Business Report: Unemployment rate, Horizon seeking change, holiday travel
New Jersey’s unemployment rate has risen slightly to 8.2%, according to a report from the state labor department. As of October, about 57% of the jobs lost in New Jersey since April have been regained. But the pace of layoffs is slowing. For the fifth straight week, fewer residents filed for new unemployment claims. In the most recent week, another 13,000 workers sought benefits — 8,000 fewer new claims than the previous week.
Horizon Blue Cross Blue Shield is looking to change its corporate structure and become a nonprofit mutual holding company, something it also considered doing in the past. Horizon says the change would allow it to make more investments that would lead to improved patient care.
State leaders gave a progress report Thursday on the New Brunswick project known as The Hub, which is designed to be a center for innovation and entrepreneurship. Gov. Phil Murphy announced that The Hub’s first tenants will be Princeton and Rutgers Universities, as well as Hackensack Meridian Health and RWJ Barnabas Health. The Hub is scheduled to open in 2024.
Usually this is a big week for the travel industry. But on Thursday, the Centers for Disease Control and Prevention urged people not to travel for Thanksgiving due to the rise in coronavirus cases. A new survey by the AAA travel group found that 88% of New Jersey residents say they will stay home for the holiday.
Rhonda Schaffler has been reporting on business for NJ Spotlight News since 2016. Previously, she worked as an anchor and reporter for CNN, Reuters and Bloomberg.
NJ Spotlight exists in part thanks to generous foundation support, including our founding funders the Community Foundation of New Jersey, the John S. and James L. Knight Foundation, and the William Penn Foundation – as well as the Robert Wood Johnson Foundation, the Fund for New Jersey, the Peter and Carmen Lucia Buck Foundation, the Wyncote Foundation, and the Healthcare Foundation of New Jersey, and the Nicholson Foundation.
Major funding for NJTV News provided by Horizon Blue Cross Blue Shield of New Jersey, New Jersey Education Association, New Jersey Manufacturers Insurance Group, Orsted, PSEG Foundation, the Robert Wood Johnson Foundation, and RWJ Barnabas Health.
Additional support for NJTV News is made possible by the Robert Wood Johnson Foundation, PSEG Foundation, Wells Fargo Foundation, the E.J. Grassmann Trust, the F.M. Kirby Foundation, the Hyde and Watson Foundation, and the Union Foundation.
Major funding provided for Chat Box with David Cruz provided by; New Jersey Manufacturers Insurance Group, New Jersey Education Association, and Fuel Merchants Association of New Jersey. Promotional support provided by InsiderNJ.
Major funding for Reporters Roundtable with David Cruz provided by; RWJBarnabas Health, New Jersey Manufacturers Insurance Group, and New Jersey Realtors. Promotional support provided by New Jersey Business Magazine.