NJ's Unemployment Claims Are Down Almost 70% Compared To 2020

Even though it may not necessarily feel like it all the time, New Jersey is slowly but surely getting back to where it needs to be regarding the job market.

The COVID-19 pandemic wreaked havoc on New Jersey's economy. So many people were out of work and businesses were closing down left and right in 2020. People even had a heck of time getting their unemployment benefits because of how overwhelmed the unemployment office was with so many people out of work at one time.

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Well, there is some good news to be celebrated today. A new survey shows that New Jersey is well on its way to job market recovery. In fact, the survey indicates that as of the beginning of September 2021, unemployment claims are finally lower than they were at the beginning of 2020.

Source: WalletHub

Of course we all know that Jersey's economy isn't going to bounce back overnight, but in terms of weekly unemployment claims and how they're trending within the state, it definitely looks like we're on our way to some sort of recovery. The survey revealed three key points that show New Jersey is on the mend:

Weekly unemployment claims in New Jersey increased by 2.66% compared to the same week in 2019. This was the 7th smallest increase in the U.S.

Weekly unemployment claims in New Jersey decreased by 55.40% compared to the start of 2020. This was the 14th biggest decrease in the U.S.

Weekly unemployment claims in New Jersey decreased by 69.96% compared to the same week last year. This was the 17th biggest decrease in the U.S.

Overall, New Jersey is the 8th most recovered state in country regarding unemployment numbers last week. So, if this trend continues, it seems the state's job market's got nowhere to go but up. Fingers crossed.

Source: Wallethub.com

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