N.J. has nation’s 2nd highest unemployment rate even as we reopen. What that means for our economy

July 27, 2020

New Jersey is the only state in the nation to see the number of new coronavirus cases drop in the last two weeks, but the pandemic’s financial impact continues to grow, according to a new Rutgers study.

The economic freeze, fueled by coronavirus restrictions that shut down businesses for months and urged residents to stay home, has found the Garden State experiencing historic losses and rebounds that would typically take years happen in just a few weeks.

James Hughes, economist and University professor at Rutgers University, warns the unstable economy is a “life force of its own.”

And that, he said, makes it hard to predict the long-term impact on New Jersey, which already finds itself among the worst in the nation for unemployment.

NJ.com, July 27, 2020

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