From the NJ Department of Labor and Workforce Development:
Jobs Increased in New Jersey by 3,000 in September Unemployment Rate Down to 5.2 Percent
New Jersey saw its unemployment rate drop slightly in September and added 3,000 jobs over the month for a new record high employment level. The State’s September unemployment rate at 5.2 percent was down slightly from the August rate of 5.3 percent. The U.S. rate in September was 4.6 percent.
According to preliminary estimates from the New Jersey Department of Labor and Workforce Development’s monthly survey of employers, the number of persons working on nonfarm payrolls rose by 3,000 from August to 4,084,500 in September.
Based on additional data provided by employers, August’s over-the-month increase was revised upward by 800 and brought the August employment level to 4,081,500.
“In September, New Jersey continued to experience the moderate job growth we have seen all year. We had employment gains in finance; trade, transportation and utilities, and in education and health services,” said Labor Commissioner David J. Socolow. “Our unemployment rate was relatively stable, declining 0.1 percentage point over the month.”
The trade/transportation/utilities supersector increased by 1,100 jobs from the August level.
The education and health services supersector continued to add jobs with employment rising by 1,000 to 573,700. Both the education and health care/social assistance sectors shared in the increase.
The financial activities supersector rose by 700 to 284,200 with the finance and insurance sector showing the most strength. Employment in the “other services” supersector (includes automotive and equipment repair firms, personal care services, religious organizations and grant-making institutions) increased by 400 to 160,800.
Employment in both the construction and professional/business services supersectors showed little movement as each increased by only 200 jobs.
The manufacturing supersector had the largest loss of jobs as employment fell 700 to 315,300 with small cutbacks noted in several industries.
The leisure and hospitality supersector job estimate dropped by 500 to 345,400 with the arts/entertainment/recreation sector contributing most to the loss. The information supersector fell by 300 to 94,000.
Government payrolls rose by 900 to 647,700 with the local government component contributing the most to the increase.
Compared with September 2005, the unadjusted workweek for manufacturing production workers was down by 0.5 hour to 42.2 hours. Average hourly earnings were up by $0.15 over the year while weekly earnings were down by $1.93 to $703.05. Over the month, the workweek rose by 0.3 hour, hourly earnings increased by $0.17 and weekly earnings were up by $12.12.
From Bloomberg:
Wall Street Pays Five Times New York City Average
Wall Street employees earned 5.1 times as much as other workers in New York City last year as booming trading and advisory fees fueled record profits, New York State Comptroller Alan Hevesi said.
The average Wall Street salary was $289,664 in 2005, an all- time high, Hevesi said in a report published today. Total annual wages rose 36 percent from 2003 to $49 billion last year, generating $2.1 billion in 2005 tax revenue. The securities industry has restored a third of the jobs it cut in New York after the technology-stock bubble burst in 2000, he said.
Wall Street’s fortunes are vital to the health of New York’s economy, since each new position filled in the industry creates two additional jobs in the city and one in the suburbs. Merrill Lynch & Co., based in Lower Manhattan’s World Financial Center, hired 1,700 people in the third quarter, many in New York.
“While it only accounts for 5 percent of the jobs, the securities industry paid over 20 percent of the city’s wages,” Hevesi said in a statement.
Thirty percent (900) of the new jobs added (3000) are on the government payroll.. Anyone else see a problem with that?
jb
JB,
You beat me to the punch. Exactly my observation!!
Great minds think alike Bob and Grim.
SAS
I guess our great govenor does not believe there is a problem with high taxes.
we keep hiring state employees with good pay and even better pensions. Where will all the money come from ,8% sales tax??? or higher real estate taxes. NJ is going down the tubes, just wait and see, Kara will not be alone.
647,700 goverment jobs, …. 8% of total population – I guess that sums it up for new jersey
To Jim:
Well Just wait for Oil companies to finally decide that thhey are loosing too much money paying high wages and even higher insurance/benefits and live New Jersey. lets see – IT jobs are down, Manufacturing down – if oil refinery close and move to Asia and Texas (Believe me already happening in my company), new Jersey Will be completely broke – Say Hello to 30% real estate taxes – thats when all Commuting New Yorkers will suffer….
By the way can the state go Bancrupt???
And what happens after that?
As i Mentioned before my spelling suck – blame spellcheck in word/any other programm for that
New Jersey: Home to Teachers and Cops
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