Wednesday, August 19, 2009

Nearly 10% of NJ's Lost Jobs Are Back

Correction: It was pointed out that the 150,000 jobs lost was total, not simply private sector. Therefore, with the public sector losses, the overall gains are actually about 5%.

In a conference call that just finished up a little bit ago, Governor Jon Corzine touched on something that probably is getting lost in all of the press about Chris Christie's apparent violation of the Hatch Act and the overall politicization of our Justice Department under Karl Rove and George Bush.

We here in NJ gained 13,000 private sector jobs last month. Since 2007, we've lost about 150,000, so we've gained 8.6% back. It's still a long way to go, but 9% in a month is progress.
Since the beginning of the recession in December 2007, New Jersey has lost 150,100 jobs (-3.7%). Nationally, employment has declined by 6.7 million jobs (-4.8 %).

Considerable over-the-month job gains occurred in the leisure and hospitality (+6,200), construction (+3,400), professional and business services (+3,200), and manufacturing (+3,100) supersectors. Hiring in the arts, entertainment and recreation component (+5,300) was responsible for the gain in leisure and hospitality, while most of the growth in professional and business services employment was due to gains in the administrative support/waste management/remediation segment (+2,900). In construction, the job gains were mainly due to hiring by specialty trade contractors.
So not only did we add jobs, we've lost fewer jobs as a percentage than the nation. As someone who regularly reads the reports, and chastised those who ignore them, the fact we actually added manufacturing jobs is, well, shocking. When you consider that since the recession began in 2007 as a nation we've lost 2 million, and in New Jersey we've been losing them for months, the gain is definitely a positive sign.

With Christie's ethics armor getting dented (daily at this point), if New Jersey can get a few months like this before the Election, Corzine will definitely be in a stronger position.

It's good to have some good news for a change.

1 comment:

vishnuprasath said...

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