Steady job growth over the last year has eased pressure on a state unemployment fund hit with a historic number of benefit claims during the COVID-19 pandemic.
But even as New Jersey’s jobless rate has plummeted since the worst days of the health crisis, the task of restoring the health of the unemployment fund remains an ongoing effort.
Under new projections disclosed in budget documents last week, Gov. Phil Murphy’s administration is now estimating it will take until mid-2024 to pay off low-interest federal loans that have helped keep the unemployment fund solvent during the pandemic. Read More from NJ Spotlight News.