ANALYSIS: Murphy’s economy limped into the holidays

MORRISTOWN, N.J. — New Jersey’s once-mighty workforce grew (a little) in November 2018,  Save Jerseyans, but New Jersey’s workforce is still smaller than it was back in 2008.

“Although the report of a 4.0% unemployment rate will get the headlines, there is significant cause for concern regarding the labor market in New Jersey,” stated Garden State Initiative (GSI) president Regina M. Egea who announced her organization’s November 2018 analysis on  Friday. “Our growth lags the national economy, we continue to see the effects of a hostile climate for business, and the Governor’s threat of new and higher taxes creates an environment of uncertainty for residents and businesses.”

Governor Phil Murphy announced this week that he would not rule out new tax hikes for the FY 2020 budget (his proposal will be unveiled in March) despite raising taxes by over $1 billion in the FY 2019 budget.

New Jersey’s labor force expanded by 2,500 workers last month but, “[o]ver the year, the state workforce is down 18,800 workers,” accoridng to GSI, and that’s down from the 5,000 jobs added in October.

Click here to read the full GSI report.

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