file photo by Boyd Loving
the staff of the Ridgewood blog
Ridgewood NJ, according to the Garden State initiative , “In their announcement for this month’s jobs report, the New Jersey Department of Labor and Workforce Development touted how the July unemployment rate of 4.2 percent marks the lowest unemployment rate for the state since July 2007. The unemployment rate is determined by dividing the total labor force by the number of unemployed persons in that labor force. However, despite the over-the-month gains, the state’s shrinking labor force as compared to a year ago—or three years ago—shows the danger of relying solely on a state’s unemployment rate as an accurate metric for economic growth. ”
