Jan 21, 2009 2:03 pm US/Eastern
New Jersey Jobless Rate On The Rise
TRENTON, N.J. (AP) ―
New Jersey's jobless rate spiked to its highest point in nearly 15 years, further straining the state's chronically underfunded unemployment fund.
The state's unemployment rate rose to 7.1 percent in December, up a full percentage point from November. Retail, construction and professional and business services were the hardest hit.
Gov. Jon S. Corzine says he hopes to avoid a payroll tax increase to shore up the unemployment fund, which was raided of $4.7 billion before Corzine took office in 2005.
The unemployment fund pays claims to out-of-work employees. An automatic tax increase is triggered to businesses if the fund gets too low.
The number of jobless claims in New Jersey and nationally has steadily risen as the recession has deepened.
(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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