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June ’19 Jobs Report – Modest Job Growth & Shrinking Workforce Drives New Jersey Unemployment Rate Lower

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the Staff of The Ridgewood Blog

MORRISTOWN NJ, Following in the wake of the U.S. economy adding 224,000 jobs in June, New Jersey’s economy added 9,600 private sector and 600 government sector jobs in June,  according to Garden State Initiative (GSI) analysis of the newest jobs numbers issued by the Bureau of Labor Statistics. The Garden State’s workforce declined in June, the 2nd straight month of a reduction, with the state’s workforce remaining below 2008 levels. The combination of increased employment and shrinking workforce led the unemployment rate .3% lower to 3.5%.

The state’s workforce shrank by 4,000 individuals in June, the second consecutive month of declines. The state’s average workforce of 4,443,100 in the month, remains below the average annual workforce size of 4,504,400 at the start of the Great Recession in 2008, a decline of 1.3%. The current national workforce has increased 5.6% over the same time period.

Continue reading June ’19 Jobs Report – Modest Job Growth & Shrinking Workforce Drives New Jersey Unemployment Rate Lower
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N.J. continues summer growth in employment

Ridgewood Graydon Pool lifeguard

By Eric Strauss, August 18, 2017 at 1:25 PM

New Jersey’s private-sector employment grew by nearly 10,000 jobs in July, following a revised gain of nearly 15,000 jobs in June, the state Department of Labor and Workforce Development reported recently.

The report, based on data from the U.S. Bureau of Labor Statistics, found that total nonfarm wage and salary employment rose by 9,800 positions in July, while the June number was revised to 14,900 jobs gained, up from 10,600 estimated earlier.

“The economy and the recovery seem to have gained a bit of momentum after years of frustratingly slow growth,” Mark Vitner, senior economist at Wells Fargo, told NJBIZ. “It does seem that things have picked up, and we’ve had two months of strong job gains.”

Of those July jobs, 7,300 were added in the private sector, with the rest added in public positions. The state said private-sector employment is at a historic high.

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Representative Scott Garrett Pushes Legislation to Spur Small Business Formation, Income and Job Growth

Scott Garrett Bergen County

Chairman Scott Garrett Opening Statement for Hearing Entitled “Legislative Proposals to Enhance Capital Formation, Transparency, and Regulatory Accountability”

May 17, 2016
the staff of the Ridgewood blog

Ridgwood NJ,  Capital Markets and Government-Sponsored Enterprises Subcommittee Chairman Scott Garrett (NJ-05) delivered the following remarks at a hearing entitled, “Legislative Proposals to Enhance Capital Formation, Transparency, and Regulatory Accountability”:

Congressman Scott Garrett’s opening remarks as prepared for delivery:

Today, the Subcommittee meets to examine three important pieces of draft legislation that continue our work over the last five years to modernize our nation’s securities laws, promote transparency and competition in our capital markets, and bring real reform and accountability to the SEC’s rulemaking process

Recent polls indicate that roughly two-thirds of Americans believe our country is headed in the wrong direction, and a declining number of people believe that their children will be better off financially than they have been

So despite the big promises that have come with granting vast and in some cases unlimited authority to the federal bureaucracy, most Americans aren’t buying the argument that a bigger Washington leads to a bigger paycheck – or even to a paycheck at all

Fortunately, our Subcommittee has for five years tried an alternative approach which seeks to empower entrepreneurs, investors, and small businesses – not bureaucrats

This approach has led to some legislative successes – most notably with the JOBS Act of 2012 – but maybe more importantly it has led Congress and regulators to think in different ways than they historically have

So today we continue our important work with these three pieces of legislation:

First, we will consider the SEC Regulatory Accountability Act, which would require that the SEC determine that the benefits of any regulation they are considering actually outweigh its economic and regulatory costs

Even President Obama – through executive orders issues in 2011 – has recognized the importance of economic analysis in rulemakings; this legislation would merely codify much of the President’s executive order for the SEC

Second, we have the Investment Advisers Modernization Act from Mr. Hurt

This is a long overdue piece of legislation that would allow private capital to continue to play a critical role in our economy, and which reduces many of the unnecessary bureaucratic requirements that have the effect of starving middle market businesses of the capital that they need

Third, Mr. Duffy has put forward the “Proxy Advisor Form Reform Act of 2016” which would – for the first time in memory – provide some much needed sunlight to the way in which proxy advisory firms develop and distribute their advice

This Subcommittee has led the charge in Congress for reform of the proxy advisory industry, and this draft legislation is the next step in those efforts

So I want to thank all of the sponsors for their hard work on all of these bills and I look forward to hearing from our witnesses.

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Sorry Millennials: All Net Jobs Growth Since 2007 Has Gone to Immigrants


Sorry Millennials: All Net Jobs Growth Since 2007 Has Gone to Immigrants
By Ryan Lovelace
December 19, 2014 11:15 AM

All of the net gains in in jobs since 2007 have gone to immigrants — both legal and illegal — according to a new report from the Center for Immigration Studies, meaning that fewer native-born Americans are working today than were at the end of 2007.

From November 2007 through November 2014, the number of employed native-born Americans has decreased more than 1.45 million, while the number of employed immigrants has risen by more than 2 million (as the immigrant population grew rapidly, too), according to data compiled by the Department of Labor’s Bureau of Labor Statistics.

“Native employment has still not returned to pre-recession levels, while immigrant employment already exceeds pre-recession levels,” the report says. “Furthermore, even with recent job growth, the number of natives not in the labor force (neither working nor looking for work) continues to increase.”