NJ Unemployment Climbs to 9.9%

9.9%

So, fresh off a week of bad news already – revenue figures way below Gov. Christie’s unrealistic tax-cutting promise, Standard & Poor’s downrating of New Jersey’s rating from “stable” to “negative” which can have an impact on your ability to borrow by driving up your interest rate, and the warning that the rating could drop further “if changes aren’t made” – we now learn that the Labor Department figures for New Jersey’s jobless rate is just out:

New Jersey’s unemployment rate, already at 9.8% and well above the national average, just climbed to 9.9%.

                                                – info via tweet from APP’s Michael Diamond

How’s that Jersey Comeback working out for you, New Jersey? Still think your governor is “refreshing”?

Comments (2)

  1. Rosi Efthim (Post author)

    I thought this was an interesting take on the unemployment figures, from New Jersey Policy Perspective’s Gordon MacInnes, a former NJ legislator:

    “The latest jobs numbers for New Jersey merely reaffirm the basic fact that we’ve known for months: we are recovering from the Great Recession much more slowly than the rest of the nation.

    The increase in New Jersey’s unemployment rate to 9.9 percent comes the day after New Jersey lost out to New York City for the location of 234 high-value pharmaceutical research jobs. These are the kind of jobs we need to capture if we are to put the state on the path to prosperity. Here’s what we can be sure of: Roche didn’t pick NYC because of its low tax rates. Yet, both the governor and legislative leadership are obsessed with tax cuts as the only response to high unemployment.

    Instead, they should follow the priorities of the billionaire mayor of New York who obsesses with creating the infrastructure and culture to attract research, engineering, and software jobs. So far, he’s winning.”

    Bill Orr wrote about the loss of Roche this morning at Blue Jersey.

    Reply

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