Thursday, April 20, 2006

N.J. State Economy Outlook

From the Star Ledger:

Outlook for state's economy improves

New Jersey's employment picture brightened a bit in March.

Payroll employment for the month rose by 3,700 job and the state's unemployment rate declined to 4.5 percent from 4.7 percent, the state Department of Labor and Workforce Development reported yesterday.
But some experts worry most of the added jobs are low-paying positions. They said New Jersey is lagging in the creation of higher-paying jobs, such as those in finance and professional services, even as those jobs are growing quickly in the rest of the nation. Last month, the U.S. unemployment rate fell to 4.7 percent from 4.8 percent.

"When you look beneath the surface, it's not a pretty employment picture," said James Hughes, dean of the Edward Bloustein School of Planning and Public Policy at Rutgers University in New Brunswick.

For example, Hughes said nearly all of the jobs added last month were in "low-paying service jobs" such as restaurants, hotels and health services.

"This continues the undesirable pattern of a contraction in high-paying sectors of the state economy and growth concentrated in the low-pay sectors," Hughes said.
Restaurants and hotels added about 2,200 jobs in March, while the education and health services sector added 1,700 jobs. Employment in the trade, transportation and utilities sector increased by 1,100.

The area with the biggest decline was professional and business services, where employment fell by 1,000 jobs.

A national trade group reported yesterday that employment in high-technology industries in New Jersey fell by 5,500 jobs in 2004, the latest data available. The losses were largely in the telecommunications sector, according to AeA, a trade association representing high-tech industry.


Blogger pesche22 said...

grim,, as i told you the xanadu
diaster is started . today s

Xandadu delayed 6 months

the pols have really screwed the
nj taxpayer on this one.

next will be a new vendor.

4/20/2006 07:00:00 AM  
Anonymous Anonymous said...


4/20/2006 07:10:00 AM  
Blogger pesche22 said...

mills will file a bk or they will
have a partner

4/20/2006 07:17:00 AM  
Anonymous Anonymous said...

'Why does Grim lie?

One reason is that he is anonymous -- when people can make anonymous accusations, they are far more likely to depart from the truth and nurture their wacko fantasies -- the "return of the repressed," as Freud called it. (Gannett newspapers, to their credit, do not permit the use of anonymous sources.)'

Wasn't there an article on "Grim" that uncovered his identity?

I, on the other hand, am anonymous.


4/20/2006 07:49:00 AM  
Blogger grim said...

My identity is no secret, it has never been.

My name has been published many times, in just about every North Jersey paper, either through quotes or through stories about the blog.

Heck, I've even mentioned my own name in a number of press releases.

The bulk of North Jersey real estate journalists know who I am, and have my contact information on file. I speak to a number of them regularly. I was interviewed by a journalist from an NJ magazine this past Friday. She received my contact info from one of the above mentioned journalists.

And it's not just my name, my photograph was also published a few months back.

So while I prefer to use "Grim" on the blog, my identity is no secret.

James Bednar

4/20/2006 07:59:00 AM  
Blogger pesche22 said...

grim,, the guys an ahole

lets move on .

in today wsj article on
the flight of tech types from
northern nj and other metro locals.

4/20/2006 08:09:00 AM  
Blogger pesche22 said...

norther nj ,, flight big time

4/20/2006 08:10:00 AM  
Blogger bairen said...

We all know working a register or being a short order cook is where the real money is.

Companies looking to cut costs will either outsource or relocate to the South or Midwest. Many Wall Street firms have moved significant portions of their back offices to NC and Florida.

4/20/2006 08:17:00 AM  
Anonymous Anonymous said...

in today wsj article on
the flight of tech types from
northern nj and other metro locals.

Another colleague of mine resigned today -- moving out of NJ to the South.

Home prices in NJ? Fuggetaboutit.

4/20/2006 10:14:00 AM  
Anonymous Anonymous said...

Many Wall Street firms have moved significant portions of their back offices to NC and Florida.

And India.

4/20/2006 10:15:00 AM  
Blogger Richard said...

there has to come a time when employers in this area can't find enough qualified help without raising compensation. that will further erode profits. couple that with unfavorable tax situation and you have the makings of an increasing exodus from this area to lower cost areas. i just don't see a rosy future for this state.

4/20/2006 12:39:00 PM  
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4/26/2006 10:46:00 PM  
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