New Jersey’s Unemployment Rate Increases for the First Time Since December
New Jersey’s unemployment rate rose to 9.7 percent in July, the first monthly increase since December as municipalities cut payrolls to balance budgets.
Employers shed 21,200 positions last month, pushing the jobless rate up 0.1 percentage point, the state labor department said today in a statement. Unemployment was 9.6 percent in June, down from a recession-high 10 percent in December, while the national figure was 9.5 percent last month.
New Jersey’s unemployment rate climbed amid the longest U.S. recession since the Great Depression. Federal offices, local governments and school districts reported a loss of 18,100 jobs last month in the state, while commercial employment dropped by 3,100 positions, the labor department said.
From the NJ Department of Labor and Workforce Development:
Employment Drops in July; Unemployment Rate at 9.7 Percent
Employment in New Jersey fell in July and the state’s unemployment rate edged slightly higher. The loss was mainly due to a decline in public sector payrolls at the federal and local government levels. The state’s unemployment rate rose slightly to 9.7 percent, up by 0.1 percentage point in July, the first monthly increase since reaching a recessionary high of 10.0 percent in December 2009.
According to preliminary estimates, total nonfarm wage and salary employment in New Jersey was lower by 21,200 jobs in July to 3,841,900. The vast majority of the employment loss occurred in the public sector, which was down by 18,100 jobs over the month. Private sector jobholding was lower as well, falling by 3,100.
Based on more complete reporting, previously released June estimates show a downward revision of 3,700 in nonfarm employment to a total of 3,863,100, an over-the-month (May-June) loss of 5,600 jobs. Preliminary estimates indicated an over-the-month loss of 1,900.
In July, five of ten private sector industry supersectors recorded job losses while four registered gains; one was unchanged. Declines occurred in professional and business services (-2,300), construction (-1,700), and leisure and hospitality (-1,300). The decrease in professional and business services was driven by contraction in the administrative support, waste management/remediation (-3,600) component which overshadowed gains in professional, scientific and technical services (+1,100). Construction employment was lower for the third time in the last four months due to weakness in the residential construction segment. In leisure and hospitality, job advances in the arts, entertainment and recreation component (+4,100) did not offset losses in accommodation and food services (-5,400). Smaller losses were seen in manufacturing (-900) and trade, transportation and utilities (-500).
The only industry supersector with a sizeable job gain was other services which added 2,500 jobs. This supersector includes businesses such as automotive repair services, personal care services and business/professional organizations. Lesser gains were recorded in education and health services (+700), financial activities (+200) and information (+200).
BRANCHBURG — A manufacturing facility on the campus of ImClone Systems is being idled, leaving about 140 employees to earn new positions with the company or take severance packages.
Because I just can’t help myself,
Family guy vomit scene:
Still I feel like that everyday
I watched that around 0300 or so – just about fell out of my chair laughing…
….gives you an indicator of what an idiot I am…
“anyone want chowd-ah?” “Blarrrrrrrrrrrrrrrf”
NJ and Securities Fraud…Perfect Together
WASHINGTON (Dow Jones)–The Securities and Exchange Commission charged the state of New Jersey with fraudulently marketing billions of dollars of municipal bonds, the SEC’s first case against a state for violating securities laws.
The SEC alleged that New Jersey hid from investors in the bonds the fact that the state didn’t have the cash on hand to meet its obligations under the state’s two largest pension plans.
The SEC said that offering documents for the bonds failed to tell investors that the state had acted in 2001 to expand the plans’ benefits.
Furthermore, the SEC said the state misrepresented to investors how it would fund the benefits increase and failed to tell them that it had abandoned a five-year plan to do so.
The charges, announced Wednesday, pertain to $26 billion of municipal bonds offered between August 2001 and April 2007.
“The state of New Jersey didn’t give its municipal investors a fair shake, withholding and misrepresenting pertinent information about its financial position,” SEC Division of Enforcement Director Robert Khuzami said in a statement.
The pension plans at the heart of the SEC’s charges cover New Jersey teachers and state employees.
The SEC said New Jersey accepted its order without admitting or denying guilt and is offering to settle the matter.
Turn the lights off when you leave.
Let’s see if the SEC brings a successful prosecution against Orin Kramer and parks him in prison for a good, long time.
Bwahahahahahahaahaha!!!! Better chance of meeting the Pope.
Only 10 posts today?
If Orin was running his own hedge fund, the rotting scent of his corpse would be nauseating. Unless, of course, his hedge fund was GS.
Africk, Irked, Walks Out of Council Meeting
For Montclair Councilman Cary Africk, his colleagues on the town council spent too much time last night on non-priority issues, namely the Rails-to-Trails resolution that would convert the nearly-abandoned Boonton Line rail tracks for recreational use. The item was initially scheduled for the end of the meeting, but was moved up to the top in order to accommodate out-of-town attendees who had come to discuss the Rails-to-Trails project. While an enthusiastic supporter of the idea, Africk expressed his wish to address more critical town issues, like the budget (or lack thereof), filling vacant positions (ie., municipal judge and prosecutor), and discussing town borrowing.
After 15 minutes of Rails-to-Trails discussion, Africk became frustrated, picked up the paper that held Montclair’s proposed budget information and asked Bloomfield’s Mayor Raymond McCarthy, “Do you have one of these? Well we don’t.” When Africk requested that further conversation about the recreational project be tabled until after the “more important issues” had been addressed, Mayor Fried decided to allow the present discussion to continue. In frustration, Africk left the room. “I let everyone know that I am all for the project, but that we need to get to work on more important things first,” Africk told Baristanet today. “I went outside to take a few deep breaths and rejoined the meeting when the subject moved on.”
“I’m trying to get the council to focus on getting the really critical work done,” he added. “It’s unacceptable to me that we might not have a budget until the end of September. The job of the council is to focus on finances and service.”
Once the financial and other priority issues have been successfully addressed, Africk says he’ll be happy to return to the Rails-to-Trails project. Until then, he urges the council to stick to the task at hand.
Plastic surgeon Frank Ryan texted just before fatal crash
Ryan was sending a Twitter message about his border collie just before his fatal car accident, his ex-girlfriend tells People.com.
“He lived up in Malibu on a tiny street and he was texting while driving and he accidentally went over the cliff,” says Charmaine Blake.
Hey, if we dont have a budget, we can’t be over budget. Get it? Unfortunately we can still be broke.
Mayor Fried = Yogi Berra?
Time for me to mosey over to baristanet and drop a deuce.
Mayor Fried = Mayor Fraud
Did he give his pet collie a giant pair of fake tits?
“Ryan was sending a Twitter message about his border collie just before his fatal car accident…”
Pair? She got eight.
A yorkie and a dalmation followed them over the cliff.
No mention of an open jar of peanut butter found among the debris?
Who’s gonna work on Heidi Montag now?
“Look out, Rosie’s coming back!
She’s returning to daytime television with her own daily talk show, set to premiere on OWN: The Oprah Winfrey Network in 2011.
“Rosie is an undeniable talent who has captivated TV audiences for nearly 20 years,” said Oprah in a statement. “She’s a true original, who brings her authentic voice, dynamic energy and pure passion to everything she does.”
Lots of GSEs among the proud “buyers” at recent BC Sheriff sales.
Amazing what they can buy for $100.
Puurdy GDP chart:
Lots of GSEs among the proud “buyers” at recent BC Sheriff sales.
Only if by buyers you mean attorneys representing servicers.
In the past two months, damn near every property went back to the lender.
Do investors even bother showing up anymore? For what? Nothing has got equity, every upset is over market.
Was on a fund call today. They were extolling their virtues (almost back to HWM!!!) and future prospects blah, blah, blah.
Q&A portion: first questions out of the gate? That’s nice, where’s my redemption from 2008?
Yes, also I think it’s been a lot longer than two months.
I mentioned GSEs in relation to recent articles alluding to same going back to originators for fraud etc.
Junior debt holder foreclosing first!
Bancorp. /quotes/comstock/13*!usb/quotes/nls/usb (USB 22.40, +0.09, +0.40%) sued Pershing Square Capital Management, run by William Ackman, to stop the hedge fund from foreclosing on Manhattan’s Peter Cooper Village and Stuyvesant Town apartment complex, The Wall Street Journal reported late Wednesday. Bank of America and U.S. Bancorp. serve as trustees for the holder of the $3 billion first mortgage on the 56-building complex and are trying to stop Ackman from foreclosing on a $300 million junior debt, according to the Journal
One word describes Rosie’s ‘undeniable talent’: Taboo. This is a fairly kind recount:
Comedian/talk show host Rosie O’Donnell was so enamoured with it that she decided to finance a Broadway production. After 16 previews, it opened on November 13, 2003 at the Plymouth Theatre where, hampered by mostly scathing reviews, it closed after 100 performances. The cast, directed by Christopher Renshaw, included Boy George (credited under his real name, George O’Dowd), Euan Morton, Raúl Esparza, Sarah Uriarte Berry, and Jeffrey Carlson. O’Donnell reportedly lost her entire $10 million investment in the project.
So they won’t have to recognize (write down) the loss for at least a while longer?
A f*cking dump and the owners are “motivated” at $675,000. I mean, seriously, get f*cking bent. Does the listing agent even show the recent comps or the ones under contract or are the sellers that f*cking stup1d? Geezus!
An interesting vinegrette on the boomers. The real estate agent at the end, has a good plan.
About 73% of Social Security filers last year took their benefits early, even though they would receive larger checks if they had waited until full benefits kicked in at 66. Here’s why these folks thought it was the right decision.
gary: on that hillsdale piece. you could start with 100k off,, and take it from their
It’s a “Great Opportunity” with “Plenty of Potential.” You don’t need no stinkin’ comps.
Japan 10-year 101.58 0.91
Hong Kong 10-year 104.87 1.98
Singapore 10-year 112.28 1.89
The US 10 yr treasury have more meat
Rutgers #54 on Top Universities in the world
You don’t do vinaigrette on boomers. You soak them in oil, garlic and hot peppers…like that guy who got caught last week about to cook his cat.
“An interesting vinegrette on the boomers.”
Where I’m from, people donate houses like that to the fire department to burn down for training exercises.
33: I see houses like that in the Ft Lauderdale mls for 150k.
I’m pretty sure that was the bed Sharon Tate was killed in.
I’d file that one under “Owners who prefer to have their house up for sale, rather than sell their house”
Methodology of the university ranking study has absolutely nothing to do with quality of the undergraduate instruction or career/life success of the graduates:
Ugly thread, & it just keeps better & better. Gary lets burn it down & do them a favor.
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