The NJ unemployment rate is at 6.7%, well below the levels seen in aftermath of the 2008 Great Recession. This shows the tremendous resiliency of New Jersey’s economy. Just before the pandemic hit, national unemployment was at 3.5%, a figure even lower than the baseline level of unemployment (5%) economists look at for signs of an overheating economy. One can only imagine how much lower New Jersey’s unemployment rate would be if its multitude of restrictions not seen in other States were aligned with the much improved health status of our State. Hopefully NJ will keep pushing forward on its competitiveness initiatives so that it does not continue to have its businesses poached by other States.
“New Jersey’s unemployment rate fell to 6.7% for the month of September, measuring below rates seen at the height of the Great Recession for the first time since March, according to the state labor department….Data from the U.S. Bureau of Labor Statistics show that during the Great Recession the jobless rate topped off at 9.8% from November 2009 to January 2010. Before that, it last reached a high-point during the U.S. oil crisis in the 1970s, topping off at 10.7% from November 1976 to January 1977.”
Shared by Geoffrey G. Gussis, Esq., a business attorney and technology attorney licensed in New Jersey and New York. Learn more about me, the legal services I provide, and articles I have written. Contact: email@example.com or (732) 898-0549 for a free consultation.
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