Employment in the Garden State was essentially unchanged in June, while the state’s unemployment rate continued its downward trend, dipping to 4.3 percent. 
Overall, the growth of the recent economy is giving everybody a great deal of optimism. Total number of new construction jobs over the past year equal 308,000. In July alone, construction employment increased by 19,000. This bodes well for the construction of new and starter homes, which are in short supply. But the cost of those homes in general will go up because of the cost of materials, the cost of labor, and the scarcity of available land on which to build. According to the NJ Department of Labor, “Looking at the longer-term, over the year June 2017 – June 2018, employment in New Jersey was higher by 43,900, with the majority of the gains recorded by private-sector employers (+42,100). Since February 2010 (the low point of the last recession), New Jersey’s private sector employers have added 372,100 jobs.”
The positive thing about a recovered economy is that it gives everybody more buying power. The downside of more buying power is everything costs more because people are able to pay more.
The Wall Street Journal reported, “Executives at some of America’s largest companies are struggling to raise prices, a move that’s aimed at offsetting higher costs for raw materials and labor.”
The Bureau of Labor came out with excellent numbers of 3.9% unemployment. For the various demographic segments, these were the numbers:
■ Unemployment for men was 3.4%
■ Unemployment for teenagers was 12.6%
■ Unemployment for whites was 3.4%
■ Unemployment for blacks was 6.6%
■ Unemployment for Asians was 3.1%
■ Unemployment for Hispanics 4.5%
The non-farm payroll employment increased by 157,000 jobs in July. This compared with the average monthly gain of 203,000 over the last 12 months.
Areas that showed the highest gains in employment were:
■ Professional and business services increased 51,000
■ Manufacturing increased 37,000
■ Health care and social assistance increased 34,000
■ Construction increased 19,000
Counsellors Title Agency currently serves all 21 counties in New Jersey.
About Counsellors Title and Ralph Aponte
Ralph Aponte began his business career as a title searcher in 1983. After founding Counsellors Title Agency in 1996, his hard work and collegial enthusiasm grew the title/escrow agency into one of New Jersey’s premier property title agencies, writing thousands of policies for home owners, businesses and institutions since inception. He is a lifelong New Jersey resident and businessman. With over 30 years’ experience specializing in title insurance and title research, Ralph has built his repertoire of business tools to include management, commercial and business development. Counsellors Title Agency [CTA] maintains an outstanding customer retention record of over 95 percent. Today, CTA’s impeccable track record over the last 21 years is one on which hundreds of attorneys, loan officers and Realtors have come to rely. Counsellors Title Agency, Inc. has consistently provided swift and knowledgeable title insurance settlement and search expertise for thousands of New Jersey’s attorneys, loan officers, Realtors, borrowers and purchasers. CTA’s detail-oriented team of professionals streamlines the complexities of a real estate transaction to make each one stress and glitch-free.
Counsellors Title Agency is a full service agency specializing in delivering reliable, professional title insurance and settlement services to the New Jersey real estate industry and those who serve it. For more information, please contact Ralph Aponte, 732.914.1400 or go to the company website for a free quote or more information.