NJ Economy Loses 26000 Jobs in July
New Jersey lost nearly 26000 jobs in July as weak hiring and layoffs affected professional services and hospitality. The decline mirrors a broader national labor market slowdown driven by tariffs and rising costs.
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United States economies shed 23,000 jobs in July as the national labor market stalled. The downturn mirrors broader state losses, with professional services and hospitality leading the decline.
The nationwide slowdown follows rising gas prices from the conflict in the Strait of Hormuz and weak hiring amid artificial intelligence adoption. Heather Long, chief economist at Navy Federal Credit Union, noted that declining labor force participation drove down the unemployment rate rather than job gains.
