OMINOUS: New Jersey’s workforce is smaller than it was in ’06

TRENTON, NJ – Yet another data point suggests possible trouble ahead for the New Jersey job market and economy generally.

On Monday, new data from the Bureau of Labor Statistics found only 39,400 new jobs added to new Jersey economy in 2018, a downgrade from the 61,900 originally calculated. Remarkably, New Jersey’s labor force was larger 13 years ago in 2006.

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“This anemic report, with substantial downwards revision to the jobs created in 2018, is yet another cause for alarm over the resiliency of New Jersey’s economy,” said Regina M. Egea of the Garden State Initiative, an organization which analyzes New Jersey economic data. “Despite the first increase in the workforce participation rate in over a year, New Jersey is still lagging the US average and while Wall Street continues a bull market, our Financial Activities sector led in job losses for the year.”

Other reports in recent weeks found New Jersey having lost jobs at the end of last year and revenue growth has dropped off dramatically.

Republicans were quick to point out the relationship between Democrat Governor Phil Murphy’s policies and the state’s sluggish economy.

“Sobering statistics on New Jersey’s shrinking economy keep stacking up,” said NJGOP Chairman Doug Steinhardt in a statement released by the NJGOP. “The state of New Jersey is on the path to insolvency and Governor Murphy’s progressive idealism is sucking the economic life out of it. Job killing programs like mandated wages, Obamacare fines, corporate tax hikes and billion dollar tax increases are taking a devastating toll on New Jersey’s economy, leaving struggling families with no where to turn.”

“At a time when state government should be shrinking, New Jersey Democrats are growing it. Despite the worst job report in 5 years, state government added 2900 more jobs,” added Steinhardt. “Just last week, nj.com released the list of the 25 highest paid employees at NJ Transit, all men and all earning over $200,000. Another report detailed how political insiders are using the Schools Development Authority as their personal, patronage pit.”

The latest legislative hearing concerning the SDA scandal is scheduled for Tuesday.

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