Economist Says New Jersey Residents Should Prepare For Prolonged Recession
PHILADELPHIA, Pa. (CBS) - A leading economist advises New Jersey residents to be extremely patient when it comes to any recovery from the recent recession.
Yes, some 25,000 private sector jobs have been added in the Garden State in the first eight months of this year. But James Hughes, Dean of the Bloustein School of Planning and Public Policy at Rutgers, says that only takes employment to levels seen in 1998.
Hughes says unemployment is still above the national average, and long-lasting improvement will not come quickly.
"Probably about 2015 before we fully recover all the jobs lost in the recession."
While Hughes does not predict a double dip, it's likely to be a bumpy ride. Then again, this recession was historic in it's scope and coming back from it will take a long time. He suggests people increase personal savings, if possible, and bone up on computer skills to ride things out.
Reported by David Madden, KYW Newsradio
