New Jersey is among the best states in the U.S. to land a job, according to a newly released WalletHub survey.
In its 2022 Best and Worst States for Jobs report, the Garden State ranked No. 10 when it came to providing opportunities for secure employment.
For the list, the personal finance website said it compared the 50 states across 35 key indicators of job-market strength, opportunity and a healthy economy, ranging from employment growth to median annual income to employee benefits.
According to WalletHub, New Jersey came in at No. 2 for overall economic environment, No. 4 for highest median income, No. 9 in percentage of residents fully vaccinated against COVID-19, No. 14 in monthly average starting salary, No. 16 in average length of work week, No. 23 in employment growth, No. 27 for job market and No. 48 for average commuting time.
Overall, Washington was ranked as the best state to find a job, followed by Vermont, New Hampshire, Colorado, Minnesota, Rhode Island, Massachusetts, Virginia, Connecticut and New Jersey.
The results are in
Click here to see the best places to work in New Jersey, as determined by the employees themselves.
On the flip side, the states with the fewest job opportunities are Ohio (No. 41), Alabama (No. 42), South Carolina (No. 43), Pennsylvania (No. 44), Oklahoma (No. 45), Arkansas (No. 46), Louisiana (No. 47), Mississippi (No. 48), Kentucky (No. 49) and West Virginia (No. 50).
As of October 2022, the United States’ overall unemployment rate sat at 3.7%, nearing pre-pandemic levels measured around 3.5%. According to the Bureau of Labor Services, there were significant employment gains last month in health care, professional and technical services, and manufacturing.
In New Jersey, the unemployment rate rose 0.2 percentage points to 3.5% in October, the state Department of Labor & Workforce Development reported in its monthly summary.
As for 2023, experts believe the job market will soften partly due to the Federal Reserve’s efforts to reduce inflation.
“We should expect an uptick in unemployment and continued historically lower levels of labor force participation. Many companies have already announced layoffs in response to declining demand for products and corporate restructuring. Twitter, Microsoft, Netflix, Oracle, Peloton, Ford, Meta, GAP, Wayfair, Wells Fargo, and Snap are among those which have laid off employees this year,” Marick Masters, a professor of business at Wayne State University in Michigan, told WalletHub.
When it comes to job growth over the next decade, Masters anticipates certain fields will thrive more than others.
“The sectors in which the most growth is expected are health care, leisure and hospitality, advanced technology, data and information analysis, and alternative energy,” he said. “Jobs that involve the provision of care and services for the elderly and infirm are like to grow considerably. Included among the specific jobs expecting growth are nurse practitioners, statisticians, health services managers, data analysts, and technicians working in alternative energy.”