A new government report shows New Jersey's unemployment rate fell by more than a half a percentage point to 7.8 percent in November as the state added nearly 17,000 jobs and 31,000 people stopped looking for work.
A fourth straight month of solid hiring cut the U.S. unemployment rate in November to a five-year low of 7 percent. The surprisingly robust job gain suggested that the economy may have begun to accelerate.
For years, leaders of both political parties in New Jersey routinely raided the Unemployment Insurance (UI) fund to help balance budgets. The state recently enacted a law banning the practice and today the fund is finally solvent. That’s great news for the state’s business community.
Applications for US unemployment benefits dropped 15,000 to a seasonally adjusted 358,000 last week, though the figure was distorted for the second straight week by California's efforts to clear backlogged claims.
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