Wednesday, June 14, 2006

NJ Unemployment Dips In May

From the Star Ledger:

Garden State growing jobs

New Jersey employers created 6,900 jobs in May as the unemployment rate declined from 5.1 percent to 5 percent, state labor officials said Tuesday in an upbeat jobs report.

The unemployment rate was higher than the national rate of 4.6 percent. But the pace of job creation was stronger in the state than in the nation in May, when the United States added just 75,000 jobs.


"This is an encouraging number, particularly given the weak gains that the national economy had in May," said Joseph J. Seneca, a Rutgers University economist and chairman of the state Council of Economic Advisers.

"Four straight months of job gains and record-high employment levels are good signs for our economy," said David J. Socolow, acting commissioner of the state Department of Labor and Workforce Development.

Economists were especially encouraged that all of May's job gains came in the private sector. Those jobs are considered more valuable because they create tax revenues, rather than use them, and they are considered a better barometer of overall economic health than government jobs.
...
Jobs also were added in education and health services, as well as in leisure and hospitality. Manufacturing, which has lost hundreds of thousands of jobs over the past several decades, continued to slide.

Government jobs fell by 800 and information jobs declined by 500.

Construction was unchanged. Higher interest rates have cooled a red-hot housing market, putting the lid on construction hiring.

3 Comments:

Blogger Richard said...

yep, exactly the kinds of jobs we want to creat. tax sucking jobs like healthcare and education and low paying service jobs like leisure and hospitality. sounds like a microcosm of the rest of the country. pretty soon we'll look like

6/14/2006 08:25:00 AM  
Blogger InvestorDavid said...

construction job was unchanged since they use many illegal immigrants.

creating more jobs for Walmart while losing manufacuring jobs?

and high paying jobs?

Decline of the Empire.

6/14/2006 09:37:00 AM  
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