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New Jersey’s Rising Unemployment Makes Economic Future Uncertain

December 26, 2023 |


New Jersey’s unemployment rose sharply in 2023, leaving economic experts wondering whether a rocky road is ahead in the new year. 

The state unemployment rate climbed from 3.4% in January to 4.7% in November, according to the U.S. Bureau of Labor Statistics. November’s figure means New Jersey has the third-highest unemployment rate in the nation. Nationally, the unemployment rate was 3.7% in November, up just 0.3% since January.

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NJ SEED: In planning for the future, employers look for as much certainty as they can possibly find. 2024 promises to be a turbulent year, not just in NJ but throughout the nation. Some employers are exercising caution by cutting back plans for expansion and new hires.

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