NJ gets mid-ranking in evaluation of help for struggling households
HUGH R. MORLEY
Jan 26, 2016
A high underemployment rate contributed to New Jersey's rank of 25th in the nation for "financial security" of its residents, according to a report released Monday that said about 40 percent of households in the state are struggling to get by.
The state's 11.2 percent underemployment rate — which includes not only unemployed residents but those working part-time because they can't find a full-time job, as well as discouraged workers who have stopped looking for a job — was nearly twice the jobless rate, the report said. The comparison was based on rates through October 2015, the latest available.
The report was compiled by the Corporation of Enterprise Development, a Washington group that promotes ways to help "low- and moderate-income people to build wealth." The report cited the underemployment rate in the annual report, called "Assets & Opportunity Scorecard."
The ranking is based on factors including 69 policy measures that help financially struggling residents, among them health care policies, education and home ownership. New Jersey's 2016 rank was an improvement on its rank of 29th in the 2015 report.
The study also considered New Jersey's small-business ownership rate of 1.47 percent of the labor force owning a small business. That was slightly higher than the national rate of 1.38 percent, and was the 20th highest in the nation.