Business Report: Unemployment, airline worker furloughs, pension fund

First-time unemployment claims in New Jersey increase for second week in a row

The latest jobless numbers are out and for the second week in a row, there was an increase in first-time unemployment claims in New Jersey. The number of new filers rose by 10% last week to 27,168. The state says it’s doing a better job at getting claims processed and that wait times are down. Unfortunately, the state also says it’s starting to see workers exhaust their benefits.

United Airlines and American Airlines sent furlough notices to 32,000 workers, saying they can’t afford to keep them on the payroll because the federal CARES Act payroll support program expired Thursday.

There’s more bad news for the state’s public worker pension fund. The fund reported a return on investment of just 1.2% in the last fiscal year. That marked the worst return for the fund in the last four years and was below the assumed rate of return set by the state.