Why Is New Jersey’s Job Count Still Under the Previous Peak? Partly reflects slower NJ population growth (retailing; health and education). Partly reflects near-term problems (leisure and hospitality; possibly construction). Relative weakness in finance and professional and business services raise longer-term concerns. New York has outperformed New Jersey likely because of the enhanced cachet of its brand. – Shows up in much stronger leisure and hospitality, with spillovers to retailing, construction, and some parts of professional and business services. In any event, current expansion has been more marked than the last one. – Also possible the current number of jobs is being undercounted somewhat. 8
New Jersey Private Payroll Employment, thousands (June 2003-January 2008 in red)
March 2013-March 2014 New Jersey Job Change Currently reported: -12,800 As suggested by unemployment insurance tax records: 24,500 10
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