NJ Job Growth Forecast Grim
From the Star Ledger:
Rutgers forecast sees jobs malaise lingering
New Jersey can expect modest growth in employment through 2010 and its jobless rate will be higher than the national rate through the end of the decade, according to a forecast released yesterday by the Rutgers Economic Advisory Service.
"The state has to find something that has high growth and high income, and I don't think they've found it yet. Nothing to replace manufacturing and information services," said Nancy Mantell, director of the service, citing two sectors that continue to decline in the Garden State.
Most job growth in New Jersey will be in low-wage industries, such as education, health, and leisure and hospitality, Mantell said.
Strong growth is also expected in trucking and warehousing, but neither area provides a large number of jobs, she said.
Overall, New Jersey is to add 44,000 nonfarm jobs in 2006, about the same as last year, when the state saw a 1.1 percent in employment. The figure is to average 0.9 percent from 2006 to 2010, the Rutgers service found.
New Jersey housing permits declined for the three months ending in June, while the other states had gains. Housing prices in the Garden State fell compared to the same period in 2005, while prices remained steady in the other states, the regional bank found.