TRENTON, N.J. – New Jersey’s unemployment rate has been revised higher for July 2020 from 13.8% to 14.2% but fell to 10.% for August 2020. That’s still America’s 8th highest. The national average for August was 8.4%.
“Based on more complete reporting from employers, previously released total nonfarm employment estimates for July were revised higher by 2,100 to show an over-the-month (June – July) increase of 132,000 jobs,” the state labor department reported on Thursday. “Preliminary estimates had indicated an over-the-month gain of 129,900. The state’s July unemployment rate was revised higher by 0.4 percentage point to 14.2 percent.”
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There are other troubling signs for New Jersey’s economic health.
“New Jersey gained a substantial number of jobs in August, though the increase was noticeably under the extraordinary increases of June and July,” explained Charles Steindel, Ph.D. for the Garden State Initiative. “In total, the state’s job count rose by 66,000. By historic standards this would be a remarkable rise, but June and July both saw increases of well over 100,000. Since April the state has gained 409,400 jobs, but that’s still a bit less than half the losses from February to April. August’s total of 3,820,000 jobs is a touch under the average number in 2011, which was the lowest annual job count of the last generation.”
New Jersey has recaptured less than 50% of the positions which were lost during the COVID-19 shutdown.
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