Even though Monmouth County’s jobless rate is up by 3.2% over last year, it seems that the worst for county residents is over according to an article written by Tom Shortell and published in Greater Media Newspaper’s The Independent .
With just a 10% seasonally adjusted unemployment rate, Monmouth County is in much better shape job wise then the State is as a whole according to statistical data sighted in the article
“…the worst of the economic crisis has passed. The county and most of its large towns tracked by the Bureau of Labor Statistics saw their unemployment rates peak in the summer of 2009.”
It seems that the biggest drag on the jobless rate remains real estate, where many builders and contractors have seen a 50 – 75 percent drop off of their revenues.
Other sectors of the economy like IT Services and the medical professions are still strong and helping to keep the jobless rate down. Many businesses still need assistance with their computer systems to keep their offices running, and while people are still employed, they still need the services of doctors, nurses and other health care professionals when they are sick.
Hopefully as the economy continues to improve over the remainder of this winter and into the spring, construction starts and the housing market will improve, which in turn will create even more jobs in the county and lower the jobless rate even more.