New Jersey’s economy lost jobs for the third month in a row in August, state figures from last week say, as economists warn about a slowing labor market going into the 2024 presidential election.
Preliminary numbers released Thursday, Sept. 19 by the New Jersey Department of Labor show New Jersey’s workforce lost 4,400 jobs between July and August this year. The state lost 11,500 jobs between June and July, and 4,200 jobs between May and June, state figures show.
“The pace of hiring has slowed,” said Charles Steindel, who was the state chief economist under the Christie administration. “New Jersey has been quite soft the last few months with losses.”
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The slowdown comes after a near historic pace of hiring. New Jersey added some 200,000 jobs in 2022 and 2023. The so-called Great Resignation — a period right after the COVID-19 pandemic when businesses were strapped for labor — has essentially ended, said Chris Hayes, a labor historian at Rutgers University.