Positive Forecast for NJ Unemployment [AUDIO]
Even amidst some recent bad news, there’s a positive outlook for the future of unemployment in the state.
Nationally, unemployment is at seven percent, largely in part to a slowly recovering economy. James Hughes, Rutgers economics professor and Dean of the Edward J. Bloustein Business School, says New Jersey could be on a similar track.
“We’ll see a steady decline in the unemployment rate, but we’re still probably going to lag the nation,” Hughes said.
“New Jersey is the third-largest warehouse distribution market in the country, and that has shown a lot of new construction recently,” Hughes said.
Hughes also acknowleged the importance of adding quality jobs to strengthen the economy.
“Technically, we’ve been adding a lot of wait staff jobs and low-paying jobs in the services,” Hughes said. “We have been creating high-paying jobs, but they’re still not the majority.”