The unemployment rate in New Jersey rose from 9.7 percent to 9.8 percent in September, as soon as the monitoring of the national rate, said the Labor Department today. The private sector lost 12,000 state jobs in the period from August to September, as well as 700 jobs in the public sector, according to a survey of employment. Total non-farm employment has fallen to 3917700, 4046600, compared with a year earlier.
The chief economist of a national mortgage bankers group said Tuesday he expected foreclosures to peak by the end of next year and the unemployment rate go above 10 percent. "The recession is behind us but the effects of the recession will linger for some time in the form of higher unemployment and lower levels of business investment and home construction," said Jay Brinkmann of the Mortgage Bankers Association.
Unemployment rate could rise even if the picture seems to work better, economists say. This can happen when people who have stopped looking for work to return to the workforce. Fall behind the private sector is a particular disappointment, because during the summer, the private sector seemed to have made small but steady gains since May, a low work 3279800.