In September, the unemployment rate in New Jersey dropped to 3.3% from 4% the prior month. The federal government says the month-over-month decrease was the largest of all the states. New Jersey, along with California, also had the biggest drop in monthly unemployment when compared to a year ago. But job growth in the state slowed last month. While government hiring was strong, there were some job losses in the private sector.
With the unemployment rate so low, businesses continue to face difficulties hiring workers. A survey of staffing shortages nationwide, conducted by New Jersey-based Provident Bank, finds nearly 75% of businesses surveyed — both large and small — are struggling with staffing. A third of the companies said that to try to keep and attract workers, they have revised their perks and benefits — everything from bonuses and other financial incentives to more time off and offering hybrid or work-from-home options.
This week marked the 15th anniversary of a program to help New Jersey businesses upskill their workers, at no cost to them. The New Jersey Workplace Literacy and Basic Skills Training program has provided free training to more than 200,000 employees from more than 12,000 employers.
The Biden administration’s student loan forgiveness plan has survived two legal challenges. A federal judge dismissed a lawsuit filed by Republican-led states to block the plan while the U.S. Supreme Court threw out a second suit brought by a Wisconsin taxpayers group. Millions of people have already applied for debt relief since the education department began accepting applications.
