Unemployment in New Jersey is seeing some serious improvements: since April 2019 until September, those receiving unemployment assistance has plummeted from 174,700 to 140,800, with every month in between showing improvement. The ADP National Employment Report confirmed this trend by indicating that private sector employment has increased by 125,000 jobs in October with unemployment still at a 50-year low.

New Jersey’s unemployment rate has fallen concomitant with these same figures; with April 2019 unemployment posted at 3.9%, it is projected to hit 3.1% for September 2019. This puts New Jersey’s unemployment below the national average of 3.6% for October. The current unemployment rate is the lowest since 1969.

The low unemployment rates are creating a very competitive landscape for hiring for both large corporations and small businesses as well.

According to the October 2019 ADP Small Business Report, the private small business (companies with 1 to 49 employees) sector added 17,000 new jobs, with the service-providing and franchise sectors creating 20,000 and 30,100 jobs, respectively, in October alone. Smaller businesses (with employees of 1 to 19) didn’t fare as well, reporting a loss 12,000 jobs.

In the restaurants sector 27,600 jobs were created, with auto parts and dealers adding 4,100, and food retailers, business services and real estate all adding 100 jobs each.

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.

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