NJ’s Unemployment Rate Experiences Largest Monthly Drop Ever
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TRENTON, NJ (CBS) – Good news for the Garden State: The unemployment rate in the state experienced its largest monthly drop on record.
Preliminary data released by the Bureau of Labor Statistics (BLS) shows that unemployment fell .6 percentage points to 7.8 percent in November and that employers added 16,900 jobs.
Additionally, unemployment in New Jersey dropped 1.8 percent over the past year to its lowest level since January 2009.
“Looking through the month-to-month swings, New Jersey is seeing marked, ongoing job gains. On a year-over-year basis, both construction and manufacturing jobs have moved up, joining the ongoing expansion in the service sector,” said Charles Steindel, Chief Economist for the New Jersey Department of Treasury, in a release.