TRENTON, NJ – According to the U.S. Labor Bureau, New Jersey has the fourth highest unemployment rate in America. New Jersey joins other pandemic lockdown states California and Illinois in lagging behind the rest of the country, not only in unemployment rates but in the unemployment rate of recovery.
Today, a new report by WalletHub shows that New Jersey’s rate of change in unemployment is ranked 50th in America.
Amid a backdrop of slowing inflation and burgeoning national employment with the U.S. adding 336,000 jobs in September, WalletHub unveiled an updated analysis on the Changes in Unemployment Rate by State today. The report endeavors to provide a clearer understanding of the employment landscapes across the U.S., juxtaposing the 50 states and the District of Columbia on the basis of six crucial metrics. These metrics scrutinize the unemployment statistics of September 2023 against pivotal junctures in 2023, 2022, 2020, and 2019.
The report underscored a challenging scenario for New Jersey as it stood 50th in the overall ranking. The state witnessed a 5.41% surge in unemployment when comparing figures of September 2023 to those of August 2023, translating to an increase from 203,340 to 214,336 unemployed individuals, marking the 8th worst change nationally.
Moreover, a stark 40.49% escalation in unemployment was observed when comparing September 2023 to September 2022, catapulting the numbers from 152,559 to 214,336 unemployed persons. This change was recognized as the most adverse shift in unemployment across the U.S.
Contrastingly, the data revealed a -36.17% change in unemployment when pitting the figures of September 2023 against those of September 2020, with the numbers decreasing from 335,768 to 214,336 unemployed individuals. This alteration stood as the 5th worst change in the country.
Furthermore, a 27.38% upswing in unemployment was noted when comparing the figures of September 2023 to September 2019, with unemployed persons increasing from 168,263 to 214,336, marking the 3rd worst change nationally.
On a slightly positive note, the report delineated a -15.81% change in Not Seasonally Adjusted Continued Claims between September 2023 and August 2023, showcasing a dip from 104,912 to 88,322 continued claims, standing as the 17th best change in the U.S.
Lastly, with a 4.4% unemployment rate in September 2023, New Jersey bore the 4th highest unemployment rate among states in the country, elucidating the sustained employment challenges the state faces amidst a recovering national economy.