Posted on 11/24/2005 10:33:25 PM PST by Coleus
Continuing its lackluster economic performance, New Jersey lost 4,700 jobs last month, the biggest decline in nearly two years.
The decline in payroll employment reported yesterday by the state Department of Labor and Workforce Development was the largest since payrolls fell by 6,200 in January 2004. The state gained 5,600 jobs in September.
The state's unemployment rate fell to 3.9 percent in October, from 4.4 percent in September, matching the low for the year last reached in May and remaining below the national 5 percent unemployment rate.
But economists discounted this unusually large decline, saying the unemployment figure can vary widely from month to month. That's because it is based on a relatively small survey of 1,200 New Jersey households, compared with the survey of 7,200 employers used to measure payroll employment.
Some economists said the October payroll jobs decline follows the pattern for much of the year, with the state lagging the nation in job creation, and it may signal an economic slowdown in New Jersey.
Rae Rosen, senior economist at the Federal Reserve Bank of New York, said the latest data continue an up-and-down pattern that "suggests New Jersey's job growth could be slowing." Joseph Seneca, an economics professor at Rutgers University and one of the state's leading forecasters, said the jobs numbers "raise significant concerns" about the strength of the state's economy, which since 2000 has failed to duplicate the robust growth of the late 1990s.
In particular, some economists have warned the state, where about 4 million people work, isn't adding high-paying jobs in finance and telecommunications that fueled the economic boom and is instead adding lower-paying jobs in restaurants and hotels.
For example, from 1992 to 2000, New Jersey added 186,200 jobs in professional and business services paying $58,000 on average.
(Excerpt) Read more at nj.com ...
really? no kidding? after 4 years of environmental regulations, increases in business and income taxes and a poor business environment because of a democrat governor and legislature that raised taxes and fees for 4 years.
New Jersey deserves everything they get for electing the corrupt Rats.
No one wants to be near a RAT infestation.
I agree. The creep needs a shower and a shave. Maybe he's allergic to soap, water, and a razor. If he showed up at our front door, I'd be brandishing my 9. The guy is a creep.
Yep.
"New Jersey and Corzine.... perfect together."
LMAO!!
Down 4,700 jobs. Hum! did they check the bottom of the river for those voters wearing concrete shoes.
I bet all 4,700 jobs were Republican.
LOL
They will probably say it is Bush's fault. Nothing to do with an out of control democrat political machine.
Corzine's fault.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.