TRENTON, N.J. – Expectations were shattered for job and wage growth yet again as tax and regulation cuts have boosted business across the nation. Jobs increased by 87,000 more than expected to 225,000 new employees in January, which was also the eighteenth consecutive month for wage growth of at least 3 percent.
Assemblyman John DiMaio says New Jersey should follow the same policies that have created a late-stage economic boom.
“The numbers out this morning show that tax and regulation cuts help business create jobs and raise wages,” said DiMaio (R-Warren). “Being business friendly is the difference maker.”
The national economy also performed better over the past few months than initially recorded. Revised estimates show November added 5,000 more jobs and December added 2,000 more jobs after revisions. December’s wage growth was also increased to 3 percent from 2.9 percent.
“Unfortunately, New Jersey’s annual dishonor of being the worst place to do business has only become more entrenched. New Jersey is doing well thanks to the national economy, but we could be doing much better. Tax and spend policies are holding back stronger growth,” concluded DiMaio.
The employment to population ratio of 61.2 percent is the highest since November 2008, and half a point higher than a year ago.