BUSINESS REPORT

Some improving trends in unemployment

BY Rhonda Schaffler, Correspondent |

While far too many New Jersey residents have become unemployed during the COVID-19 pandemic, there is some improvement in the trends. The state Labor Department reported more than 34,400 residents filed for new jobless claims in the latest week. As each week goes by, fewer new claims are being filed. But more than a million residents remain unemployed.

More problems for New Jersey’s underfunded pension system. The pension fund’s investment returns for the current year have fallen into negative territory. On top of that, a dedicated source of funding for the pension system is also coming up short, as lottery revenues have fallen.

For quite some time there’s been criticism that there’s not enough for families to do in Atlantic City. The owner of the Showboat Hotel wants to change that. Philadelphia Developer Bart Blatstein wants to build a $100 million year-round indoor waterpark next to the hotel. He’s hoping to break ground in August.