Dean James W. Hughes and University Professor Joseph J. Seneca issued a new national economic report that estimates it will take the U.S. until 2017 to recover to pre-2007 employment levels. The first in a new series of economic analyses supported by Advance Realty of Bedminster, the report attracted national and international media attention.
The Advance & Rutgers Report, an Analysis of Economic, Business & Demographic Trends found that significant job losses as a result of the deep recession, compounded by natural growth in the workforce, has created a national employment deficit of over 9 million jobs. Hughes and Seneca noted that the U.S. was on track by December 2009 to finish a decade with an absolute loss of jobs for the first time since the Great Depression.
Erasing the current deficit of over 9 million jobs will require sustained employment growth at an aggressive pace, the report says. “Even if the nation could add 2.15 million private-sector jobs per year, starting in January 2010, it would need to maintain this pace for more than seven straight years … This is approximately 50 percent greater than the length of the average post-World War II expansion.”
The report concludes that New Jersey, with a strategic market location, strong consumer base and high-quality labor force, can emerge as a competitive player in this new economic reality. The report was featured by The New York Times, Wall Street Journal, Forbes.com, columnist George Will and all major New Jersey media. Seneca was interviewed on Bloomberg TV and NPR’s Radio Times, where he was paired with the Washington Post’s Robert Samuelson.