April Jobs Numbers Show New Jersey Needs a New Approach

After 5 years of cutting taxes for businesses and awarding billions of dollars in tax breaks to a small handful of corporations, the monthly jobs numbers released yesterday are the latest proof that New Jersey needs a new approach to grow the economy and create good jobs.

New Jersey has now recovered just 68 percent of the jobs it lost during the Great Recession, far less than the U.S. as a whole (135 percent) and our neighbors in Pennsylvania (102 percent) and New York (245 percent). (Data notes: Jobs lost during the recession are measured from starting point of December 2007, the official start of the recession; NJ & US data is current through April, PA & NY data is through March.)

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While New Jersey employment has finally cracked the 4 million mark, if our job growth had only kept up with population growth since December 2007, we would currently have 4,319,251 jobs. We remain 316,551 jobs short of that goal.

In order for New Jersey to get back to its pre-recession employment level by April 2018 while keeping up with ongoing population growth, the state would need to be adding over 10,000 jobs each and every month – or at least 120,000 jobs a year. Instead, over the past year the state has added just 46,400.