It’s been a long road back for the hundreds of thousands of New Jerseyans who lost their jobs during the pandemic. On Thursday, we learned New Jersey’s job market has almost fully recovered from those tough days. The state labor department reports that New Jersey has regained 95% of the jobs lost in March and April of 2020 when pandemic lockdowns hit the state hard. New Jersey’s economy has added new jobs for 17 straight months, including nearly 15,000 positions last month. And the state’s unemployment rate has dropped to 4.1%.
When businesses closed and layoffs occurred, a flood of people filed for unemployment benefits with the state, depleting the unemployment insurance fund. To replenish it, businesses in the state are set to pay higher taxes. Business leaders have argued they can’t afford the increase, which the New Jersey Business and Industry Association says would total nearly $1 billion. On Thursday, the Assembly Commerce and Economic Development Committee advanced a bill that would offset the tax increases by providing tax credits to small businesses.
Inflation is a problem for businesses, and for you and me, as we’re paying more for just about everything it seems. But in some ways inflation has been good for the state of New Jersey. Inflation has helped lift state tax collections to unprecedented levels, NJ Spotlight News Budget and Finance writer John Reitmyer reports. For more, check on John’s story here.
For the third straight month, existing-home sales in the U.S. fell in April. Here in the Northeast, sales were slightly higher and home prices are still climbing. But the National Association of Realtors said Thursday it expects U.S. home sales to continue to drop, adding that the market is likely to return to pre-pandemic activity after a two-year boom.
