Labor Force
Charts:
Unemployment rates generally declined in the District's region. Atlantic County was the exception with a slight increase of 0.1%. As outlined below this may have been directly attributable to the Sands Casino Hotel closure and a general industry downsizing trend. More importantly, the region as a whole has been consistently above the overall New Jersey unemployment rate which fell from 4.7% to 4.2% over the same time period.
It is not surprising that Atlantic County's unemployment rate has crept up over the past year to 5.8% from 5.7%. While the rate has increased do to significant job losses in the casino industry, from a historical perspective, it is still considered relatively low. The construction industry was supported by several large projects occurring in Atlantic City, compensating for the decline in residential construction.
Cape May County's unemployment rate fell from 6.9% to 6.5% over the year. The continued lack of in-migration by those seeking employment has kept the unemployment rate from rising. The county is losing population and most new residents are retirees or second-home owners. This may have been a result of the stronger tourism industry performance.
In Cumberland County the statistics reflect a somewhat different circumstance. After several years of growth, the labor force experienced a modest decline. Concurrently, the number of unemployed residents decreased driving the unemployment rate from 6.9% in 2006 to 6.5% in 2007. The low decline in the level of housing construction indicates a small impact from that sector. The major development projects of Union Lake Shopping Center and the New Jersey Motorsports Park were underway, helping to reduce the rate.
Salem County also experienced a small decline in the unemployment rate from 5.0% to 4.9%. The county traditionally has one of the lowest rates in the region.