The 350,000 are people who used up all 99 weeks of their unemployment and still have no job. They eventually just give/gave up.
One problem this can bring for PEG is less customers who can pay their full bill.
I don't mind the stock price languishing in the low 30's for a while because I reinvest dividends. But, I would like to see a significant move up in the next 3-5 years. No jobs = no rate payers. Not a good thing.