The statement below is from New Jersey Policy Perspective president Gordon MacInnes on today’s release of December jobs data.
“The jobs report for December is the latest confirmation that New Jersey has not begun to ‘triumph’ over the recession, as the governor claimed earlier this week. In fact, our crawl out of the recession remains as slow as ever.
The state lost 36,300 jobs in December, but since 26,100 New Jerseyans gave up looking for work and dropped out of the labor force, the unemployment rate decreased to 7.3 percent. New Jersey has now regained just 44 percent of the jobs it lost during the recession, while states like New York have regained over 100 percent.
In the past year, the state has only added 10,100 jobs while the labor force has shrunk by 134,300 – and that was measured before the expiration of federal unemployment benefits, which is expected to drive even more jobless folks out of the labor force entirely.
The bottom line is that New Jersey’s economic prospects are far from rosy, and our policymakers need to find a more effective pathway than simply continuing the pattern of tax cuts and tax breaks that clearly haven’t worked.”
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