N.J. Employment Losses Intensify in September by ProQuest

VIEWS: 7 PAGES: 2

More Info
									 Economic
 Heartbeat
                      N.J. Employment Losses Intensify in September
                      Higher-paying sectors, like financial activities, led the broad decline, though unemployment rate eases slightly
This monthly report was prepared for NJBIZ by James W. Hughes, dean of the Edward J. Bloustein
School of Planning & Public Policy at Rutgers University; Nancy H. Mantell, director of the Rutgers
Economic Advisory Service; and Joseph J. Seneca, university professor, Edward J. Bloustein School.                    Change in New Jersey Payroll Employment
                                                                                                                                                (August 2008 to September 2008 - Seasonally Adjusted)
THE MONTHLY PAYROLL employment report                  1,800 jobs, continuing its pattern of decline. So
released by the state Department of Labor and          far this year, we’ve lost 9,900 manufacturing                                                                                                          Change in Jobs
Workforce Development for September provides           jobs. While professional and business services          Total Nonfarm                                                                                          -3,900
the last snapshot of the state economy before the      added 200 jobs in September, this was the result
global financial crisis spread and intensified.        of a gain of 1,300 jobs in the waste management         Total Private Sector                                                                                   -3,700
      Employment losses in September, follow-          and administrative support subsector. This              Goods Producing                                                                                        -2,600
ing the national trend for the month, accelerat-       masked losses in the higher-paying subsectors             Natural Resources and Mining                                                                              0
ed in New Jersey, portending very significant          of professional, scientific and technical servic-         Construction                                                                                           -800
declines during the balance of the year and deep       es (lost 1,000 jobs), and management of com-              Manufacturing                                                                                        -1,800
into 2009 as the aftershocks of the global credit      panies and enterprises (down 100 jobs).
crisis reverberate through the broader economy.              In addition, construction lost 800 jobs as        Private Service-Providing                                                                              -1,100
      The loss of 3,900 total payroll jobs in Sep-     the housing bust continued to deepen, informa-             Trade, Transportation & Utilities                                                                      200
tember brought the 2008 total employment               tion lost 600 jobs and jobs in wholesale trade             Information                                                                                           -600
decline to 21,100 jobs this year, measured             declined by 500 as consumer retrenchment con-              Financial Activities                                                                                -1,900
December 2007 to September 2008. Similarly, the        tinued. Other losses were registered in the below-         Professional and Business Services                                                                     200
private sector lost 3,700 jobs in September, bring-    average paying sectors of arts, entertainment              Educational and Health Services                                                                      1,000
ing its yearly decline to 18,700 jobs. Surprisingly,   and recreation (down 1,100 jobs), educational
                                                                                                                  Leisure and Hospitality                                                                                100
during September, state government added 400           services (lost 100 jobs), and other services (down
jobs, while local government shed 400 jobs. Since      100 jobs). Accommodations and food services                Other Services                                                                                        -100
federal government employment declined by              (added 1,200 jobs), and health care and social          Government                                            
								
To top