the staff of the Ridgewood blog
Trenton NJ, New Jersey recorded the most significant rise in the nation’s unemployment rate, as reported by the U.S. Bureau of Labor Statistics on Friday.
Fourteen other states, along with the District of Columbia, also experienced increases in unemployment rates between November 2022 and November 2023.
As of November 2023, New Jersey shares the fourth-highest unemployment rate among all states and the District of Columbia, tying with Illinois.
The unemployment rate in the Garden State climbed from 3.3% to 4.7%, signifying that 4.7% of the state’s labor force consists of individuals without jobs actively seeking employment.
Comparatively, the neighboring states of New York and Pennsylvania have unemployment rates of 4.3% and 3.4%, respectively. Pennsylvania notably witnessed one of the most substantial decreases in its unemployment rate.
Despite the increase in New Jersey’s unemployment rate, the state reported approximately 63,000 newly filled job positions by the end of November 2023 compared to a year ago, indicating a growth in payroll employment.
Simultaneous increases in both unemployment and employment rates occur when the number of newly available jobs is insufficient to accommodate the influx of new entrants into the labor market.
Nationally, the over-the-year change in the unemployment rate was lower in 20 states and stable in 15 states.
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