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.
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.
5 Comments:
HOLY SMOKES TAKEA A LOOK
http://www.dailyrecord.com/apps/pbcs.dll/article?AID=/20060418/COLUMNISTS04/604180311/1103
'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.
-Anonymous
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.
Sincerely,
James Bednar
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.
Many Wall Street firms have moved significant portions of their back offices to NC and Florida.
And India.
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