A look at the impacts of unemployment and the economic recovery in New Jersey
In this week’s Deep Dive, News 12Kristie Reeter and Caleb Silver with Investopedia examine the impacts of unemployment and economic recovery in the Garden State.
In a survey conducted by News 12, viewers were asked: Did you change jobs during the pandemic?
A majority of 78% said no, but 21% said yes.
A look at the latest unemployment figures for New Jersey paints an interesting picture of the state’s economic recovery.
“We’re still looking at August for New Jersey, a bit slow to release its September results, but it was 7.1%, more than the national average of 4.8%,” said Silver. “We have a varying degree of recovery in the counties we track in New Jersey. If you look at Hudson County, high unemployment, 7.3%, Bergen County, 6.6%, Monmouth County 5.9%, Morris County best at 5.3 So that’s a little mixed when you look across Garden State. “
But which sectors are showing the most strength, especially as New Jersey approaches the end of the year and there is talk of inflation and supply chain issues?
“These are leisure and hospitality and this is where the biggest job losses occurred amid the pandemic in 2020 and early 2021,” says Silver. “You see strong job growth in restaurants, hotels and bars, up around 9.6%. that sector. We’re finally seeing new hires there.