NJ's Marked With One Of The Worst Unemployment Bounce Back Rates

Well, Jersey, it looks like we've got some work to do - literally.

It's no secret that a huge chunk of the state were put out of work as a result of the pandemic. Now that everything is looking more and more normal with each passing day, you'd think that our economy would begin to turn around almost as quickly as it shut down. Apparently, that's not the case AT ALL.

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According to a new study, New Jersey's been slow on the uptake of new job opportunities for those out of work. Now, is the problem that there are no jobs or is it just that people are choosing not to work? Considering the data analyzed comparing statistics from May of this year to those back in 2019, the reason could be either or.

Source: WalletHub

Statistics show that from May 2019 to May of 2021, there has been over a 120% increase in unemployment here in New Jersey. We went from just shy of 145,000 people out of work to over 310k in just two years. The numbers don't improve when looking at data from 2020, either. In January of 2020, Jersey had slightly over 165k people without work. As of May of this year, New Jersey's got the 8th highest unemployment rate in the country. That's unfortunate any way you slice it.

From May of 2020 to May of this year, though, there has been a drastic drop in the number of Jerseyans looking for work. In May of 2020, over 735,000 people were out of work compared to the 319,794 still looking for jobs as of last month. That piece of information would normally provide at least a glimmer of hope, however compared to the rest of the country, we could be on a better track than we are at the present. Overall, our unemployment bounce back rate is 9th in the country.

The question remains: do New Jersey residents not want to go back to work or is it a lack of jobs keeping them from employment? Of course, that answer will differ from region to region. If you're located in the South Jersey region and are currently looking for work, you should make sure you check back HERE every so often to see any job postings you might have missed.

Source: Wallethub.com

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