Are you really sure New York City jobs are going to save New Jersey real estate?
From the Ledger:
New York’s unemployment rate jumped in February to its highest level since June 1993, rising to 7.8 percent from 7 percent in January, the state labor department said Thursday.
That compares with 4.6 percent in February 2008.
In New York City, the February rate was 8.1 percent –up from 6.9 percent in January and 4.4 percent a year earlier. Those are the highest numbers in the city since 2003.
Outside New York City, the rate stands at 7.6 percent, up from 4.8 percent last year and a 25-year high, said Peter Neenan, director of the Division of Research and Statistics.
“In the past six months, the state has lost almost 150,000 private sector jobs,” Neenan said.
The losses are fairly widespread and “the pace has definitely picked up in the last month,” said James Brown, the department’s New York City labor market analyst.
In addition to Wall Street and commercial banking job losses, “we’re also taking significant losses in what we call the ‘business and professional sector,’ which includes lawyers, accountants, architects, and temp work agencies,” said Brown.