Non-Farm Employment
Charts:
Non-farm employment saw a slowdown in 2007 falling by some 5,000 jobs across the region. The loss was felt most by hospitality industry. Reductions in casino industry employment caused by the closing of the Sands and the first-ever declines in casino revenues, and the conversion of hotel/motels to condominiums in many shore communities have had negative impacts. In addition, it is becoming more evident that rising energy costs and interest rates along with the declining housing sector have had a negative influence on the job market.
Atlantic County experienced a steep decline of 3,800 jobs (6.5%) in the hospitality industry last from 2006 to 2007. In addition, the decline of some 400 manufacturing jobs continued a long-term trend in that sector. The retail and health services sectors continued with slow but positive growth. General services declined by 2.4% with business and professional services countering the trend with 3.6% growth. Overall, non-farm employment in the county fell by 2.6% while State employment was flat.
Cape May County employment held steady in 2007, declining by only 200 jobs (-0.04%). A 10% decline in construction employment was offset by growth in public sector jobs. Most of the job categories remained level from year to year. However, the leisure and hospitality sector declined by 2%.
Cumberland County experienced a slight loss (1.3%) of jobs over the past year. Most of the job categories remained relatively unchanged, construction made up most of the decline. While the County has moved to diversify its economy, it still has a significant industrial sector. If national trends prevail, the sector should see improvement in 2008 as foreign exchange rates produce greater global sales.
Salem County data is not published on an annual basis. However, the presence of larger industries has contributed to the stability particularly in recent years. In addition, the new industrial park has been well received and will no doubt host new medium sized businesses.