NJ's unemployment hits 5-year high

November 20, 2008 5:45:57 AM PST
New Jersey employers slashed 6,000 jobs in October. That's pushed the unemployment rate to its highest level in five years. The state Labor and Workforce Development Department says the jobless rate rose from 5.8 percent in September to 6 percent last month - the highest rate since July 2003.

New Jersey employment has fallen eight of the 10 months in 2008.

All the recent job cuts were in the private sector, with 2,500 cut in trade, transportation and utilities.

Employment in the manufacturing sector has fallen by nearly 12,000 this year.

The state says education and health services recorded moderate gains of 1,200 jobs in October. The government sector posted an increase of 100 jobs.

Nationwide, the jobless rate rose to 6.5 percent.

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