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NJ Unemployment Applications Continue To Trend Downward

New data from the U.S. Labor Department indicates fewer Americans are applying for unemployment benefits.

Unemployment line
Joe Raedle, Getty Images

Last week applications fell by 12 thousand, down to a seasonally adjusted total of 365 thousand.

Pat O’Keefe, Director of Economic Research at JH Cohn says we’re following a similar pattern here in Jersey.

He says while the number of new unemployment applications rose marginally  – 1-point-3 percent during the last week in August, this is a typical seasonal trend, and “what we’ve seen is a relatively low number of applications for benefits…the number of individuals collecting benefits has also fallen to a somewhat lower level than it was a couple of weeks ago, and over the next couple of months we should see a steady decline in the number of people who are receiving unemployment benefits.”

He calls the trend “a good news story for New Jersey.”

Unemployment benefit applications are used as a measure of the pace of layoffs. When they consistently fall below 375 thousand nationally, it suggests that hiring is strong enough to lower the unemployment rate.

 

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