Below is a statement from New Jersey Policy Perspective president Gordon MacInnes on the jobs data for November released today by the Department of Labor and Workforce Development.
It’s certainly good news that New Jersey’s unemployment rate dropped to 7.8 percent, but there’s no reason to jump for joy as our state’s economy remains very weak. New Jersey’s recovery is tepid and far behind the rest of the nation; we’ve regained only 59 percent of the jobs we lost in the Great Recession (neighboring New York, by comparison, has regained 150 percent). Worse, this November drop in the unemployment rate is largely attributable to the fact that 30,600 New Jerseyans gave up looking for work and dropped out of the labor force last month – we now have the fewest residents actively looking for work that we’ve had since December 2008, not exactly the sign of a thriving, healthy economy.
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