“The latest jobs numbers for New Jersey offer only the tiniest reason for optimism about the state of the Garden State’s economy. Sure, 4,500 jobs were added and the unemployment rate dropped to the lowest level in more than five years, but this doesn’t obscure the fact that New Jersey is in a deep, deep hole and will need a much stronger economic performance to crawl out of it.
The state has now recovered 40 percent of the jobs it lost during the recession – a much smaller share than our neighbors and the nation as a whole, which has now recovered 99 percent.
Over the past year, New Jersey has added just 4,700 jobs but over the same time nearly 80,000 New Jerseyans have left the labor force entirely, which is why the unemployment rate has come down. If the state wants to get back to pre-recession employment levels by April 2017, it needs to be consistently adding at least 12,000 jobs each month – or nearly 150,000 a year. We remain far from that target, and as such, any claims of significant progress must be taken with a hefty grain of salt.”
Help us help New Jersey's working families. Make a tax-deductible donation today.