Higher inflation and interest rates? No problem so far for New Jersey’s job market

May 20, 2022

The monthly jobs report, compiled by the U.S. Bureau of Labor Statistics, is made up of a survey of employers to measure the number of jobs and a survey of households to measure the unemployment rate.

April’s report showed the state’s job market continues to rapidly improve despite fears that the Federal Reserve Board will need to put the brakes on the economy to get inflation under control.

Notably, the report showed New Jersey has recovered 95% of the jobs it lost during the onset of the Covid-19 pandemic, surpassing the nation’s recovery rate for the first time.

“That’s significant,” James W. Hughes, a Rutgers University economist, said. “Proportionately, New York and New Jersey got hit far harder than the nation as a whole.”

MyCentralJersey.com, May 20, 2022

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