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Jobless Rates Down

Jobless Rates Down - A decline in the number of new applications for unemployment benefits suggests New Jersey’s labor market may be stabilizing even as job opportunities remain sparse for the out-of-work.

Initial claims fell 15 percent during the second week this month, a drop attributed to Veterans Day, when state offices were closed to people filing for new benefits.

In spite of the holiday-related dip, some economists expect the number of new applications for unemployment benefits to resume their usual year-end climb.

While the number of workers filing for unemployment benefits is slowing, New Jersey’s insured unemployment rate remains among the nation’s highest at 3.9 percent, tied with California and Nevada and trailing behind Alaska, Oregon, Pennsylvania and Puerto Rico.

The insured unemployment rate includes only jobless people who are receiving regular state-funded unemployment benefits.

Patrick O’Keefe, director of economic research at J.H. Cohn in Roseland, said year-over-year comparisons paint a more insightful picture of the state’s labor market.

Jobless Rates Down
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