According to the New Jersey Department of Labor, New Jersey lost more than 13,000 jobs in May.
Two positive notes silver-lined this announcement: the state’s unemployment rate remained at the 4.1% level, which is below the national rate of 4.3%.
The early figures from employers saw that total employment in New Jersey fell by 13,100, to a seasonally adjusted level of just over 4.1 million. The loss was found to be entirely in the private sector, which lost 14,000 jobs.
As May’s numbers proved to be negative, April’s preliminary figure of 1,900 jobs gained was revised up to a total of 2,900 positions added. In addition, the state added 48,100 private-sector jobs from May 2016 to May 2017.
In May 2017, three sectors added jobs:
■ Manufacturing grew by 500 positions
■ Construction grew by 100
■ The public sector added 900 jobs
Sectors which experienced the contraction were:
■ Professional and business services lost 9,000 jobs
■ Trade, transportation and utilities lost 2,400 jobs
■ Financial activities lost 1,400 jobs
■ Education and health services lost 800 jobs
■ Information lost 500 jobs
■ Leisure and hospitality lost 400 jobs
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.