Report: New Jersey Heading For ‘Coherent Economic Recovery’ | New Jersey
(The Center Square) – Weekly jobless claims in New Jersey are up about 2.6% from the same week in 2019, but are down 55.4% from early 2020.
According to a new analysis from WalletHub, the increase from 2019 marks the seventh smallest increase in the country. Compared to last year, the decline is the 14th largest nationally.
“The recovery of New Jersey jobless claims is currently the eighth fastest,” WalletHub analyst Jill Gonzalez told The Center Square.
“The number of initial unemployment insurance claims is only 2.66% higher than the same week in 2019,” Gonzalez added. “Compared to the start of 2020, the number of initial unemployment insurance claims has fallen by more than 55%. This means New Jersey is on the right track for a consistent economic recovery. “
New Jersey’s weekly jobless claims fell more than 69.9% from the same week last year, the 17th largest drop in the country.
According to WalletHub, the expiration of extended federal unemployment benefits should help reduce unemployment.
“Some people made more money when they were unemployed than when they were employed, but that won’t be the case anymore,” Gonzalez said, quoted by WalletHub. “As a result, these people will have a greater incentive to look for a job to compensate for the drop in income.
“Currently, the United States has more vacancies than unemployed people, so those brought back into the workforce when the additional benefits expire will have plenty of opportunities to be hired,” Gonzalez added.