The average length of time Americans spent unemployed in January dropped by nearly three weeks, but not for the reason you may think. It is likely because many people ran out of unemployment benefits and stopped looking for work.
The good news is 30,900 private sector jobs were created last month in the Garden State. The bad news is the unemployment rate only ticked down a tenth of one percent - from 9.7 to 9.6 percent. So what's going on?
One hundred twenty thousand Garden State residents, currently collecting federal unemployment insurance benefits, could be cut off at the end of next month because the federal U-I extension program is set to expire December 31st.
The number of people seeking unemployment benefits last week fell by 8,000 to a seasonally adjusted 355,000, a possible sign of a healing job market. But officials cautioned that the figures were distorted by Superstorm Sandy.
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