The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
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Ridgewood NJ, New Jersey’s Department of Labor and Workforce Development issued the monthly jobs report for December 2020. Dr. Charles Steindel, former Chief Economist of the State of New Jersey and current Resident Scholar, Anisfield School of Business at Ramapo College, analyzed the report for the Garden State Initiative:
Due to the pandemic, there are some threats of economic turmoil. More and more businesses are shutting down, the unemployment rate is climbing, and the furlough scheme is not enough for everyone. While this doesn’t indicate recession, we still need to be prepared in case the time comes. To help the anxiety that it caused, here are some of the things you can do to prepare for the economic downturn.
the staff of the Ridgewood blog
Washington DC, Total nonfarm payroll employment rose by 638,000 in October, and the unemployment rate declined to 6.9 percent. These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic.
the staff of the Ridgewood blog
Ridgewood NJ, jobs , jobs, jobs in the last jobs report before the November election released Friday, September’s very positive jobs numbers actually confirm that we may be experiencing the most dynamic economic recovery in American history.
In September the US Economy added 661,000 jobs despite some of the best efforts by Governor Murphy and Governor Cuomo and tyrannical lock downs.
the staff of the Ridgewood blog
Washington DC, Total nonfarm payroll employment rose by 1.4 million in August, and the unemployment rate fell to 8.4 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor
market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it. In August, an increase in government
employment largely reflected temporary hiring for the 2020 Census. Notable job gains also occurred in retail trade, in professional and business services, in leisure and hospitality, and
in education and health services.
February 21,2018
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Trenton NJ, since the election of Phil Murphy New Jersey’s unemployment rate has continued to increase putting it now almost one full percentage point higher than the U.S. unemployment rate.
New Jersey’s economic growth has lagged behind the rest of the country for years, according to the U.S. Bureau of Labor Statistics (BLS). But in late 2015, New Jersey’s unemployment rate started to improve. Governor Chris Christie applauded the state’s economic growth.
Last summer, though, the state’s unemployment rate increased again, sharply departing from the national trajectory. The rate increased for nearly four months before dipping slightly in January.
Now, New Jersey’s rate sits at 5.0 while the U.S. rate is 4.1. Critics of the Governor Murphy point out his push for massive tax increases may have already had the effect of increasing flight out of the state of jobs .
The loss of 1,300 jobs in March puts New Jersey down 1,900 jobs for the year, as even traditionally strong sectors such as health and leisure lost ground.
The state lost 600 government jobs and 700 private jobs in March, the second monthly fall in a row for the private sector, according to the monthly employment report released Thursday by the New Jersey Department of Labor and Workforce Development.
Unemployment, which stood at 7.1 percent in January and February, rose to 7.2 percent in March – above the national rate of 6.7 percent, the department reported.
Adding to the bad news, revised numbers for February showed that employment in the state fell by 1,100 more jobs than first reported, losing 4,800 instead of the previously announced 3,700 jobs.
“I think we sum up the report by saying that New Jersey’s labor market is going nowhere slowly,” said Patrick O’Keefe, director of economic research at the accounting firm CohnReznick. “Nothing stands out as a reason to be optimistic about where we are going.”
The 1,900 jobs so far this year is particularly weak compared to the 18,800 jobs added in the same period in 2013. New Jersey has recovered just 93,000, or 36 percent, of the 258,000 jobs lost in the recession and its aftermath.
In comparison, New York has recovered all of the 330,000 jobs it lost in the period and added about 164,000. Connecticut has regained about half of the 119,100 jobs lost. As of March the U.S. had recovered all the private sector jobs it lost. (Morley/The Record)