After experiencing rapid employment growth during the last four years, New Jersey’s economy will expand slowly this year and slow down even more in 2002. Although the job base actually declined slightly from February to May, we do not expect the slowdown to turn into a recession. The job base, on an annual average basis, will increase by 31,400 in 2001 and by 12,700 in 2002. Stronger growth will resume in 2003 and beyond, when the economy will add an average of nearly 42,000 jobs each year.
Forecast of July 2001 New Jersey: Growth at a Snail’s Pace
Forecast of July 2001 New Jersey: Growth at a Snail’s Pace. Rutgers Economic Advisory Service. Center for Urban Policy Research at the Edward J. Bloustein School of Planning and Public Policy.