What’s the latest with Unemployment rates?

What is New Jersey’s current Unemployment Rate?

According to the DOL, New Jersey’s May unemployment rate was 8.8 percent. The current New Jersey unemployment rate is 9.2 percent. While it is no doubt increasing, the June rate was the smallest increase in 16 months.

What Industries are doing well and hiring despite the current economy?

Jobs are increasing in heavy and civil engineering construction mostly due to infrastructure projects. New Jersey will be investing state and federal resources in needed infrastructure upgrades. The implementation of these projects will help generate jobs for our citizens and may help the economy recover from the global economic recession.

According to newjerseynewsroom.com, jobs increased in education and health services. The advance in trade, transportation and utilities led to hiring in transportation and warehousing.


How does New Jersey compare to the national unemployment rate?

The Federal Reserve predicts that the unemployment rate will top 10 percent. The national unemployment rate rose to 9.5 percent in June of 2009, a 26 year high. The Federal Reserve also estimates that the economy will shrink between 1 and 1.5 percent this year, which is an increase from the May prediction of 1.3 and 2 percent.


When can we expect an upturn?

According to the Federal Reserve, the economy should start recovering in the second half of this year.
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How can you keep your business running and still stay within your budget?

If your budgetary planning has shown that there is no room for a full-time hire, CPS may be able to help. We can do so by providing your company with a temporary worker. The benefit to you is that there is no obligation to this worker, you can hire them only when you have a heavy workload, and any unemployment claims will be covered by CPS.