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Rutgers report warns of continuing job losses, recession into 2010

From MyCentralJersey.com

Job losses will continue to mire the economy in coming months and the recession may stretch into 2010, according to a report released by two Rutgers University economists.

The quarterly Sitar-Rutgers Regional Report says 1.9 million jobs were lost across the country in the last four months of 2008, the worst year for private-sector job losses since the United States began compiling such statistics in 1939.

But in New Jersey and across the United States, a shrinking job market through 2008 suggests that for the next year, at least, households will continue struggling to pay the bills — much less save money.

New Jersey lost 63,000 jobs between December 2007 and December 2008, according to preliminary employment numbers from the Department of Labor and Workforce Development. That’s the most significant decline in New Jersey since 1991, when 80,800 jobs were lost.

In New Jersey’s public sector, 2008 broke a string of 11 straight years of growth as 3,200 government jobs were lost in 2008.

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02/19/2009 - Posted by | Economy | , , ,

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