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Have All of New Jersey’s Workers Already Moved to Florida?

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New Jersey is experiencing a decline in white-collar employment but is still looking to hire many blue-collar workers to fill important jobs. The problem is, those workers don’t exist. Have all of NJ’s workers already moved to Florida? Gabriel T. Rubin describes New Jersey’s painful labor market in The Wall Street Journal, writing:

New Jersey’s unemployment rate is rising faster than any other state’s as more people are seeking work, but not enough are able and willing to fill the jobs available.

Some of the state’s white-collar employers, such as in business and professional services, cut jobs over the past year through October. Others struggle to fill openings for certain types of skilled workers, particularly in healthcare.

Examples include a pharmaceutical company needing particular research scientists or a transportation company needing more workers with commercial drivers’ licenses, according to Aaron De Smet, a senior partner at consulting firm McKinsey’s New Jersey office.

The Garden State’s experience could be a harbinger for the nation: rising unemployment and slower job growth overall, coupled with continued worker shortages in specific areas. The persistent mismatches between job seekers and job postings show how the state and national labor markets are adjusting to the slowing postpandemic economy.

“Companies that are shedding jobs and reducing their workforce still have certain jobs where they’re like, ‘we can’t find the right people,’” De Smet said.

Action Line: What could cause New Jersey to lack the blue-collar workers it needs? Surely not America’s highest property taxes. Or America’s sixth-highest tax burden among the states. Would it be a surprise if blue-collar workers had left New Jersey for greener pastures in one of Your Survival Guy’s 2023 Super States? Click here to subscribe to my free monthly Survive & Thrive letter.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.

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