Connect with us

Jobs

While US gained jobs, NJ shed them in Q3. See which companies had layoffs

Published

1 month ago

on

While US gained jobs, NJ shed them in Q3. See which companies had layoffs

3-minute read

play

New Jersey’s private sector shed 5,358 jobs in the third quarter of 2024 as job gains slowed throughout the state, despite overall positive numbers nationwide.

Public filings with the state Department of Labor show that 25 separate companies announced layoffs between July and September this year. In the second quarter — April, May and June — 34 companies announced a combined 4,130 of job cuts. 

You can check the exact layoffs on our database, which is browsable by topic, location and keyword. 

White collar sectors from finance to health care and pharmaceuticals have let go thousands of employees in New Jersey both this year and last year.

Story continues below photo gallery

One big factor in slowing hiring has been soaring interest rates, which the Federal Reserve had raised 11 times since the COVID-19 pandemic in a bid to tame a 40-year-high inflation rate. 

The Federal Reserve only just cut interest rates, and economists say it would be months before any effect is felt. 

Shrinking workforce in New Jersey

The Garden State posted job losses three months in a row, according to recent numbers, as economists warn about a slowing labor market going into the 2024 presidential election. 

Numbers released late last month by the state Labor Department show that New Jersey’s workforce lost 4,400 jobs between July and August this year. The state lost 11,500 jobs between June and July, and 4,200 jobs between May and June, state figures show. 

“The pace of hiring has slowed,” said Charles Steindel, who was the state’s chief economist under the Christie administration. “New Jersey has been quite soft the last few months with losses.”

The slowdown comes after a nearly historic pace of hiring. New Jersey added some 200,000 jobs in 2022 and 2023. The so-called Great Resignation — a period right after the COVID-19 pandemic when businesses were strapped for labor — has essentially ended, said Chris Hayes, a labor historian at Rutgers University. 

“This idea that people can switch jobs and demand considerably higher wages and everyone has a ‘now hiring’ sign and paying signing bonuses — that’s long gone,” Hayes said. 

The New Jersey numbers counter what’s happening at the national level. In September, the U.S picked up 254,000 jobs, marking a strong jobs report that defied what economic forecasters expected. 

New Jersey had the sixth-highest unemployment rate in the nation at 4.8%, behind Washington, California, Illinois, Nevada and Washington, D.C. South Dakota had the lowest unemployment rate, at 2%, federal numbers show.  

One reason for such a high unemployment rate could be New Jersey’s population density, Hayes suggested.

“There are a lot of people looking for jobs, and if companies stop hiring and lay some people off, it’s going to be felt pretty immediately,” he said.

Which companies had layoffs

In August, Monroe-based technology company Pitney Bowes announced it was laying off 413 employees. 

At the Wayne YMCA, 157 workers were handed layoff papers, but the town’s mayor said the town will rehire most of them. 

Troubled New Jersey hospital chain CarePoint Health said it would lay off as many as 2,600 workers by the end of the year. 

Prudential Financial, headquartered in Newark, said it would be letting go of 238 employees next April. Samsung Electronic in Ridgefield Park — soon to be based out of what will be the former Unilever headquarters in Englewood Cliffs — notified 125 employees in September of layoffs.

Johnson & Johnson announced last month that it gave the pink slip to 231 employees at its New Brunswick headquarters. 

What to do if you’re laid off in NJ

As soon as you’re notified you’ll be laid off, there are questions you should make a priority to ask your employer, according to the Harvard Business Review. 

They include:

  • When you’ll receive your last paycheck and if you’ll get paid for unused vacation time 
  • Whether you’ll receive severance pay 
  • How long you have to exercise your company stock options 
  • How long company health coverage will last
  • If the employer will still provide you a reference 
  • How and when you can get copies of your performance reviews 
  • What happens to your 401(k) retirement plan 

The financial publication NerdWallet states that once laid off, you should file for unemployment “as soon as possible.” 

And you should contact any banks or lenders, including your credit card or mortgage company, and see if they could waive or reduce your fees, or extend the payment due dates, NerdWallet said. 

If need be, NerdWallet suggests you should tap into local community resources, like the U.S Department of Agricultures emergency food assistance programs, or 211.org, which connects to other local social services. 

How to get health care when unemployed

Health care options need to be researched. Job loss counts as a “qualifying life event,” meaning you can change health insurers outside of the open enrollment period. 

You can stay on your parents’ plan if you’re under 26, stay on your spouse’s employer health plan, or acquire insurance through the federal insurance marketplace. 

Or you could continue on your now-former employer’s health plan through COBRA.

(This story was updated because an earlier version included an inaccuracy.)

Daniel Munoz covers business, consumer affairs, labor and the economy for NorthJersey.com and The Record. 

Email: munozd@northjersey.com; Twitter:@danielmunoz100 and Facebook

Related Topics:
Continue Reading