The latest jobs numbers are out and there is no way to sugar coat the news as anything less than brutal. Last month the state lost 36,000 jobs, “the biggest single-month job loss in 23 years”. Via the NorthJersey.com:
“New Jersey added a minuscule 10,100 jobs in 2013 after losing more than 36,000 jobs in December — the biggest single-month job loss in 23 years — painting a bleak picture of the state economy and raising questions about its health and direction.
The December drop of 36,300 jobs — 33,200 private and 3,100 public — was so broad-based that economists said it was difficult to pinpoint a particular reason. They offered several possible explanations, including unusually cold weather, which could explain the loss of 6,500 construction jobs, and could have caused the temporary loss of work for day and freelance workers.”
The state’s unemployment rate actually shrunk from 7.8% to 7.3% last month. However, this the statistic is misleading since it disguises the fact that so many New Jerseyans have just stopped looking for work and are no longer counted as part of the labor force.