There are red flags all over the place for the U.S. economy, Save Jerseyans, and New Jersey may be seeing the first ripples of a building perfect storm.
In an analysis for the Garden State Initiative (GSI), former New Jersey Chief Economist Dr. Charles Steindel opined on the New Jersey Department of Labor and Workforce Development’s August 2023 monthly jobs report.
“New Jersey’s unemployment numbers are very concerning,” said Steindel. “The uptrend in the state’s unemployment rate continued in August, with it rising to 4.2% from July’s 3.9%. This time, the increase was almost entirely due to a marked decline of 11,500 in employment of New Jersey residents; the labor force was up only 1,700 (the estimates of jobs in the state and employment of residents are based on different surveys and can diverge sharply in any month). Over the past year, New Jersey’s unemployment rate has moved from well below the nation to somewhat higher.”
Also notable: a “pronounced” 5,200 downward revision in July’s jobs numbers.
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