New Jersey Unemployment RateUnderstanding the unemployment rate can be the first step in learning more about the economy as a whole. The jobless rate is determined on a state-by-state basis as well as on a national level. The unemployment rate calculates the number of individuals who are jobless within the labor force, compared to the employed and unemployed individuals combined. This number is then computed into a percentage, which fluctuates monthly as jobs are created, jobs are lost or people enter or leave the work force. The reason why keeping an eye on the fluctuations of the jobless rate is important, is because it can provide an important analysis of the economy altogether. When an economy is booming or job growth is occurring frequently, then the unemployment rates will be low. On the adverse, if an economy is struggling then the jobless rates remain high. This information allows officials to make decisions regarding the state unemployment insurance program.
What is the unemployment rate in New Jersey?
For those curious as to “What is the unemployment rate in New Jersey?” the answer is 4.1 per-cent as of May 2017. The unemployment rate in New Jersey is slightly lower than the national average of 4.3 percent, which is an indicator of a stronger economy. The unemployment rate for the state reached an all-time high in October 2009, when it clocked it at 9.8 percent. During that time, unemployment insurance in New Jersey were extended to eligible beneficiaries due to the high joblessness. While some economists consider the 4.1 percent standing to be on the higher side, significant strides have been made throughout the years. Even compared to this time last year, the unemployment rate in New Jersey has declined by over half a percentage point. New Jersey continues to add new jobs with time, which is what signals a boost in the economy and higher job-less rates every month.
However, despite such significant strides, some New Jersey residents still struggle with unemployment. For those seeking assistance, unemployment benefits may be an answer. Unemployment insurance benefits can provide the temporary wage support that an individual may need while between jobs. New Jersey offers such benefits to qualified individuals who meet the eligibility requirements outlined by the Department of Labor.