Imagine that: Rosy prediction for U.S. employment rebound doesn't apply in N.J.

Or any for anything or anywhere else this administration predicted.

Experts: Rosy prediction for U.S. employment rebound doesn't apply in N.J. | NJBIZ
March 29. 2012  By Katie Eder

While research from the Federal Reserve Bank of New York presents a positive outlook for the nation's unemployment rate in 2013, experts in New Jersey said unemployment in the Garden State will stay above federal levels well past that date.

"There's no one industry sector that I see putting the state above the country," said Joel Naroff, president of Naroff Economic Advisors. "Employment in the state will grow only because the national economy is growing, but there won't be anything special in-state to reduce unemployment."

The Fed's speculation that the national unemployment rate will fall to nearly 6 percent from the current 8.3 percent by early 2013 is based on patterns in the unemployment rate from the recovery periods following recessions in 1981 to 1982, 1990 to 1991 and 2001.

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