NJ UE Record Low

From NBC:

New Jersey Unemployment Drops to Record Low of 3.2 Percent

New Jersey’s jobless rate has fallen to a record low of 3.2 percent.

That’s according to the figures released Thursday by the state Labor and Workforce Development Department. It’s the lowest monthly rate since state-level records began in 1976.

The August unemployment rate fell from 3.3 percent the previous month, and the state added 1,100 jobs.

But the department says private sector jobs declined more than they increased, and the net increase was reached because of the addition of 2,300 public sector jobs.

Besides public sector jobs, growth also happened in health, education and other service jobs. The declines occurred in the leisure and hospitality, manufacturing, information, transportation and construction industries.

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

51 Responses to NJ UE Record Low

  1. dentss dunnigan says:

    spam personified …..

  2. Nomad says:

    Funny article about WE from Scott Galloway NYU

    Replace DOT with .

    https://www.profgallowayDOTcom/wewtf-part-deux

  3. The Great Pumpkin says:

    With the S&P 500 about one percent from its all-time highs, Wall Street bull Edward Yardeni is predicts a record breakout is coming.

    The Yardeni Research president believes between now and the end of next year, the index will soar 17% from current levels.

    “I’ve got 3,500 as my target for next year,” he told CNBC’s “Trading Nation” on Friday. “We’ll get there on higher earnings with maybe somewhat higher valuation as the perception continues to be that interest rates aren’t going up much, if at all

    https://apple.news/A-aZozd2bTr2x-hCdnyuhvg

  4. XRumerTest says:

    Hello. And Bye.

  5. leftwing says:

    Galloway is one of my must reads. Rare combination of brilliance and interesting writing blended with spot on societal commentary. If he doesn’t make you money – especially in tech – he will at the very least help you avoid losing a bunch of it. Or give you a good SMH laugh.

    The opening…”the IPO is a case of death by S1″. Priceless.

  6. leftwing says:

    Fed on Day 5 of repo operations……

  7. Blue Ribbon Teacher says:

    If anyone is a fan, the new Tool album is really good.

  8. Young Buck says:

    Another example of developers using Mount Laurel affordable housing requirements to circumvent current zoning…

    In the backdrop of Hartz Mountain’s application has been the township’s court-mandated requirement to meet its obligation to zone for a third round of Mount Laurel affordable housing.

    Under an initial 1975 New Jersey Supreme Court ruling, and subsequent decisions, each town must zone for its “fair share,” or court-formulated number, of low- to moderate-income housing units. Those numbers are periodically reviewed and updated. To enforce its ruling, the court created a “builder’s remedy” lawsuit, which gives developers great latitude in construction, including number of units, if the court determines the municipality has not met its burden.

    The court has extended Cranford’s immunity from builder’s remedy lawsuits until Oct. 25, while it developed plans to meet its requirements. Hartz Mountain has hinted about a builder’s remedy lawsuit during its application for the Walnut Avenue project.

    https://unionnewsdaily.com/headline-news/48895

  9. Blue Ribbon Teacher says:

    Kinda reminds me of Mark Cuban’s rant some years back.

    Remember the old chain letter, where you put up some money, then you got other people to put up some money, and you gave it to the people who were in the deal before you? That’s what’s happening today.

    The early [VCs] are getting the new [VCs] to invest enough money at high enough valuations that they get most, if not all of their money back. Then the next round [sees] someone else invest more money at a higher valuation, returning cash to the last two rounds of investors.

    By the time you get to the last [VC] standing, those last few rounds hope they can get a return from the public markets. That may be very tough. But the only players really on the hook are the guys from the last rounds. Just like in a chain letter.

  10. Young Buck says:

    Looking for refi recommendations from the board –
    I currently have a Fannie Mae Homestyle Renovation Mortgage through Carl @ LoanDepot (solid recommendation from Lib). We’re nearing completion of construction and will be shopping refi rates in the next month or so. I just checked out Figure’s website, and looks like they’re still very new and only offering HELOCs for now. If anyone has recommendations for regular conventional refi I would appreciate it. I’m sitting at 5.875% and would looove to drop that 2+ percentage points.

    Libturd, seen crazy things done with ping pong balls. says:

    September 17, 2019 at 1:27 pm

    I just took out a HEL on my primary through Figure. Got some crazy legal/medical/tuition fees to which I will hopefully be reimbursed for in November. Nonetheless, what a seamless process. Applied, notarized and nearly closed on a near 6-figure loan in a little under an hour. That’s with me needing to upload proof of ownership and my license. Last thing left is for Gator to Enotarize since she is on deed too. 10-year, 5.75% 3% origination. No penalty to pay it off early. Multiple draws too. Technology is the shiznit. Money will be in my account in less than 5 days.

  11. Libturd, seen crazy things done with ping pong balls. says:

    Buck,

    Call up Mike at Carl’s firm and ask him who to use.

  12. Nomad says:

    Not quite sure what to make of her but she is not a shrinking violet and has some stones.

    Replace DOT with .

    https://twitterDOTcom/TulsiGabbard/status/1173434704302751744

  13. Nomad says:

    And if the first one appeared partisan to some of you, this one could be construed as the other side of the fence.

    https://twitterDOTcom/TulsiGabbard/status/1175728002262421505

  14. Libturd, seen crazy things done with ping pong balls. says:

    Who is Tulsi Gabbard? Is she another Democrat that the right has decided represents all of the Left even though the left knows nearly nothing of her?

  15. Grim says:

    Cuban is spot on – VC Ponzi scheme

  16. leftwing says:

    “By the time you get to the last [VC] standing, those last few rounds hope they can get a return from the public markets. That may be very tough. But the only players really on the hook are the guys from the last rounds. Just like in a chain letter.”

    I would add that there is a reason all these rather large valuation companies only offer 10% or so of their float in an IPO…Extremely limited supply pumps up the price and the mark to market in the VC portfolio….So the public is in fact the bagholder.

    Anyone want to take a shot at how much lower than $150 BYND would be if 20-25 million shares were offered in the IPO, rather than 9 million?

  17. leftwing says:

    “Who is Tulsi Gabbard? Is she another Democrat that the right has decided represents all of the Left even though the left knows nearly nothing of her?”

    Eh, if the Left keeps puking them out the Right will take advantage….

    Goose and gander, bread and circuses…c’mon Lib you know that already.

    The Left had their fun with David Duke, the Right is playing payback with AOC, et. al., nattering nabobs attack, and the Republic circles the drain. What’s changed recently?

  18. ExEssex says:

    WeWork what a laff.

  19. Libturd, seen crazy things done with ping pong balls. says:

    I know. I know. I suppose there is a bright side. Without the idiot right, I wouldn’t know of half of these house members. Honestly. It’s like the impact of fantasy football on my knowledge of the entire NFL and not just my local teams. So thank you Nomad, for making relatively unknowns, household names. This newfound name recognition should help these relative nobodies do really well in their next elections. Perhaps helping them advance as well.

  20. Young Buck says:

    Lib – I’m planning on shopping for the lowest rate then checking with Carl/Mike to see if they can match it. Was just looking for recommendations on where to shop rates besides a google search and bankrate. Thanks.

    Libturd, seen crazy things done with ping pong balls. says:
    September 23, 2019 at 9:40 am

    Buck,
    Call up Mike at Carl’s firm and ask him who to use.

  21. Blue Ribbon Teacher says:

    Who is Tulsi Gabbard? Is she another Democrat that the right has decided represents all of the Left even though the left knows nearly nothing of her?

    Based on the interviews I’ve seen (she did a 2 hour one with Joe Rogan), I would consider voting for her. I don’t think the right thinks she represents the left. I like her because she’s a breath of fresh air from the extreme left.

  22. Blue Ribbon Teacher says:

    From a friend that lived in SF, silicon valley seems to be just a cesspool of con games with a few profitable gems mixed in. I remember a few years back, the wifi juicer. Juicero or something like that.

  23. ExEssex says:

    We’re fuuuuuucked – some of us realize it .

  24. Juice Box says:

    leftwing – re: Repo

    Remove the leverage and the problem goes away.

  25. Juice Box says:

    Blue- Saw this last year on Vice “Raw Water” new startup by the Juicero founder who took Google and another VC for 120 Million for that failure.

    https://www.youtube.com/watch?v=oI-Ye8SP708

    People are Nuts some just fruitier than others.

  26. The Great Pumpkin says:

    The stock market itself is based upon a ponzi scheme with the false believe that the price is backed by value.

    Pretty much every investment is based on this. Trying to sell to the next guy..

  27. Blue Ribbon Teacher says:

    You know, there are companies that actually have revenue, profits, and distributions to shareholders right?

  28. The Great Pumpkin says:

    Yes, but wtf does that matter anymore?

  29. Libturd, seen crazy things done with ping pong balls. says:

    If you guys don’t think the collapse is imminent, you are all nuts.

    The world is investing in us. The second a tiny crack appears in the dike. Good bye!

  30. Nomad says:

    Last post on Tulsi Gabbard and then I will put a lid on it. Apologies for intruding on the blog. (Leftwing spot on about Republic circling… – we all yell and get worked up at one another, the real heavy lifting ie hard solutions and tough choices no one wants to do).

    Video is over an hour long. Maybe jump around a bit since you are all very busy. Interesting comments about endless amounts of money for war, but not for other things.

    replace DOT with .

    https://twitterDOTcom/TulsiGabbard/status/1175554181957996544

  31. Juice Box says:

    Tulsi Gabbard is one poll away from the October debate. I would vote for her over any Boomer Locust running for president.

    https://fivethirtyeight.com/features/the-latest-iowa-poll-is-good-news-for-elizabeth-warren-and-tulsi-gabbard/

  32. Juice Box says:

    collapse?

    What have I been saying about asset price deflation? This new stealth QE is to prevent it, another $400 Billion this year from the Fed and another QE from the ECB just as much or more Euros if need be.

    They will print until we are all dead.

  33. D-FENS says:

    yes!

    Blue Ribbon Teacher says:
    September 23, 2019 at 8:49 am
    If anyone is a fan, the new Tool album is really good.

  34. The Great Pumpkin says:

    I’m with Juice, I’ve learned from my mistakes in the past. In this specific case, 2008 told me all I need to know.

  35. ExEssex says:

    You can ‘learn’ yet each time may be different.
    Surprises are part of the fun!
    Smoke em (don’t vape) if you got em!

  36. chicagofinance says:

    best line: “virtue signaling little turds”
    https://twitter.com/NewyRob/status/1176228169562460161?s=20

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  38. Nomad says:

    Can anyone explain the repo situation in basic terms to a non-financial person? I have yet to hear a simple coherent explanation done in plain speak. Thanks in advance.

  39. DebraIroge says:

    Salutation.
    My name Tanya. I want to meet a sexy man.
    I’ll come to your neighborhood or gonna invite you to my house. I prefer long, tender uninhibited love making.
    Let’s be friends.

  40. leftwing says:

    “re: Repo, Remove the leverage and the problem goes away.”

    Not sure the above or the linked Armstrong article really explains what is going on….

    Little voice in the back of my head that reminds me to beware the tiger in the bushes is saying that a four standard deviation move in rates on USTs in three weeks followed immediately by the first overnight funding shutdown since the financial crisis aren’t unrelated….

    Don’t need causation, correlation is fine….

    Agree it’s not about credit quality, unlike 2008. Still, are a couple dealers just not able to trade? You would think that would pop out in a nanosecond….or are people so buggered they have just pulled counter party exposure in across the spectrum?

    I really don’t know…I do truly believe, however, it is not benign coincidence that the huge August move in 10s was followed by the overnight market stopping up….sumpins’ up

  41. leftwing says:

    Nomad, best non-technical explanation I can find with a quick search…

    https://www.schwabfunds.com/public/file/P-11014208

    Quick example, every night each bank balances its and its customers transactions. Some institutions need cash because of outflows during the day; others have excess dollars in their account because they took in more than they outlaid during the day. That occurs every night.

    If, for example, JPM sees that it is $100 million short of cash once its daily books are tallied up, how do they cover that amount until tomorrow? They don’t liquidate securities to cover, they go to the repo market. They will offer out, overnight, $102 million of Treasuries. Someone else, say Goldman, took in more dollars than outflows that day so they will bid a rate for a $100 million overnight loan to JPM secured by the Treasuries. Goldman takes the Treasuries, JPM takes the cash, and it unwinds (with interest) tomorrow.

    Bottom line repos are supposed to be among the most safe transactions – super short term (usually overnight) between only the largest and most credit worthy institutions over-collateralized by the safest securities out there, US Treasuries.

    That is the market that is failing to clear. Not good.

  42. Blue Ribbon Teacher says:

    Blue- Saw this last year on Vice “Raw Water” new startup by the Juicero founder who took Google and another VC for 120 Million for that failure.

    https://www.youtube.com/watch?v=oI-Ye8SP708

    People are Nuts some just fruitier than others.

    I gotta admire the guy. He’s 100% useless and he manages to secure funding to try out his stupid schemes which ultimately involve borderline fraud where he can pay himself handsomely and just claim it didn’t work out. The reason he refuses to talk about it is most likely from a legal standpoint…he should be in jail.

    Wtf am I doing banking money away to start my own business when I could just travel to SF and get it?

  43. Blue Ribbon Teacher says:

    yes!

    Blue Ribbon Teacher says:
    September 23, 2019 at 8:49 am
    If anyone is a fan, the new Tool album is really good.

    Got tickets to Prudential on Saturday Nov 16. They always put on a good show.

  44. Juice Box says:

    What explains the movement in the Repo market is the Fed has been liquidating since last year by shrinking its holdings of bonds and reversing its policy. A decade later and wall st is still addicted to QE.

    So it’s back as stealth QE and we will print until the cows come home or we are all dead.

    https://fred.stlouisfed.org/series/TREAST

  45. Juice Box says:

    Another chart to ponder, 20 Trillion more debt in a decade. Better hope we all die before the reset happens.

    https://fred.stlouisfed.org/series/TCMDO

  46. Libturd, seen crazy things done with ping pong balls. says:

    An interesting tidbit from that article.

    “Those kind of accommodative actions have been over for some time now, and total bank reserves have steadily been decreasing. They peaked in August, 2014, and are now close to where reserves were in 2011. One principle reason for that: an elevated level of government debt issuances in the past four years have sucked reserves out of the financial system.”

    So my biggest concern is this. If the current economy was juiced by QE and Trump’s Corporate Tax gifts. How is it going to work without such impetus? We are already seeing that QE can’t be turned off. Only now, interest rates are already so low that lowering them will have no impact on helping us out of a recession. There are no bullets left! And we have a president who is liable to do something very economically expensive to make up for a “bad hair” day. When this recession comes, and don’t kid yourself into thinking it won’t (fake news), it’s going to be a real doozy. Especially when the rest of the world pulls their money out of the “fake” economy. I am very concerned. I’ve seen this playout three times in my life. This time is not going to be different, no matter how much your confirmation bias wills it be. Position accordingly.

  47. joyce says:

    The most poignant takeaway from that chart is that the little “hiccup” in 07/08 was the only reduction of total debt that we’ll ever see in our lifetimes. Was it the cause or the result? Doesn’t matter. It will never happen again in the next 2-3 lifetimes.

    Juice Box says:
    September 23, 2019 at 8:33 pm
    Another chart to ponder, 20 Trillion more debt in a decade. Better hope we all die before the reset happens.

    https://fred.stlouisfed.org/series/TCMDO

  48. chicagofinance says:

    Just a few items relative to repos et al….

    Bear in mind we are coming up on a calendar quarter end. Cash can get pricey and distorted…… don’t get thrown by interest rates being tossed around. The target is 175-200, but really it went up to 230 with strss giving some unusal data points…… but this money is short-term. Maybe someone paid 900, but that is an annualized number. 900 for 10-14 days to get to October 1st is not that big a deal.

    I agree with left….. something is going on, but I would point to Iran in distress, Venezuela and Argentina….. these places are hording cashin USD under serious distress.

    The other point is banks are now restricted in terms of how they can lever up and manage their balances sheets, and also there has been talk of terming out UST. It may be nice to lock in low rates on government debt, but it also replaces liquidity in money markets with illiquid long-term obligations.

    It doesn’t explain everything, but there is a lot of sh!t going on in the background. Bottom line, there are people that rather hold on to their cash than put it to work……. somehow, I think the unnamed source is oil money…. Iran, Venezuela, Russia….. panic but not of the sort we think…..

    Bottom line, I am just taking wild stabs…..

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