NJ Suffers Worst “Single-Month Job Loss In 23 Years”

Jan 24, 2014 by AFP

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.

“But the figures show that the rate declined because 26,100 people left the labor force in December, taking the total who have dropped out over the year to 134,300.”
The troubling jobs report comes on the heels of a flurry of other bad news. Last week an analysis from the Mercatus Center ranked the Garden State’s fiscal condition the worst and the country — and a State Budget Solutions report released earlier in the month estimated that New Jersey’s debt is $214B in debt (unfunded pension liabilities account for $109B alone).
New Jersey is starved for both fiscal responsibility and a pro-growth agenda in order to get our economy moving again.Twelve years of a Keyensian tax-and-spend agenda in the state Legislature are taking a toll. Residents are struggling to get by and opportunities for employment are not getting any better.
The liberal Legislature needs to come to grips with the reality. Hard-working New Jersey can no longer afford to subsidize Trenton’s big-government machine. The state must take steps now to rein in spending and enact serious tax relief to stimulate job creation. If not, more bleak jobs reports like this one are sure to follow.