There’s positive news about jobs and tax collections, but federal policies may pose a threat
Despite concerns about a shifting national economic landscape, New Jersey appears to be heading into the final stretch of summer with at least some momentum.
For starters, total employment in New Jersey grew by 7,500 last month, despite a loss of 5,600 private-sector jobs, according to the latest jobs report released by the state Department of Labor and Workforce Development.
That net positive monthly jobs snapshot followed two consecutive months of employment losses in New Jersey that totaled nearly 17,000 jobs, counting revisions released by state officials last week.
Amid the apparent growth, New Jersey’s unemployment rate last month remained unchanged at 4.9%, according to the latest estimates produced by the federal Bureau of Labor Statistics…
NJ unemployment
The state unemployment rate has also risen over the last year, from 4.6% in July 2024 to 4.9% in July 2025. At the national level, the unemployment rate was 4.2% in July, according to the latest BLS data.
A long-range economic forecast issued last month by Rutgers University’s New Jersey State Policy Lab [authored by Will Irving] pointed to the fluctuations seen in the state’s monthly jobs data this year and predicted “continued softness in employment growth through 2027.”
“The state’s unemployment rate, averaging 4.7% in 2025, remains elevated and is projected to rise gradually to around 5.2% through 2026 and 2027 before stabilizing around 4.5% in the longer term,” according to the experts from Rutgers.
The fiscal year 2026 budget enacted by Murphy and lawmakers in late June calls for overall revenues to grow by more than 3% year over year, to $57.3 billion, according to budget documents.
The revenue report released by Treasury last week showed total tax collections over the last 13 months in New Jersey were up about 6% year over year. Treasury officials said that was largely in line with expectations.
NJ Spotlight News, August 18, 2024