Matthew Fazelpoor//March 22, 2024//
For the first time in seven months, the jobs report released Thursday by the state labor department showed a decline in employment in New Jersey.
“February was the worst month for New Jersey’s labor market data in some time,” said Charles Steindel, former chief economist of the State of New Jersey, in his analysis of the February jobs report for thinktank Garden State Initiative (GSI). “The number of jobs fell by 5,300. This was the first decline reported since last July. Moreover, the job increase for January was cut from 20,800 to 9,700 – a reduction of more than 50%. Taking a longer perspective, growth in jobs in New Jersey has slowed down quite substantially over the last year or so.”
Meanwhile, private education and health services (+2,400) as well as leisure and hospitality (+1,000) registered moderate gains.
“It is possible that vagaries of the weather influenced some of the February numbers, but it’s clear whatever underlying positive trend there may be was not enough to overcome those obstacles,” Steindel continued.
Unemployment stuck at 4.8% for the sixth-straight month — well above the national average of 3.9%.
“The unemployment side of the report was equally dismal,” said Steindel. “Both the labor force and the number of employed residents moved down.”
“How many more months of reports like these do we need before our legislators start paying attention to job loss and outward migration in New Jersey?” said GSI President Regina Egea. “This is the sixth consecutive month that our state diverges from the nation – and we shouldn’t be comfortable maintaining our status as an outlier.”