Forecast predicts coronavirus-related unemployment in N.J. to peak at 27%

By Emily Bader
New Jersey | Apr 24, 2020 at 1:07 pm

Unemployment in New Jersey has already been impacted by COVID-19, with 792,224 workers out of a job over the last five weeks. But, according to a new initiative, coronavirus-related jobless claims in the state may be triple that at its peak.

MoneyGeek, a personal finance technology company based in San Francisco, forecasted that New Jersey’s unemployment numbers related to the virus will peak at 27%, or just under 1.244 million of the state’s workforce. The state’s rate, if the forecast is right, will be more than three times worse than it was during the Great Recession (8.7% in 2009).

When compared nationally, a staggering 26 million so far have made unemployment claims.

Here’s a break down of projected coronavirus-related statistics in New Jersey:

Greater Atlantic City Area

  • Unemployment rate: 43%
  • Projected unemployed: 52,400
  • Top 3 impacted industries: Leisure and hospitality; accommodation and food services; and education and health services.

Greater Trenton Area

  • Unemployment rate: 33%
  • Projected unemployed: 68,500
  • Top 3 impacted industries: Government; state government; education and health services.

Greater Vineland Area

  • Unemployment rate: 29%
  • Projected unemployed: 19,100
  • Top 3 impacted industries: Trade, transportation and utilities; education and health services; government.

Ocean City

  • Unemployment rate: 40%
  • Projected unemployed: 16,800
  • Top 3 impacted industries: Leisure and hospitality; government; and accommodation and food services.
Emily Bader | ebader@roi-nj.com | @emilybader