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Good Numbers for NJ Show Few Signs of Economic Trouble

November 21, 2022 |

Amid growing concerns about a potential recession, the latest economic reports for New Jersey show continued low unemployment, robust state revenue collections and other signs of strength.

A long streak of consecutive months with private-sector job growth continued in October, and New Jersey’s unemployment rate remained well below where it was a year ago, according to the latest jobs report released by the state Department of Labor and Workforce Development.

NJ SEED: State government appears to be on solid economic footing. Private sector growth indicates confidence in the economy. Revenues are up substantially year over year. Many workers are returning to the jobs market NJ is in good position to weather an anticipated recession. Inflation remains a concern, especially as we enter the winter months with home heating costs predicted to rise as much as 60%.

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