Despite Corzine’s rhetoric, Unemployment increases

I have been out of town for the past week – and will be next week also. I will do my best to keep pertinent news updated. This is pertinent – unemployment in Newark (one of Jon Corzine’s favorite places to dump massive amounts of taxpayer money) hit an all-time high of 14.3%. That is bad, even considering New Jersey’s 32-year high of 9.2%.

Newark’s unemployment rate surged to 14.3 percent, the highest level since July 1994, according to the U.S. Labor Department. That compares with 13.4 percent in May and 9.5 percent for June 2008.

“That’s dangerous,” economist Jeffrey G. Otteau said of the Newark jobless rate. “That rate is right on the bubble in terms of the point at which people begin to give up hope. At 16 percent things start to look hopeless.”

The U.S. unemployment rate fell to a seasonally adjusted 9.4 percent in July, from 9.5 percent in June. Federal unemployment data typically is released weeks ahead of state and city jobless rates for the same months.

New Jersey’s unemployment rate hit a seasonally adjusted 9.2 percent in June — a 32-year high.

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