Special Report
How New Jersey's Job Market Compared to the US Over the Last 47 Years
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In an era of economic uncertainty, the U.S. job market remains resilient. After falling to 3.7% in November 2023, the national unemployment rate has been below 4% for 22 consecutive months, the longest streak in over 50 years.
Of course, if history is any guide, much of the economy is subject to boom and bust cycles — and the job market is no exception. Since the mid-1970s, the average annual unemployment rate in the U.S. has fluctuated between 3.6% and nearly 10%, according to the Bureau of Labor Statistics.
These same cyclical patterns are also evident in New Jersey, where the job market is supported largely by the professional and scientific and retail trade industries. The annual unemployment rate in the state was 3.7% in 2022, closely in line with the state’s lowest recorded annual jobless rate of 3.6%. However, conditions for job seekers have not always been so favorable.
According to historical BLS data going back to 1976, the annual jobless rate has been as high as 10.4% in New Jersey. More than once, unemployment in the state has either matched or come close to that peak.
This is how New Jersey’s job market has changed in each of the last 47 years.
Year | New Jersey unemployment rate | U.S. unemployment rate |
---|---|---|
1976 | 10.4 | 7.7 |
1977 | 9.4 | 7.1 |
1978 | 7.3 | 6.1 |
1979 | 6.9 | 5.8 |
1980 | 7.2 | 7.1 |
1981 | 7.4 | 7.6 |
1982 | 8.7 | 9.7 |
1983 | 8.0 | 9.6 |
1984 | 6.2 | 7.5 |
1985 | 5.6 | 7.2 |
1986 | 5.0 | 7.0 |
1987 | 4.1 | 6.2 |
1988 | 3.8 | 5.5 |
1989 | 4.1 | 5.3 |
1990 | 5.0 | 5.6 |
1991 | 6.7 | 6.8 |
1992 | 8.4 | 7.5 |
1993 | 7.6 | 6.9 |
1994 | 6.8 | 6.1 |
1995 | 6.4 | 5.6 |
1996 | 6.1 | 5.4 |
1997 | 5.3 | 4.9 |
1998 | 4.6 | 4.5 |
1999 | 4.5 | 4.2 |
2000 | 3.7 | 4.0 |
2001 | 4.3 | 4.7 |
2002 | 5.8 | 5.8 |
2003 | 5.8 | 6.0 |
2004 | 4.8 | 5.5 |
2005 | 4.5 | 5.1 |
2006 | 4.7 | 4.6 |
2007 | 4.3 | 4.6 |
2008 | 5.3 | 5.8 |
2009 | 9.1 | 9.3 |
2010 | 9.5 | 9.6 |
2011 | 9.3 | 8.9 |
2012 | 9.3 | 8.1 |
2013 | 8.2 | 7.4 |
2014 | 6.8 | 6.2 |
2015 | 5.8 | 5.3 |
2016 | 5.0 | 4.9 |
2017 | 4.6 | 4.4 |
2018 | 4.1 | 3.9 |
2019 | 3.6 | 3.7 |
2020 | 9.8 | 8.1 |
2021 | 6.3 | 5.3 |
2022 | 3.7 | 3.6 |
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