Print Page   |   Sign In   |   Register
Search
News & Press: Recent News

Christie declared N.J. has recovered from 'the long recession.' Is it true?

Thursday, March 31, 2016   (0 Comments)
Share |

Nj.com 3/30/2016

Gov. Chris Christie declared Tuesday (March 29) that New Jersey has “recovered from the long recession.” Does the data back up his claim? Patrick O’Keefe, the director of economic research at CohnReznick, an accounting and consulting firm, says yes. But it’s been a slow road to recovery in New Jersey, slower than just about every other state. "Empirically, the data demonstrate that New Jersey, in the first quarter in 2016, has fully recovered from the deep recession of 2008-2009," O'Keefe said. "With respect to the major indicators of economic activity, whether it's inflation-adjusted gross domestic product or the income levels, by most indicators we have fully recovered." On Tuesday, Christie also boasted of the state unemployment rate dropping to 4.3 percent- about 0.6 points below the national average. New Jersey’s unemployment rate was nearly a full percentage point higher than the national average for about two years of the recovery from the Great Recession. In December, New Jersey’s 4.8 percent unemployment was nearly identical to the 5 percent national rate.  However, the February report shows that while the unemployment rate fell, the state recorded a loss of more than 10,000 private sector jobs. O'Keefe said last week that New Jersey's unemployment rate benefited from regional job growth as more residents found jobs out of state. But New Jersey based-companies cut jobs for the second consecutive month after employers reported adding more than 80,000 last year. Last year saw the largest single-year boost in private sector jobs in more than a decade after New Jersey lagged just about every other state in this category for most of Christie's time in office.  The state is down 24,300 jobs for 2016, though O’Keefe cautioned that monthly jobs reports can fluctuate and that it is better to look at longer trends. New Jersey, which lost a quarter million jobs in the recession, with unemployment peaking in the last months of 2011, was late getting into the recession and late getting out of it. The state has yet to regain 100 percent of jobs lost during the recession.


Sign In
Sign In securely
Latest News