• 656 days Will The ECB Continue To Hike Rates?
  • 657 days Forbes: Aramco Remains Largest Company In The Middle East
  • 658 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,058 days Could Crypto Overtake Traditional Investment?
  • 1,063 days Americans Still Quitting Jobs At Record Pace
  • 1,065 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,068 days Is The Dollar Too Strong?
  • 1,068 days Big Tech Disappoints Investors on Earnings Calls
  • 1,069 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,071 days China Is Quietly Trying To Distance Itself From Russia
  • 1,071 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,075 days Crypto Investors Won Big In 2021
  • 1,075 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,076 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,078 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,079 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,082 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,083 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,083 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,085 days Are NFTs About To Take Over Gaming?
Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

  1. Home
  2. Markets
  3. Other

New Jersey Unemployment Hits 35-Year High of 9.8%; What Does That Suggest About Retail Sales?

As I continue to ponder reported rising retail sales, I note that Bloomberg reports New Jersey Jobless Rate Increases to 35-Year High of 9.8%

New Jersey's unemployment rate jumped to a 35-year high of 9.8 percent in July, the state Labor Department said.

The rate climbed from 9.6 percent in June and is above the national level of 8.3 percent, which also increased last month. New Jersey lost 12,000 jobs in July, with the largest drops in manufacturing, construction, and professional and business services, the department said in a statement today.

The last time it was 9.8 percent or higher was in April 1977, according to Labor Department data.


Retail Sales Rise?

On Wednesday, I wrote Retail Sales Rise? Not in California Where Sales Tax Collections Plunge Amazing 40% Year-Over-Year.

Now we see a big uptick in unemployment in New Jersey.

A couple of people pointed out that temporary sales tax hikes expired in California. However, that only accounts for 11% of the 40% decline. Moreover, California was down 33.5% vs. expectations.

Was California not aware of sales tax changes in their estimates?

The more data I look at, including unusual seasonal adjustments in retail sales suggests the recent reported rise will be revised much lower, if not wiped out entirely.

 

Back to homepage

Leave a comment

Leave a comment