From the NJ Department of Labor and Workforce Development:
Employment Level Relatively Unchanged in March Unemployment Rate Held Steady Over the Month
New Jersey’s employment was virtually unchanged in March as employers added 1,000 workers to their payrolls. New Jersey’s unemployment rate held steady at 4.8 percent. The United States rate increased to 5.1 percent in March from 4.8 percent in February.
Over the first quarter of 2008, employment in New Jersey has contracted by 9,700 jobs. Nationally, employment declined by 232,000 over the same period.
“We continue to see evidence of a national economic slowdown,” said Labor Commissioner David J. Socolow. “New Jersey is following the national trend.”
Total nonfarm wage and salary employment in the Garden State edged higher by 1,000 in March, to reach a seasonally adjusted level of 4,072,900, based on preliminary estimates from the Department of Labor and Workforce Development’s monthly survey of employers. The previously released February estimates were revised lower by 400 to 4,071,900 after more complete reporting.
The monthly private sector employment change was a mixed bag of small gains and losses, resulting in four industry supersectors adding employment, four contracting and two remaining unchanged. The largest job gains were recorded in leisure and hospitality (+1,300) and trade, transportation and utilities (+1,000). The advance in leisure and hospitality was due mainly to hiring in the accommodations and food services component while the gain in trade, transportation and utilities was entirely due to increased employment in the retail trade segment. Retail employment in March may have been boosted by this year’s early arrival of the Easter shopping season. Significant job losses over the month occurred in construction (-700), and professional and business services (-600). Employment in these two industries is still being impacted by the troubled housing market and associated problems in the mortgage and credit industries.
Public sector jobholding expanded by 700 over the month led by an increase in local government (+900), which includes municipal and county level employees.
Nothing to worry about, food service, retail, and local government can support the state economy.
Doesnt ever tell you how much they are making compared to before.
Jimmy former finance consultant is now a telemarketer aka leisure and hospitality sector making 1/5th what he used to make because he needs to eat.
The lost jobs in the area of professional and business services were probably all localized NJ jobs, not any of those fancy Manhattan/commuting type jobs – those are immune.
“making 1/5th what he used to make because he needs to eat.”
Thank goodness the price of food hasn’t gone up.
Classic NY Post Headlines
http://cdn.harpercollins.com/harperimages/isbn/large/0/9780061340710.jpg
“No home, neighborhood, town or county is now immune. The picture is so clear that an 8th grader can grasp it (my daughter is in 9th grade & is sitting next to me right now, nodding her head).”
Clot,
What makes you think that John Q will grasp it? John Q can’t hold a candle to your daughter.
Saw this ad in the local freebie paper;
“House for Sale
Cash buyer – $220k
Mortgage buyer – $299k.
Needs a little TLC”
Ha ha.
In other news. A local shack (and I mean shack) was actually hit by a car so hard that it compromised it’s support. It is supposed to be condemned, but the owner tried selling it first (try getting a C\O on that one), and now worse, he is trying to lease it out.
grim,
I just passed by MLS# 2508998 – 601 Upper Mountain, Montclair.
I just had to see it. I guess if you need the train or the college, you’re in. lol!
From Newsday:
Foreclosure forecasts predict $65B tax loss for NY
Three percent of New York homeowners — or one in 32 — could face foreclosure in the next two years or so because of a subprime loan, leading to an estimated $65-billion loss to state and local tax coffers, according to a report released yesterday by The Pew Charitable Trusts.
With estimates of national tax losses at $365 billion, that means New York would carry almost 18 percent of all tax losses. Fifty-two percent of all New York homeowners are expected to lose an average of $18,334 on property values, Pew said, while nationally, it’s 43.5 percent of homeowners affected losing an average $8,771.
g,
Close to schools and transportation!
Can you believe someone paid almost $600k for that?
#8 gary just had to see it. I guess if you need the train or the college, you’re in. lol!
Yes, so it may not be in a great location, but a couple of points.
1. It is prestigious Montcalir
2. It is a huge decline in price, from what was originally paid for it.
3. It will neagatively impact the surrounding houses for comp purposes.
#9 grim: Fifty-two percent of all New York homeowners are expected to lose an average of $18,334 on property values, Pew said, while nationally, it’s 43.5 percent of homeowners affected losing an average $8,771.
I think the amounts quoted are low, and the actual amounts will be much higher.
Sorry if this is OT, but just thought I’d share a little Bay Area LOL:
“…one thing seems indisputable, emotions still reign supreme in the land of surreal estate.”
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2008/04/11/carollloyd.DTL
with this inflation & depression2.0 talk is it truly going to be worth it now, i.e. $ vs. time, for all the DIY?
jiffy lube vs. me?
supermarket organic vs. my yard?
calvin klein vs. my USB drive sewing machine?
jarring fruit? deep freezer o’ meat? windmill generated porch light?
or because of the time, it’s still better to pay?
grim,
The house is rather small. There’s another one for sale a few doors down. I think the address is 591?
Say what you want, but 4.8% is a very low rate and it means that anyone can still get a job.
gary,
596 Up Mtn – $449.9k
588 Up Mtn – $455k
anyone can still get a job
Just don’t be picky. Statehouse or the steakhouse, which do you want?
Frank 16 Are you really buying that number.
…The story goes that shortly after Ben Bernanke was confirmed as Fed Chairman, he attended a dinner in New York attended by the heads of the major banks. All the big banksters were there. After dinner, Chairman Bernanke gave a speech and he at one point reportedly commented that the financial markets were “not very leveraged,” causing audible laughter from the audience.
http://us1.institutionalriskanalytics.com/pub/IRAMain.asp
Man, Hillary Clinton is destroying Obama out there tonight.
Nice work, Hil. Lock it up!
Distractions and flag pins won’t fix the country.
Yes, Ville.
Change will. Change! Ponies for everyone!
Your ponies are lies. Just like mommies at Christmastime.
Yes blood rearranging the deck chairs is change. Never mind that iceburg & the band played on.
“Say what you want, but 4.8% is a very low rate and it means that anyone can still get a job.”
Frank,
I’m not sure if P.T. Barnum is spinning as a result of this or 2% inflation.
Looks like most zip codes in NJ are now designated as a “declining market” by loan underwriters.
http://decliningmarkets.gmacrescap.com/
type in your ZIP code to get a score.
I’m looking to buy in the Cedar Grove, North Caldwell, or West Caldwell areas, and they are all rated “D” which means the mortgage underwriters automatically take 5% off the appraisal and is the lowest rating. Grades A through C have no impact on LTV, but tell the underwriter the risk level of the particular area.
I’ve been renting since ’04 knowing these prices do not hold water with incomes in NJ. Most houses in the 500K range need a ton of work, and 600K seems to be the house type I would buy, but I’d like to see another 5-10% drop before buying.
Does anyone have an affordability index quarterly from ’03 – ’08? I think the last downturn in NJ (early 90’s) the index got as high as 90, and during the hot periods as low as 60, but I’m not sure where it is now. Once we hit that 80-90 area, then we’ll know it’s time to jump in.
BC 26 Hear hear.
miw[26],
Their lies could choke a horse. Just a colossal fraud.
BC Let’s just move the sheeple to the other pen for shearing.
NJcpa Thanks for the link can’t wait to share it with the re agents I know. All is well they are busy! My sisters a**. My town has a D.
She got it right in her book. Unlike Obama and the sketchy pastor.
Grim – just curious …. are you actively looking? If so, how close have you come? Not necessarily concerned with specific properties, just the mindset ….
blood,
Its amazing she got it right under all that sniper fire.
Not totally related: Had my brother in town this weekend, and he owns 5 firearms. We went to the gun range (my first time, quite an experience). He was leaning toward Obama, and then i mentioned her take on the assault rifle ban (he has one).
Him: “Really? Wow. Great. I bought his AR15 cheap, and I bet it would go for big bucks on ebay!”
So that’s one vote …
Public sector jobholding expanded by 700 over the month led by an increase in local government (+900), which includes municipal and county level employees.
Yep, the government is doing everything it can to contain costs and taxes. Shouldn’t they be one of the groups laying off?
X 35 Why just raise taxes! Lets see the public sector sustain itself, with little help by taxing the hell out of low payed service sector. NJ’s recipe for disaster.
Heavens to murgatroid, exit stage left.
My brother the (former) mortgage broker and I had a “convo” today, and it looks like another bailout will occur to my detriment.
There go my dreams of owning another boat again.
Question for the crowd, do sailing skills get rusty or is it like riding a bicycle?
Anyone interested in an REO car wash?
http://www.us.hsbc.com/1/2/3/business/borrowing/real-estate/for-sale
#38 Sean-
Make it about two hours south and west and we’ll talk.
JM
Good thing most NJ’s newly minted private sector jobs are in the exciting field of “food services”. The employee discount at Bennigans can serve as a very effective hedge against food price inflation.
With inflationary pressures rendered a non-issue for NJ’s growing army of food service workers, the overhang of half-a-million-dollar starter capes should be snapped up pretty quickly. Better get one while you still can.
#27
The Grade for the property in ZIP Code XXXXX is Low Risk as of Thursday, April 17, 2008 10:40:23 AM
No A-D just Low Risk. WooHoo!