N.J. is shedding financial sector jobs

N.J. is shedding financial sector jobs

TRENTON, N.J. – The robust national economy continues to compensate (somewhat) for the systemic weaknesses in the New Jersey job market, but the overall picture remains grim. 

In fact, the state workforce shrunk in April 2019 by 2,200 positions; it’s still smaller than it was in 2008.

That’s according to a new analysis from Garden State Initiative (GSI) of new Bureau of Labor Statistics statistics.

Worse still? The financial sector – which accounts for roughly 6% of the state workforce – lost of 1,800 jobs in April and 7,700 overall since the same point last year.With 5,500 jobs lost between March 2018 and March 2019, New  Jersey has the dubious distinction of leading the nation in financial sector losses. By contrast? Florida (18,300) and Texas (16,400) posted large-scale gains.

“Our state is continuing to follow the positive national trend of adding jobs to the economy,” explained GSI President Regina Egea. “However, the stagnation in our workforce size and significant losses in the Financial Activities sector, which in prior years has led our growth, remain cause for concern going forward.”

Click here for the full GSI report.