From NJBIZ:
NJ unemployment dips again in September
While job levels remained relatively unchanged, the state’s unemployment rate continued its downward trend for the sixth month in a row.
September’s 3.1 percent rate marked a 0.1 percentage point drop – continuing the trend of once again registering New Jersey’s lowest monthly rate since recording began in 1976. That’s according to data released by the New Jersey Department of Labor and Workforce Development on Thursday, citing estimates from the U.S. Bureau of Labor Statistics.
New Jersey’s unemployment rate also came in under the national rate of 3.5 percent.
Total non-farm wage and salary employment fell by 200 to a seasonally adjusted level of 4,197,200, LWD said. But, year over year, employment was up by 44,600 jobs. Compared with September 2018, 43,400 of gains were in the state’s private sector and 1,200 in the public.
Five out of nine industries in the state’s private sector exhibited gains for September: “other services” were +3,100; leisure and hospitality +2,200; financial activities +1,000; and both construction and manufacturing +500, each.
Professional and business; trade, transportation and utilities; information; and education and health services all recorded losses in September, down by 4,100, 1,100, 800 and 400, respectively.
LWD revised total nonfarm employment estimates for August, lowering the number by 3,000, to show a decrease of 1,900 jobs — whereas preliminary estimates had indicated an increase of 1,100 jobs. However, the August unemployment rate remained unchanged at 3.2 percent.
Anyone else sincerely believe the wheels are coming off the world?
em….. the world doesn’t have wheels, so no…..
You are up at 4:20am to post this?
ExEssex says:
October 19, 2019 at 7:20 am
Anyone else sincerely believe the wheels are coming off the world?
US onshore outsourcers are closing sites as fast as possible.
It is no longer possible to hire and staff in the US, labor market is too tight, salary pressure and high attrition making it impossible to budget. Having annual discussions about price increases have worn clients down to the point at which nearshore is a godsend. Clients are unwilling to put work in markets with scheduled legislated minimum wage increases as it creates tremendous attrition risk.
We are kings of countercyclical recession work. If we all thought recession was imminent, we would not all be closing sites. During recession, cost savings wins, so outsourcers generally grow.
We are not even mothballing.
On the legislated wage increases, I’ve seen clients that were paying $3-4 more than minimum wage close down US operations because they knew in 4-5 years they would no longer be a competitive employer in the market, and would risk hiring and attrition issues.
No pumpkin, it was not unique enough to share. You made it up. In your tiny brain you are special. In reality you are not.
Columns would most likely just be bought at a mill and cut to size. No one is going to stop at your common home to look at anything.
There was no man who stopped to measure anything from your home. He height have been there for another reason then you fabricated that pathetic little story.
That suggestion is idiotic and you have to be called on it or you’ll continue to spread your nonsense. Shut up already instead of trying to get the last word.
Newark loses architectural gem to arsonist:
https://www.nj.com/essex/2019/10/abandoned-newark-beer-baron-mansion-apparently-set-ablaze-by-squatter.html
Grim, can you succinctly provide examples of what you are talking about? Who are nearsoucing companies? What is the difference between them and Infosys and their like? Apologies, I just dont know the industry and its terminology like you. Where is nearsourcing located and what kind of functions?
Thanks Grim for Helping the Commies. Regarding your clients not finding people. Pay up and stop the dynamic scheduling, originally that was an ambulance/fire department equipment dispatching algorythms.
Give a steady 40hrs a week and overtime pay for weekend work – like it was done for the locust boomers back in the 70’s & 80’s. Give a nice health insurance, and retirement plan package (Rockefeller University gives 14% contribution after 20 yrs) not the 1-2% bs and push for Medicare for All.
The fact is that corporate America has had it to well the last 30 yrs because of all the bodies coming in, through immigrations and Visa. I’m really glad Trump in his nuttiness is dealing with this issue.
Finally, I had to call On-Star customer service (yeah an American Car), they stink -out of the phillipines, could not answer anything and the dimwit cost me money. Had to call back – hit Spanish and talk to the US based center – English all the way.
It means offshore outsourcing will grow ie India and Poland but grim thinks more likely bump will be in South Am. My IB is moving more to India but want perms so they can kill US jobs. Not seeing this labor market unless willing to take hors$hit hourly rate. Employers have been absolutely spoiled with cheap labor for too long. Also Trump not doing a think. In fact, H4 enforcement was moved to spring 2020. Why bother..just keep it Orange fool.
Meanwhile Trump “tweeted” 40 times today.
Finally, I had to call On-Star customer service (yeah an American Car), they stink -out of the phillipines, could not answer anything and the dimwit cost me money. Had to call back – hit Spanish and talk to the US based center – English all the way.
Brilliant strategy, but I know GM, and I’m pretty sure you were not talking to someone in the US. Costa Rica or Columbia maybe. GM are cheap bastards, they wouldn’t do this business in the US, and they certainly wouldn’t do it in house, or on-shore, for risk of employees unionizing under the UAW.
Where is nearsourcing located and what kind of functions?
Central America – Mexico, Guatemala, Honduras, Costa Rica, Panama, Columbia, heck even Jamaica and some of the other islands.
Front/Back office functions, administrative work, accounting, AP, doc processing, loan processing, contact center, medical billing, collections, financial services, inside sales, etc etc. IT is starting to take off very quickly, Columbia a good example of that. It’s crazy, we’ve hired college professors from local universities to work for us, after they learned what we were paying their students.
US companies like it, because places like Columbia, Panama, Nicaragua are all fairly developed countries, they are easy to get to, direct flights, safe, strong cultural affinity to the US, highly educated workforce, clean modern cities that you don’t mind visiting – in those places you get someone with a college degree, fluent English speaker, for what you would pay minimum wage in the US. The other big difference is tenure. India has a hiring and retention problem, you can’t keep talent, people jump jobs like crazy. I just went through a stack of resumes and you see people that don’t stay more than a few months. Why they keep getting hired, who knows, 6 companies in the last 5 years. “What’s the big deal?”
Bloomberg, a Democrat again after being a Republican and independent, regards Warren’s economic plans as dangerous nonsense. He told her as much at a gun-control event he bankrolled.
Taking the microphone after her, he told the audience, “I just said to Senator Warren on the way out, ‘Senator, congratulations, it’s a nice talk. But let me just remind you if my company hadn’t been successful, we wouldn’t be here today, so enough with this stuff.’ ”
Earlier, he denounced her plan for a wealth tax, saying, “It’s called Venezuela.”
Chi,
I had many conversations with Bloomberg supporting top physicians in top hospitals, and they all have the same elitist mindset as Bloomberg. They wanted a fat/soda tax, no cars in Manhattan, wanted to walk outside their co-op and hail a cab (they love uber/lyft) because they freed up the yellow cabs, they are now a dime a dozens.
In short, Bloomberg is disconnected from reality like they are. Bloomberg’s business has been great since Greenspan signaled the Fed Reserve was Wall Street’s b!tch and Clinton set a price point with Sandy Weill’s Citibank/Glass Steagall Act violations for getting away with it with a smile and a Thank you note and chocolate on the pillow.
What the country, Wall Street needs and Bloomberg by defacto is a massive enforcement of anti-Trust Rules, restoration of Glass Steagall, prosecutions and jail time. Break thing up United Health, Aetna, Cigna, United Airlines, Bank of America, Chase, etc…
Warren and Sanders are the ones that get it, that the present is an corruptive, constipating anomaly. The future needs a purgative to flush out the corruption that started with Greenspan/Clinton.
Bloomberg should stick to writing opinion pieces on his website, riding his jet around and those horses and give the money away before is taxed heavily in the future.
Chi,
This is the present, https://youtu.be/OSQcm91jeR8
This is what we need for the country and Team USA https://youtu.be/QHH9EYZHoVU
We are outsourcing jobs to Chennai. One of the workers being outsourced is from Chennai. He grew up nearly by the outsourcing companies office. I joking said why don’t you move back, he gave me a response worthy of Seinfeld episode.
https://www.youtube.com/watch?v=_sUMtHcUMWo
We also have a new tech office in New Delhi, nice space in a brand new building not far from the airport. We built this office to in-source the army of consultants we already have in india. The quality of people applying is disappointing so far just too much competition for tech jobs there.
Might be time to get a plumbers licence. The governor was talking on some cable TV show about the lead line problem seems that they want to fix it, and spend 5 Billion over the next 10 years to replace the lines throughout the state.
“Anyone else sincerely believe the wheels are coming off the world?”
Liberal drama. In any context of our civilized history – the last 200, 500, or 1,000 years – recent events barely move the needle. Certainly well within one standard deviation of bad sh1t in history….
We have an overgrown infant in one branch of government in the most prosperous society nearly ever on Earth and Liberals afraid of their own shadows think “the wheels are coming off”. LOL.
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12:03 lots of doom and gloom right before the last Recession.
Didn’t all come from the left.
Dude, I’m not special compared to the greats, but I’m living the 1% income lifestyle for my age covert. Aka, I’m special if you compare me to the avgs which isn’t saying much.
Again, I’m not making the story up. So think what you want. Only thing I lied about on here was my occupation and I obviously had justified reasons for that.
PatrioticHillbilly says:
October 19, 2019 at 11:01 am
No pumpkin, it was not unique enough to share. You made it up. In your tiny brain you are special. In reality you are not.
Columns would most likely just be bought at a mill and cut to size. No one is going to stop at your common home to look at anything.
There was no man who stopped to measure anything from your home. He height have been there for another reason then you fabricated that pathetic little story.
Based on the opening article, nj sure is dying, right 3b.
As every boomer leaves the work place and needs workers to help them survive; we have a coming worker shortage in America. There are not enough workers to cover the boomer retiring by the day. The slack on the labor market gets tighter and tighter.
Remember clot crying about wage arbitration to me, now the exact opposite is beginning to happen; not enough workers.
Email
WASHINGTON — During President Trump’s first two years in office, his standing with many voters was buoyed by a surge in manufacturing that helped create millions of jobs and undergirded the whole U.S. economy.
But today, manufacturing has plunged into recession and is threatening to pull down other sectors, perhaps hitting hardest on supporters in those states that helped put Trump in office.
Impeachment may be dominating the news, but the less-noticed industrial slump ultimately could pose a greater threat to Trump’s reelection.
As measured by the Federal Reserve, manufacturing output shrank over two straight quarters this year. That’s the common definition of recession.
Definition of recession is two straight quarters in which GDP is negative. Manufacturing makes up about 12% of US GDP.
But mfg.