NJ Employers Taking a Wait-and-See Approach on Hiring [AUDIO]
The recovery in the jobs market in New Jersey and across the nation has hit the wall amid three straight months of weak jobs reports.
The U.S. economy added 69,000 jobs in May, the smallest gain this year.
“The struggling national economy will definitely have an impact on New Jersey” said James Hughes, an economist at the Edward J. Bloustein School of Planning and Public Policy at Rutgers University.
Hughes said the three months of dismal jobs reports has forced New Jersey companies to take a “wait and see” approach before hiring again.
“While sales have picked up here and across the country and revenues are growing, businesses are too nervous to start hiring again. Many are deciding to keep the current payroll they have.”
Adding to the uncertainty is the ongoing European debt crisis, lack of confidence in the economy and federal taxes.
Despite this, he said there are some sectors in the state that are adding jobs including leisure and hospitality, health and business services.
“It will be interesting to see what the second half of 2012 brings. We are hopeful that hiring will improve and the economy will get better” said Hughes.