From the AP:
New Jersey’s unemployment rate jumps for the second straight month.
The rate hit 4.8 percent in February, up from 4.5 percent in January.
The state Labor and Workforce Development Department says that puts New Jersey’s jobless rate as high as the national average for the first time since October 2006.
The numbers show New Jersey lost 10,400 jobs in the private sector in the first two months of 2008.
The New Jersey Business & Industry Association says the state has 6,600 fewer private-sector jobs than it did at the last peak in December 2000. That’s when there were 3.43 million jobs in the state.
From the APP:
New Jersey’s job market declined by 1,700 jobs in February, the state Department of Labor and Workforce Development reported today, in a sign the slowing housing market is taking a toll on the larger economy.
“The slowing of our national economy has affected New Jersey businesses and impacted our state’s job market,” Labor Commissioner David J. Socolow said.
The jobs figure is taken from a survey of New Jersey companies. The unemployment figure is taken from a survey of New Jersey residents. Taken together, they show the state’s job market is performing anemically.
The state had been growing slower than the rest of the nation — but growing nonetheless. For the first two months of the year, though, the state has lost a combined 10,300 jobs, according to state figures.
From the NJ Department of Labor and Workforce Development:
Employment in New Jersey decreased modestly in February while the state’s unemployment rate moved higher to 4.8 percent, equaling the national rate. February’s rate marks the first time that New Jersey’s unemployment rate has been equal to or above the United State’s rate since October, 2006.
According to preliminary estimates from the New Jersey Department of Labor and Workforce Development’s monthly survey of employers, total nonfarm wage and salary employment in the Garden State fell by 1,700 in February to 4,072,300. Based on more complete reporting, the previously released January estimate was revised higher by 900 to 4,074,000, for a revised loss of 8,600 jobs in January.
“The slowing of our national economy has affected New Jersey businesses and impacted our state’s job market,” said Labor Commissioner David J. Socolow. “The Department of Labor and Workforce Development is ready to offer timely assistance to workers displaced by these economic factors. We are also supporting employers who invest in the productivity and training of their workforce in order to remain competitive in this troubled economy.”