Are things finally turning around for New Jersey’s economy? Maybe. Although still higher than most of the country, New Jersey’s unemployment rate dropped to 6.1 percent in June — the lowest it’s been since 2008.
The total unemployment rate nationally is 5.3 percent.
The state is touting the 4.275 million private-sector jobs as the highest in its history, and points to job growth in the leisure, information, and manufacturing sector.
Despite the drop in unemployment, however, the market actually lost 7,400 jobs last month. But since the rate is based on the total number of people reported looking for work as a percentage of workers, the rate for Junes still dropped 0.2 percent.
What’s more, it’s important to note that boasts about private-sector jobs do not mean total employment. New Jersey Policy Perspective, the Princeton-based liberal-leaning think tank, released a statement that the state has still only recovered 69 percent of the jobs it had before the recession, while the country has regained 140 percent of its jobs. Our neighbors to the north and west can also boast of better statistics: New York has regained 258 percent of its job; Pennsylvania, 117 percent.