NJ Unemployment Claims Drop 17 Percent From Last Year: Report

NEW JERSEY — New Jersey is currently experiencing a comeback, as new unemployments claims have dropped lower than at the start of the pandemic, according to WalletHub's updated rankings.

Last week, WalletHub published its new rankings for "States Whose Unemployment Claims Are Recovering the Quickest," and weekly unemployment claims in the Garden State decreased by 17.55 percent compared to the same week last year.

However, this was the third smallest decrease in the U.S.

Right now, Pennsylvania is recovering the quickest, followed by Maryland, Arkansas, Alabama and West Virginia.

In comparison to other states, NJ has recovered relatively slowly in terms of weekly unemployment claims, but WalletHub ranked the state as #6 for states that have recovered most since the start of the COVID-19 crisis.

Since the start of 2020, weekly unemployment claims in NJ decreased by about 46 percent, the 22nd biggest decrease in the U.S, according to WalletHub.

Nationally, the unemployment rate fell 3.8 percent last month, WalletRub reported, which is the lowest level since the pre-pandemic level of 3.5 percent.

"This means that decreasing COVID-19 cases brought on a high number of new jobs and new workers, which are both signs that the pandemic’s hold on the economy may also be decreasing,” WalletHub Analyst Jill Gonzalez said. “U.S. employers added over 670,000 jobs in February, continuing the streak of strong job growth we've been seeing for months. Job growth, in combination with less mask and vaccine mandates nationwide, should spur even more economic recovery.”

To view the full report and see how NJ measures up to other states, visit WalletHub's website.

This YouTube video also breaks down some of the rankings: