From the NJ Department of Labor and Workforce Development:
Employment Relatively Unchanged in April Unemployment Rate at 5.0 Percent for the Month
In April, New Jersey payrolls increased by 1,000 and the state’s unemployment rate edged higher by 0.2 percentage point to 5.0 percent equaling the United States rate which was down slightly from 5.1 percent in March.
Over the first four months of 2008, employment in New Jersey has followed the national trend, decreasing by 9,900 jobs; whereas nationally employment has declined by 260,000.
According to preliminary estimates from the New Jersey Department of Labor and Workforce Development’s monthly survey of employers, total nonfarm employment in the Garden State increased by 1,000 in April to 4,072,700. Based on more complete reporting, the previously released March estimate was revised downward by 1,200 to 4,071,700, to reflect a loss of 200 jobs in March.
…
While April’s overall employment level was flat, there were notable job gains within individual supersectors. On the positive side, job gains were recorded in professional and business services (+2,800), education and health services (+1,500) and information (+900). The advance in professional and business services was mainly due to hiring in the administrative support/waste management/remediation component, which added 2,500 jobs over the month. In education and health services, gains were recorded in both major sectors, health care and social assistance (+900) and educational services (+600).April’s employment figures showed downward movement in the following supersectors: trade, transportation and utilities (-1,400), manufacturing (-1,200), and construction (-800). The majority of the loss in trade, transportation and utilities occurred in the retail trade component (-1,000), while the loss in manufacturing was mainly felt in the durable goods sector (-900). The job loss in construction continues to be reflective of the slowdown in the residential housing market.
First!
Looks like the jobs gained are higher paying than the jobs lost.
Where do you see that data?
http://lwd.dol.state.nj.us/labor/forms_pdfs/lwdhome/press/2008/051408unemploymenttables.pdf
I do see wages paid to Information workers actually fell over the past year from $1,191.51 weekly to $1,133.78.
About wages being sticky up…
During our annual meeting with company CEO’s the following question was asked:
“food inflation healthcare costs, educational costs and gasoline prices are rasing. Company making record profits. Are there plans to start adjusting employee’s salaries to address rasing cost of living?
Our standard increase for base-pay is at 3%/year – are there plans to increase it?”
CEO’s answer: “Our company increases are in-line with industry standards, if you do not like it – quit.” So far NOBODY quit.(we haven’t lost ONE person in over 1 1/2 years due to them quitting. few retired, few got fired but NOBODY got better job and quit.
What is the situation in your company in NJ?
Do peole leave ofter due to getting higher paying job???
State unemployment peaked during the last recession at 5.8% in 2002 and 5.9% in 2003.
#2 – Kinkos employees count as “professional and business services”. You’re extrapolating beyond the data at hand.
There was a rise in weekly earnings largely accounted for the extra 1 hour people worked.
“Looks like the jobs gained are higher paying than the jobs lost.”
It does?
Too bad this doesn’t have more BC towns.
http://www.soldhomesreport.com/
Looks like there’s quite a trend going on.
I’d say that upward slope dating from December might be mere noise if it weren’t for the rock steady flatitude of the previous 9 months.
grim/richnj: Can one of you kind gentlemen at your convenience please provide me with the sales history and taxes for njmls 2800327.
This is the one I was talking about this morning, purchased in 05 for 500K ( I believe), and now in foreclosure. Thanks in advance.
Well, Hoboken q1 sales are off 35% from last year. Can’t speak for the rest of Hudson County though.
#9 njpatient: Flatitude, I like that word.
Jobs gained in Business Services, Healthcare, Education & IT.
Jobs lost in retail, manufacturing & construction.
Tighten your seat belts, things are turning not so good. 2 of my neighbors are out of job in last 2 months, now even my company started layoffs.
#2 – Kinkos employees count as “professional and business services”. You’re extrapolating beyond the data at hand.
In addition, Pharma is accounted for under manufacturing.
bts #8-
interesting stats on that chart:
– avg sold 91% of asking
– avg. 155 days on market (about 20 days shy of 6 months!)
So lowballs aren’t quite the standard, but close. It’s just hard to imagine someone sitting on a house for close to six months if they really have to sell.
JM
Al, believe it or not most people quit do to things like lack of training, respect, working enivornment or upward mobility. Most companies pull that 3% stuff. But of course star employees get stock, def comp, long term incentives and extra cash bonuses. The people in the club don’t mind the 3% and the people not in the club get the shaft.
Years ago I worked at Shearson and their slogan was “minds over matter” but to us folks getting 3% we said their slogan was “we don’t mind and you don’t matter”
That said I switched jobs 4 times for more money and twice cause the boat was sinking.
#17 John: Ah Sherson. Shearson, Lehman, Hutton, Shearson Lehman, Hutton, American Express.
And on and on it went, until they were all split up, spun off, or bought out, sold etc.
We will see the same thing happen with Citigroup, I mean Citi.
Wall St never seems to learn the financial supermarket model just does not work.
make money,
from gloablism/cammunism on last thread….
i was not trying to say that the two are the same or similar. what i was trying to say is that communism is a political system that looks great on paper but the real world implimenation fails to meet expectations. I am suggesting that globalism is the same way.
GLobalism may look great on paper, but in practice it fails to live up to expectations
bts, Hawk
I track similar numbers for my area (NE Monmouth), specfically in one neighboorhood. From this you can see how long it really takes to get lower comps on truly comparable properties in a particular neighorhood. With a smaller sample size (~10), starting from Jan 1 2008, I am seeing avg sold off asking of around 88% w/ avg DOM ~120 days. This is for 4br, 2.5ba, ~0.5 acre, CHC. Homes sell at OLP only if they are immaculant and move-in ready. Only thing to sell below 20% off OLP was a tear down. Nothing has closed within my specifications since March 25th FWIW.
Kettle my friend,
GLobalism may look great on paper, but in practice it fails to live up to expectations
how so?
Check out my boy back in 1988. He’s saying the same thing today talk about a man of principle.
http://www.youtube.com/watch?v=Pmsu8MoBi_c&NR=1
kettle
Communism looks good on paper? Perhaps globalism fails to live up to YOUR expectations, but I imagine that nothing ever would.
3b The old names live on. I saw the old Tom Hanks movie Castaway the other day and if you look close at the begining when they show the seen in his office at work you can see on the wall his EF Hutton Management Training Program Certificate.
I remember my first EF Hutton Christmas party on Wall Street Dinna Merril and her husband Robert Stack attended our Annual Christmas Party. Dina is related to the Huttons and the Merril. She came in with an evening gown and said hello to the little people.
Very nice lady. In the Barbara Hutton movie you see a lot of old school stuff about Hutton and Merril.
Hey 3b the head of back office ops at Citi is still the same bozo from Hutton. He survived the EF Hutton mergers and demergers with Shearson/Lehman/Solomon/Amex/Travelers/Smith Barney/Citi and is still in charge of that department.
That guy should write a book.
I thought Tom Hanks worked for Def-ex in that movie?
3b #18: Maybe then the Wilpons will have to change the name of the new baseball field in Flushing and the Mets can play in a park that isn’t a South Park joke.
Since some of you have lived in London..
Which neighborhoods would you recommend, comparable to UES/UWS in NYC, in terms of rents, safety, desirability, family-friendliness and access to services/entertainment. I’m familiar only with S.Kensington and Gloucester Rd and they look nice (but not sure about affordability). Perhaps a bit farther away from the city, but still city-living and easy access to tube.
Padington maybe
21 make
Because it’s a race to the bottom
#25 John: That is amazing he made it through all those reincarnations. I would assume at this point he is approaching retirement age, if not past it.
Any yes, I agree he should write a book, I am sure he would have some stories to tell
#24 Who can forget the old Wall St Christmas parties, not to mention the birthday entertainemtn on the trading floors, as well as the erotic birthday cakes.
25 john
It’s a lawyer’s bill of rights. We merge ’em, spin ’em off, merge ’em, spin ’em off – perpetual employment!
28 jamil
I assume you’ll be wanting to avoid the immigrants?
sorry for being a pest, but can you kindly please give me info on when and how much this njmls listing, 2819063, was?
again, thank you!
So, unemployment in NJ rises 4% in one month. I wonder if anyone at the Star Ledger will notice.
A 13 year old boy from Texas is convicted of fraud after using his Father’s credit cards to hire escorts.
http://www.money.co.uk/article/1000390-13-year-old-steals-dads-credit-card-to-buy-hookers.htm
I love this country
At 13 I was still collecting baseball cards.
#37: that was an Internet hoax (the story). It did not happen.
# 39 Good. I was feeling like a real underachiever.
You are right:
http://www.wnd.com/index.php?fa=PAGE.view&pageId=64104
Damn you Dealbreaker!!! Damn you to Hell!!!!!
If unemployment continues to rise 4% a month, it will not take long for things to look a lot worse to the general population. Once people one knows start losing jobs, or one hears about friends of friends losing jobs, the whole psychology changes.
If “inflatio” continues to suck dry what is now discretionary income, watch out.
“No Prior Tenants – Condo Quality Luxury Apartments – No Fee”
http://newyork.craigslist.org/jsy/nfb/679488756.html
I wonder what that means…..
/sarcasm
43
They were built as condos but could not attract buyers so are now being rented?
Shore Guy,
Almost correct. They are TRYING to rent them. Seems to be a lot of that around now.
Actually, if you look at the listing, it shows the price as $3900, not the $2900 on the headline. Wonder if it’s a typo, or just false advertising.
please, pretty please. sorry for being a pest, but can you kindly please give me info on when and how much this njmls listing, 2819063, was?
again, thank you!
about to put in a bid!
All we need is the government to keep hiring and all will be well.
/sarcasm
# 45 OR the price has just dropped $1,000 a month.
# 47 Wht we really need is for the govt to send everyone $1,000,000. It will both eliminate poverty — everyone will be a millionaire — and the ensuing hyperinflation will essentially eliminate all of our debt.
That’s it.
I’m getting an eyepatch.
How’s this for an awesome NYC condo rental:
http://newyork.craigslist.org/mnh/fee/680876664.html
“The reason for the crazy low price is: From Monday through Friday- from approximately 9:00 -5:00, the very nice owner of the apartment uses an office that is located inside of the apartment—–If you’re out working you’ll never see the owner!”
“LIVE IN A BRAND NEW BUILDING W/ CONDO FINISHES
1 Month Free Rent+No Security Deposit for those who qualify
Live in the building that the “Inside Man” was shot from!”
http://newyork.craigslist.org/mnh/nfb/680512205.html
I’m seeing some rentals in Manhattan now that are cheaper than some stuff in Hoboken.
#51 That is weird. Even for New York that is weird.
bairen,
What do you bet that he wants you to pay in cash?
Jase Rion, is it on gsmls?
sorry for being a pest, but can you kindly please give me info on when and how much this njmls listing, 2819063, was?
MLS# 2725002
Listed: 6/19/2007
Original List Price: $699,999
Last List Price: $574,999
DOM: 197
Expired
Relisted MLS# 2819063
Listed: 5/8/2008
OLP: $480,000
Active
Short Sale
38 shore
“At 13 I was still collecting baseball cards.”
I still am. Wanna make somethin’ of it??
#54 Would not be surprised.
I wonder if he works nights and is planning on sleeping in his “office” 9 to 5?
#51
I read the ad on Craigslist.
Cmon I hope and pray that no one is that desperate to want to live in NYC that bad to settle for the Owner of the apt, where you are expected to pay rent to, is working in the spare office from 9 am to 5pm while you are supposed to be at work What happens if you don’t have a 9 am to 5 pm job? Not everyone works in the day time? Duh
Can he babysit? Could be a plus.
# grim Says:
May 14th, 2008 at 8:38 pm
Can he babysit? Could be a plus.
Heck if rent includes at-home babysitter I will rent it!!! actually heat, babysitter, HVAC included – it is cheaper than renting 2 bedroom in central NJ and closer to work for me. (i think something like 15 miles drive vs 24 i have now!!!
That is if he will babysit for free. (and agree to live online camera’s)
I thin if he does agree to babysit for free I’d pay 3000$ for it as my wife will be working.
John—Dina Merrill was never married to Robert Stack. You’re thinking of Cliff Robertson. Just sayin’.
“Jobs gained in Healthcare”
not in NJ. Hospitals are closing. We are seeing MDs & nurses looking for work in this state.
SAS
“At 13 I was still collecting baseball cards.”
I still am. Wanna make somethin’ of it??
I hope you got in after the early 90s collapse.
I remember when a Don Mattingly was selling over $120…
Can someone elaborate on the types of jobs that make up this segment?
On the positive side, job gains were recorded in professional and business services (+2,800)
…
The advance in professional and business services was mainly due to hiring in the administrative support/waste management/remediation component, which added 2,500 jobs over the month.
Please don’t tell me we’re talking about secretaries and garbage men…
so were was the Fitch Ratings?
Shysters, given AAA rating on crap they had to idea how to asses risk.
Someone needs to hold them accountable, but it won’t be this idiotic Fed.
SAS
Found it. Good Lord, we are talking about secretaries and garbage men.
http://www.census.gov/econ/census02/naics/sector56/56.htm
Administrative and Support and Waste Management and Remediation Services
The Administrative and Support and Waste Management and Remediation Services sector comprises establishments performing routine support activities for the day-to-day operations of other organizations. These essential activities are often undertaken in-house by establishments in many sectors of the economy. The establishments in this sector specialize in one or more of these support activities and provide these services to clients in a variety of industries and, in some cases, to households. Activities performed include: office administration, hiring and placing of personnel, document preparation and similar clerical services, solicitation, collection, security and surveillance services, cleaning, and waste disposal services.
55/NNJ – it’s listed on nnjmls.
56/Grim – thanks again, and i’m sorry that i wasn’t clear. i’m looking when that property was last sold and for how much. this way i can formulate an educated bid.
as always, thank you!!
Online tax records search that I use has a transfer on 9/19/2006, but no amount listed.
Nevermind, was a quitclaim deed, I believe the prior sale was on 01/14/03 for $310,000.
http://tax1.co.monmouth.nj.us/cgi-bin/m4.cgi?&district=0909&block=175&lot=8&qual=
“Please don’t tell me we’re talking about secretaries and garbage men… ”
That was my assumption, but I have no actual knowledge.
Drexel Burnham Lambert vs. Bear Sterns.
The Fed only cared about saving those with derivates.
and you think the Feds main job is to maintain the dollar and control the money supply.
ha ha…
don’t make me laugh so hard my pinto bean & pasta salad comes up.
SAS
That was my assumption, but I have no actual knowledge.
Collections staff is also included in that segment, could be a clue.
The FHA Mortgage Center site is holding a “best real estate blogs” contest. If you haven’t voted for this site yet, please do so:
http://fhamortgagecenter.com/contest/view.php?id=73
One vote per day please!
So janitors and security guards
BIG thank you!!
Don’t worry though, the wages from those high paying “Administrative and Support and Waste Management and Remediation Services” jobs will more than offset the 5,400 “Finance and Insurance” category jobs lost in the past year.
http://www.census.gov/econ/census02/naics/sector52/52.htm
The Finance and Insurance sector comprises establishments primarily engaged in financial transactions (transactions involving the creation, liquidation, or change in ownership of financial assets) and/or in facilitating financial transactions. Three principal types of activities are identified:
Raising funds by taking deposits and/or issuing securities and, in the process, incurring liabilities. Establishments engaged in this activity use raised funds to acquire financial assets by making loans and/or purchasing securities. Putting themselves at risk, they channel funds from lenders to borrowers and transform or repackage the funds with respect to maturity, scale and risk. This activity is known as financial intermediation.
Pooling of risk by underwriting insurance and annuities. Establishments engaged in this activity collect fees, insurance premiums, or annuity considerations; build up reserves; invest those reserves; and make contractual payments. Fees are based on the expected incidence of the insured risk and the expected return on investment.
Providing specialized services facilitating or supporting financial intermediation, insurance, and employee benefit programs.
Can I get some opinions, thanks.
When I am entering listing pictures, I don’t enter captions. I’m thinking I don’t have to put “in-ground pool” under the picture of the in-ground pool, or “Updated kitchen” under the picture of the updated kitchen. Am I crazy or lazy?
KL
# grim Says:
May 14th, 2008 at 9:39 pm
The FHA Mortgage Center site is holding a “best real estate blogs” contest. If you haven’t voted for this site yet, please do so:
http://fhamortgagecenter.com/contest/view.php?id=73
One vote per day please!
I think it is one vote per IP – I tried for 3 days now and only once/IP.
SO even though it says everyday, it is only 1/IP address.
Also interesting to note that March was revised downwards pretty dramatically.
Initial March estimates had +1,000 jobs created, unfortunately the actual number was -200.
Based on more complete reporting, the previously released March estimate was revised downward by 1,200 to 4,071,700, to reflect a loss of 200 jobs in March.
I wonder if the +1,000 reported in April will be revised downwards.
Anybody here is from Bank’s loss mitigation department??
I want to put in an offer for short sale. Will attaching 10% check to the offer encourage banks to accept my offer, or standard initial 1000$ deposit will be enough?
I have two strong letters of pre-approval (BoA, Wells Fargo), can close in a week, no contingencies.
How do I make my offer more appealing for banks to accept without lowering the price??
Unfortunately I do not have cash to pay for the house..
njp, this is not a free advice request. It’s a test. ;P
If co errs/omits annual options award at issue (say a term pending plant closing is later transferred active) should the company offer cash relief in the transfer package in lieu of award amendment?
Value of options at transfer, fully vested? Value of five year average?
NJ stroller, peak oil and free consulting blog.
KL, captions would seem redundant. Are there enough permitted characters to get creative?
KL 79 Put in the text.
kettle1/njpatient,
In regards to our discussion re:oil/gasoline last night, it seems that gasoline prices typically go up 7.6% in April, so any conclusions I may have drawn based upon that fact may be faulty. Although really, one would need to see what consumption usually does compared to March.
#28 Jamil.
Don’t go near Paddington. It’s full of bad tourist hotels. UES/UWS would be Kensington, Fulham or Chelsea. Out that direction I would be more inclined to go more towards Chiswick or Ealing or Notting Hill as they are cheaper and move value for money. South of the river Richmond is worth looking at as Wimbledon and Battersea. Anything South shouldbe close to the tube or more likely the train. Get my email from grim if you want more info.
“NNJ Says:
May 14th, 2008 at 3:35 pm
Looks like the jobs gained are higher paying than the jobs lost.”
Or not.
79 KL
“Am I crazy or lazy?”
I often find, as I’m looking at photos on listings, that I don’t have a clue what I’m looking at. Is it the master bedroom or the spare bedroom in the basement? If it’s the latter, great! If it’s the former, I can cross that house off my list.
Good photos that are clear about what they are showing are probably the biggest factor in getting me through the door as an initial matter.
#82 Al,
The $1000 should be sufficent. What they are looking for is a strong offer. Unless you are 100% cash there is no point saying “close in a week”. If you show approval letter for the mortgage and you are putting down 30% with nothing to sell, that should be all the strength you need.
Don’t be too keen to give up all your rights. Mark your offer dependant on the inspection and mortgage approval just to give yourself a back door if you need to walk. Try and get your inpector in before the end of Attorney Review.
Get a good laywer, a good inspector and always be willing to walk away. Remember that most realtors would not have handled a bank sale before, so you may need to lead them.
80 Al
I think so too. Deleting cookies didn’t help either.
Follow up to questions asked yesterday:
433 – “US companies have more than $1 trillion stashed in the bank”
“You’re usually careful about numbers. Where did you find these?”
Data comes from an economic consultant. I can send it to you through grim if you really want to see it.
442 – https://njrereport.com/files/US_layoffs_data_from_Challenger.pdf
83 Pat
You’re using common-or-garden HR terminology, and I’m afraid I don’t deal with the hoi polloi, so :p to you.
However, I always advocate throwing cash at problems. Amending options is to be avoided.
PGC – Thanks
and one more question – do banks have guidelines on what % are they willing to lose to short sale???
Hey!? I wrote post 93. WTF.
Follow up to questions asked yesterday:
433 – “US companies have more than $1 trillion stashed in the bank”
“You’re usually careful about numbers. Where did you find these?”
Data comes from an economic consultant. I can send it to you through grim if you really want to see it.
442 – https://njrereport.com/files/US_layoffs_data_from_Challenger.pdf
LOL pretorius – you are a victim of a hacker/stalker!!!
93 chi
“Data comes from an economic consultant. I can send it to you through grim if you really want to see it.”
as to the trillion $ stashed in the bank – yes, I’d be interested in seeing that. I’m not sure what that would mean. Is that just cash and cash equivalents listed assets on public company balance sheets? There are so many companies that aren’t public and are providing virtually no financial transparency whatsoever (what’s the market cap of all of Cerberus’s portfolio companies, and how much cash on hand do they have? That’d be a fun party guessing game – pin the tail on the corporate liquidity).
I can tell you this: I’m getting a lot of requests these days from corporations that want me to be creative in finding ways to provide executive compensation in a manner that does not require the company to lay out any cash.
“Hey!? I wrote post 93. WTF.”
LOL – was wondering why chi was coming to your defense.
NJP…I’m definitely all for Hoi Polloi, cash and such, esp. when it cuts legal fees (ouch, sorry.) See what you get for being honest? Thanks.
:)
KL,
For what it is worth, as a consumer of the photos, I would not mind seeing the caption ON the photo, not in a text box below. If the photos are high-enough quality, one can print out for the spouse, etc, and having the description on it appeals to me. It is not a hard thing to do.
http://www.ft.com/cms/s/0/783b044a-21e4-11dd-a50a-000077b07658.html
Fitch estimates that total losses on subprime residential mortgage backed securities and collateralised debt obligations will be about $400bn. Half of the potential losses sit with banks and they have already disclosed 80 per cent of them.
And what about Alt-A, Prime, Heloc, CC’s, etc.?
#95 Al,
No idea. I would suspect it comes down to loan amount and carrying charges. There will be a difference between a $100K loan and a $1M loan. If it is costing $1-3K a month additional carry for the REO and taxes, they might look for 50% on the small loan and 80% on the higher. Or it could be 70% on both.
It will always come down to what their audit department will sign off on. That is why it can take time for them to respond to offers.