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New Jersey's Robust May Payroll Growth Could Mean Increase In Finance Jobs

New Jersey added more net positions in May than it has in any other month in s

New Jersey added more net positions in May than it has in any other month in seven years, and this robust employment growth could coincide with the creation of finance jobs.

The Garden State added 17,600 new positions in May, amid the opening of a new casino and a surge in hiring for government positions, according to Bloomberg. The hiring in New Jersey composed one-fourth of all new jobs created in the nation in May, The Wall Street Journal reports.

Seasonal hiring by New Jersey's state government and local jurisdictions was responsible for most of the 4,700 public positions created in New Jersey in May, according to Bloomberg.

Employers outside the government were responsible for creating 12,900 new positions, the media outlet reports. The hospitality and leisure industries contributed more than 75 percent of these jobs. A major contributor to the growth of new positions in this industry was hiring happening at the $2.4 billion Revel casino and hotel. The location opened to consumers on April 2, after receiving a $261 million tax cut for the purpose of jumpstarting the building of the project.

Optimism returns
"What the folks down the hall, the Democrats, don’t understand is that New Jersey is optimistic again," Governor Christie said, according to the news source. "People who’ve not been looking for jobs for months, and some of them years, are now entering the labor force to try and find jobs. They believe the New Jersey Comeback is under way. We’re back on track."

Even with the robust job growth, the state's unemployment rate rose to 9.2 percent in May from 9.1 percent in April. The Wall Street Journal reports that this uptick was the result of more people in the Garden State returning to the labor force, according to The state Department of Labor and Workforce Development.

Christie momentum
The strong job growth figures helped to bolster the initiatives of Christie, who invested substantial effort into balancing the state budget by the end of June, according to the media outlet. The proposed budget plan includes a reduction in income taxes. The effort to pass this tax cut could be challenged by the dwindling estimated tax revenues that have happened since the budget proposal was released in January.

Any reduction in income taxes could potentially increase the creation of finance jobs by putting more money in the hands of the state's consumers and stimulating the economy. 

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