TRENTON, N.J. – There’s more bad news on the New Jersey economic front.
New Jersey shed 9,300 private sector jobs in February 2019 while adding 1,600 public sector (government) positions.
National job growth slowed nationally in February; a net of only 20,000 non-farm jobs were added across all 50 states. New Jersey’s job growth has been lagging the national pace for months now, and its workforce is still at pre-Great Recession levels.
“Today’s report confirms the swelling weakness in our state’s economy,” said Regina M. Egea, president of the Garden State Initiative, an organization which analyzed New Jersey economic data. “The weakness is especially glaring in our state’s vital Information and Financial Activities sectors, which are now reporting nearly 10,000 lost jobs year over year.”
Click here to read the full GSI analysis.
The state legislature is currently negotiating a FY 2020 budget; Governor Phil Murphy’s proposal — which includes massive new spending and a millionaire’s tax — is opposed by 70% of New Jersey accountants according to one new survey for being likely to hurt the state economy.