016 poll

    “WASHINGTON — Gov. Chris Christie was at 3 percent among likely Republican primary voters, putting him in ninth place among Republican presidential hopefuls in a new Fox News poll that has businessman Donald Trump in the lead. “

  8. The Great Pumpkin says:

    “Argentina has reneged on foreign debt obligations at least seven times, starting in 1827. The latest was in July 2014, when Argentina defaulted rather than give in to pressure from Paul Singer of Elliott Management. The fight with Singer has been going on for a dozen years, and the term vulture investor—rather esoteric in much of the world—is now pretty much universally known in Argentina. It’s so much on people’s minds that Buenos Aires toy stores carry a homegrown board game called Vultures, packaged in a box depicting a pair of the birds picking at a pile of dollars. “We planted the anti-vulture flag in the world,” President Cristina Fernández de Kirchner said in a speech in mid-May. “We gave a name to international usury and despotism.”

    One May morning at the debt museum, guide Antonella Fagnano, a 21-year-old business major, describes Argentines’ attitude toward default. She pauses by a black-and-white photo of the late General Jorge Videla, who led a 1976 coup that ushered in a seven-year dictatorship. Successive presidents in that period loaded up on foreign debt to finance, among other things, the 1982 Falklands War with the U.K.

    Today’s Argentina, Fagnano says, has no moral obligation to make good on debts like those. In fact, it would be wrong to pay. “Foreigners financed a lot of leaders, like these dictators. They didn’t do what they were supposed to do with the money, and left future generations the debt,” she says, shaking her head. “So, of course, you cannot allow that.”

    Fernandez is nearing the end of her term, and it doesn’t look like things will change under the next president. Daniel Scioli, the front-runner for October elections, vows to carry on the fight against paying the vultures in full. ”

    http://www.bloomberg.com/news/features/2015-07-17/-no-why-argentina-refuses-to-pay-its-debts

  9. Grim says:

    Clearly Christie is out-brashed by Trump.

  10. The Great Pumpkin says:

    “We still believe there’s a problem,” Williams said in the note. “Accordingly, as in Q1, we think that real GDP is being overestimated by one-to-two percentage points.”

    http://www.bloomberg.com/news/articles/2015-07-17/how-china-s-slowdown-is-worse-than-you-think

  11. Comrade Nom Deplume, Thankfully Not Greek says:

    [11] chifi

    Damn it, I was hoping ‘gansett would stay under the radar.

  12. Ottoman says:

    The biggest obstacle to Christie’s presidential bid isn’t Trump, or his weight, or even his hypocrisy and lies, it’s Bridget Anne Kelly’s four kids.

  13. Alex says:

    Grim, just the other day, you were touting NJ, saying it stinks like money.

  14. D-FENS says:

    PBR is still $1 for a draft at the trendy gastropub near me. Schmidt is another tall boy I’ve seen people drinking at parties. It’s not bad actually.

  15. D-FENS says:

    When are you guys going to get it? Christie isn’t running for President. He’s running for Attorney General or a cabinet position or something.

  16. JJ says:

    LIRR on platforms sells PBR tall boys for $2.25 each. See constructions workers buy four each, they throw in in plastic bag with large scoop of ice and you hand the guy a ten buck bill which included the buck tip at that price.

    I am cheap but four tall boys with tip for ten bucks is sweet. Always amazed folks with a 40 minute train ride can drink all four, say a guy a few weeks ago knock off six of them in 40 minutes.

  17. Banco Popular Trust Preferred Shares says:

    Christie is the dad?!?

    Ottoman says:
    July 17, 2015 at 9:01 am
    The biggest obstacle to Christie’s presidential bid isn’t Trump, or his weight, or even his hypocrisy and lies, it’s Bridget Anne Kelly’s four kids.

  18. nwnj says:

    6 tall boys without a pitstop is an unpleasant experience. Do they use the can on the train ride?

    And why the hell would you pay for that swill when you can pop in any bodega in the city at grab something else for a similar price? I get being cheap but that’s just pathological..

  19. grim says:

    16 – Awful lot of money to spend to get a two bit gig, he certainly doesn’t have the percentage points to parlay into much of anything meaningful. And his wife quit that sweetheart job so that he could take a run? Not saying he doesn’t walk off with a consolation prize, but I think he is sincerely in it.

  20. nwnj says:

    Fat man will carry on to the first debate and hope he can pick up some momentum.

    If he trades his support for a cabinet position, then I wouldn’t understate the value in that. Those have become just a stepping stone to a lucrative lobbying job and being named to several boards where you peddle influence.

  21. JJ says:

    They have bathrooms on the train. Some folks do the bodega.

    In the summer I see folks in the train switch to at Jamaica on Montulk line where they switch to Deseal train get a second bag of tall boys on Ice.

    Bodegas on Wall Street or midtown are fairly expensive. And the guy who sells the huge craft Tap beers in Penn the 32 ounce ones go pretty flat and hot very quickly you can only buy one.

    The free on ice in a bag is where the LIRR rules. You can have cold beer all the way to Southampton

    nwnj says:
    July 17, 2015 at 10:07 am
    6 tall boys without a pitstop is an unpleasant experience. Do they use the can on the train ride?

    And why the hell would you pay for that swill when you can pop in any bodega in the city at grab something else for a similar price? I get being cheap but that’s just pathological..

  22. nwnj says:

    He also probably considers himself to be one of the most electable candidates since he was elected gov in the heart of blue country. He’ll be selling that everywhere he can plus he made his move to the middle so his strategy has been clear for 2+ years. He’s been essentially running for that long, he doesn’t want to give up yet.

  23. Grim says:

    21 – I could see him parlaying that into a CEO position for his wife.

  24. nwnj says:

    I’d still rather grab three deuces or a sixer for the same price than drink PBR even if they end up slightly warm. Even if you’re not snobby, there’s no way around the fact that PBR tastes bad.

    The other option is what the hardcore alkys in driver land do. Stop by some place and grab a handful of airline shots and mix it with soda or Gatorade. Looks like you’re just sipping a soft drink on the way home and by the time you get there through traffic you’re crushed.

    JJ says:

    July 17, 2015 at 11:04 am

    They have bathrooms on the train. Some folks do the bodega.

    In the summer I see folks in the train switch to at Jamaica on Montulk line where they switch to Deseal train get a second bag of tall boys on Ice.

    Bodegas on Wall Street or midtown are fairly expensive. And the guy who sells the huge craft Tap beers in Penn the 32 ounce ones go pretty flat and hot very quickly you can only buy one.

    The free on ice in a bag is where the LIRR rules. You can have cold beer all the way to Southampton

    nwnj says:
    July 17, 2015 at 10:07 am
    6 tall boys without a pitstop is an unpleasant experience. Do they use the can on the train ride?

    And why the hell would you pay for that swill when you can pop in any bodega in the city at grab something else for a similar price? I get being cheap but that’s just pathological..

  25. Banco Popular Trust Preferred Shares says:

    Can’t you just piss between cars? I used to pee off the 7 train down to Roosevelt Avenue when I was a kid…….

    JJ says:
    July 17, 2015 at 11:04 am
    They have bathrooms on the train. Some folks do the bodega.

    In the summer I see folks in the train switch to at Jamaica on Montulk line where they switch to Deseal train get a second bag of tall boys on Ice.

    Bodegas on Wall Street or midtown are fairly expensive. And the guy who sells the huge craft Tap beers in Penn the 32 ounce ones go pretty flat and hot very quickly you can only buy one.

    The free on ice in a bag is where the LIRR rules. You can have cold beer all the way to Southampton

    nwnj says:
    July 17, 2015 at 10:07 am
    6 tall boys without a pitstop is an unpleasant experience. Do they use the can on the train ride?

    And why the hell would you pay for that swill when you can pop in any bodega in the city at grab something else for a similar price? I get being cheap but that’s just pathological..

  26. Banco Popular Trust Preferred Shares says:

    Let me just get this off my chest once……

    GOOGLE FCKING YES! YES! YES!

    Now back to our regular programming…..

  27. Ragnar says:

    I’ve read several times that PBR does well in blind taste tests

  28. JJ says:

    They sell hard alcohol on train. Some working Mom at least four days aweek gets a mixed drink in a 16 ounce red cup with at least 2-3 shots.

    I also see this guy he gets a mixed drink with a double with two tall boys all the time for a 41 minute commute.

  29. nwnj says:

    If your pallet is refined for dogsh!t I’m sure it tastes just fine.

  30. nwnj says:

    palate

  31. NJGator says:

    I remember my early 20s visit to the Berringer winery in Napa where some loud mouth Texan asked the cashier to get them another few bottles of the tasty White MerLOT. I believe our tour guide proudly said that they “sell wines simplified for the American palate here”.

  32. jcer says:

    PBR is fine, it is watery american beer much like Miller, Bud, Coors, et al. Stuff goes down like water which is the idea, it’s not as bad as coors lite. The whole point is you don’t really taste it, I call it beer flavored water. JJ the good thing about good beer is that it really isn’t meant to be drunk cold. So you can go to any Duane Reade and buy some Six Point for $15 and drink that on the train.

  33. jcer says:

    PBR is fancy beer in China I have heard.

  34. Banco Popular Trust Preferred Shares says:

    Did you see this?
    Point Pleasant Police Department with Bill Hader
    https://www.youtube.com/watch?v=FdRA5Q5-dgU

  35. Comrade Nom Deplume, Device-Hopping Today says:

    About to get on a conference call with HUD. The folks in DC aren’t so bad but the municipal agencies, what a fcuking train wreck.

  36. Libturd at home says:

    Use to buy two Becks 21 ouncer I think at Penn Station on way out to Shea and too peed between cars on the 7. We have a bit in common Chi. Bang for the buck and taste, I don’t think one could have done better. Might have been $4 for the 2 cans. I think it was a solid 5% ABV back then too.

  37. Comrade Nom Deplume, feeling very old says:

    [39] lib

    Always grabbed a couple at Penn on those rides from NYC to Philly while getting my grad degree. Much cheaper than Amtrak.

    So long ago I can’t remember what I was drinking.

  38. Marilyn says:

    Got a contract on my house in Hillbillyville! Im so happy, in attorney review and moving along with plans. I am getting out of here before the bomb hits . My area is on the brink of becoming white man’s Detroit. Its not terrible yet, im in Morris County but Sussex, and I drove around Highland Lakes, and Hewitt well lets just say it is white mans Detroit. People leaving in the middle of the night. Im so happy to get out before the storm hits worse. Heading to Raleigh again next week and taking a look at 11 homes in Midtown. I am just make an offer and leave a deposit. In NC, you have 45 days to get deposit back. My close date in NJ is 8/27. I cant believe I got a sucker to take it!! ITs a miracle. I thought I would be installing bars and wearing an orange jumpsuit.

  39. 1987 Condo says:

    Marilyn, congrats!

  40. JJ says:

    Marilyn take the crack and meth out of your hiding place before new buyers move in. Congrats

  41. JJ says:

    It is super easy to sell a home in NJ as afterall a sucker is born every minute

  42. The Great Pumpkin says:

    Congrats!!

  43. The Great Pumpkin says:

    I was thinking about this (the attack on my ambition in the workplace spurred me). Being a landlord casts a high floor on how low you can go in life. You can lose your job and still have a place to live. Hell, you can live in the basement and not even lose rent. If I ever was in a situation where I needed to save a crap load of money in a short period of time, I can sell my single family, move into the basement, and bank almost 90% of earnings per month. Bet no one ever looked at land-lording like this….it truly puts a high floor on how rock bottom your life can go.

    This benefit is priceless.

  44. Fabius Maximus says:

    #22 JJ

    I took the 2:30PM “Check Your Privilege” express to from Jamacia to Montauk on July 3rd. The train was packed and there was a lot of beer flowing. No one was getting out of hand and the conductors seemed happy. The bathrooms were clean and everyone was having a great time. Oh, to be 20 years younger and single.

    I skipped the tallboys, (my personal favorite is the 99c Labatts Blue) and went for a decanted bottle of Rioja. Much more civilized.

  45. Banco Popular Trust Preferred Shares says:

    Speaking of getting out of Jersey just in time…… prepping for 9/11/2015….
    http://nypost.com/2015/07/17/cops-hunt-for-minivan-transporting-possible-m16-rifles/

  46. NJT says:

    #41 Reads like you’re on smack.

  47. Essex says:

    Congrats Marilyn. That is no mean feat.

  48. Marilyn says:

    Thank you all. However super easy to sell, well I think in some areas that’s true, in my area no its not. When people were using the route 23 corridor and there were a lot of more lets say contractor jobs it was easy, I priced it to sell, I was not one who was going to do the take it on, take it off for 3 years for a lousy 10 grand more and I have a location that is a bit better than lets say Franklin, Hewitt, or Vernon. So it was a bit easier when your willing to really get over your house is worth so much more than you think. thanks, Next week Raleigh to buy a house! Thanks again and I love coming here and reading all your posts. Even Pumpkin!!

  49. Marilyn says:

    One more point, my husband and I have been fighting ever since this whole process of selling has started. Its not something that people do often and understand the whole process. All the steps, and bullshit makes your head spin. I was so mad at the realtor for something they did I told them Im taking the door knob off and handing your the door knob back with the lock box on it and I will buy a new door knob to get rid of you! I mean the stress is big. So my point is IM 100 percent sober and I wondered how I coped with stress before all this in the past. Well I did not. I got wasted . So I am sober , been sober for a long time and if I got thru all this, I don’t have to worry about finding hidden drugs in the walls. HAHA!

  50. Marilyn says:

    #41 , don’t get the point? No need to be nasty. Just rushing and am lousy at typing and putting things in perfect grammar. However, no need to be cruel.

  51. Mike says:

    Congrats Marilyn

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