NJ Financials Remain Poor

As we pass the halfway mark in our current 2013 State Budget, our unemployment, new jobs added, revenue collections, foreclosures, and personal income continue to remain poor. December hirings in the wake of Sandy may have added some new job and reduced unemploynt slightly, but the “Jersey Comeback” remains something wished for but still illusory.

NJ Unemployment: With the national unemployment rate at 7.8.% in December, (US Bureau of Labor Statistics) NJ’s rate dropped from 9.7% to 9.6%, (1.8% higher than the national rate) and remained higher in December than all near-by states – NY: 8.2%%, PA: 7.9%, DE: 6.9%, CT: 8.6%, and MD: 6.6%. (US BoLS) NJ’s current unemployment rate of 9.6% is almost the same as the 9.7% rate in January 2010 when Chris Christie became governor. (USBoLS)

Jobs: Private sector employers in the Garden State added 30,900 workers to their payrolls in December and public sector employment was lower by 700. (NJ Department of Labor) In 2009 the year before Christie became governor the average combined private/public sector employment was 3,895,000 and in December 2012 it was 3,923,000, an increase of only 28,000 jobs. (NJ DoL)

State Revenue 2012 Budget: NJ missed 2012 revised revenue projections by $288M. (North Jersey.com)

State Revenue 2013 Budget: Revenue collections in New Jersey are running $426 million below the budgeted amount through the first six months of fiscal 2013. (NJ Treasury Dept.)

Foreclosure Filings: Foreclosure filings fell 3 percent nationally in 2012 from 2011′s levels but increased in New Jersey by 55 percent. (NJ Real Estate Report)

Personal Income: NJ personal income growth slowed considerably in the third quarter of 2012, ranking NJ in the lowest quintile nationally. (US Bureau of Economic Research)

Comments (4)

  1. deciminyan

    Perhaps the most telling legacy of Chris Christie is the fact that while the number of people in poverty across the country is decreasing, poverty has increased in New Jersey every year during the Christie reign. This is not surprising, given the number of vetoes that Christie has made on programs to help pull people out of the rut of poverty.  

  2. Jersey Jazzman

    There is simply no way Christie can make a full pension payment next budget without raising revenues or cutting programs. He can do either, both, or renege on his promise to make the full payment.

    I am nearly certain he will do the last, but let’s see.

  3. Bill Orr (Post author)

    in fiscal 2012, largely because of its failure to meet pension payments or save enough to cover health insurance for retirees, the state Treasury Department said yesterday.

    He will likely make cuts and may renege on making full payment.  But the only way out of the problem is to stimulate our economy and increase jobs, thus bringing more revenue into the treasury to pay for these expenses. Our unemployment rate is deplorable, and no amount of cuts without more revenue will solve the problem.

  4. Bill Orr (Post author)

    Shortchanging the poor only shortchanges the government as it increases exponentially entitlement costs and deprives the government of tax revenues.  


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