Forecast of July 1999 New Jersey
Publication Year: 1999

Forecast of July 1999 New Jersey: The Economy Just Keeps Chugging Along!


(1999). Forecast of July 1999 New Jersey: The Economy Just Keeps Chugging Along! Rutgers Economic Advisory Service. Center for Urban Policy Research at the Edward J. Bloustein School of Planning and Public Policy.

During early 1999, New Jersey’s economy continued on its upward path propelled by the nation’s seven-year growth cycle. There were strong increases in employment, low inflation, and a voracious consumer economy, as reflected by housing permits, residential construction contracts, and new vehicle registrations. Between December 1998 and May 1999, the job base grew by 26,900, a rise of 1.7% at annual rates. More than 400,000 jobs have been added to the economy since the bottom of the recession of the early 1990s; the current employment level exceeds the 1989 peak by 150,000. During the first five months of the year, however, the unemployment rate rose from 4.4% to 4.7%. Both the unemployment rate and the number of unemployed were as high in May 1999 as in early 1998. The R/ECON forecast for New Jersey is for a continuing but slowing expansion.

In 1998, employment rose by 76,200 jobs, or 2.0%, with output growth of 2.8%, and little inflation. There will be reduced growth in 1999 in both output and employment, while inflation will remain under 2%. The state’s population increased by 0.7% in 1998. It will slow a bit over the forecast period as foreign immigration declines.

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employment | unemployment