Rutgers Economists See NJ Recovering Slowly From Recession
NEW BRUNSWICK, N.J. (CBS) - Economists at Rutgers University are suggesting that New Jersey's recovery from the recession might take a little longer than many had earlier predicted.
Nancy Mantell, who directs the Rutgers Economic Advisory Service, first looked back at what's already happened.
"New Jersey's recession was longer and worse than the recession in the US," she tells KYW Newsradio, "but job growth seems to be coming back in the state -- although very, very slowly."
How slowly, you ask? In her report, she says non-agricultural hiring is expected to climb 0.9 percent (rather than the average 1 percent) over the next decade, meaning that we won't get back to pre-recession employment levels until 2016.
The unemployment rate, Mantell (right) notes, now stands at 9.2 percent.
"That's something that we do see coming down a little bit next year, and then going down to just under 6 percent in 2021."
Personal income is expected to rise 4.2 percent next year -- double the rate of 2010 -- but not all of that will be reflected in your paycheck, since that gauge also includes things like stock dividends and profits for those who opt to go into business for themselves.
Reported by David Madden, KYW Newsradio 1060
