Recently, research studies have indicated that there is considerable amount of job layoffs, and job reduction in the labor market in New Jersey, United States of America.
The federal Bureau of Labor Static’s said that New Jersey Unemployment rate fell
significantly within these five years. According to new survey by Rutgers University found that eighteen percent of American workers have experienced at least one layoff since 2001.Countless people who had loss their jobs they all are well educated, college graduated as salaried employees. Jobs were lost in wholesale trade and in professional and business services; a sector has seen strong growth over the past year. People over fifty have the toughest time because they are not getting job offers nearly as quickly as younger people .that is fact of life. Jobs- layoffs are an ugly truth which carries an enormous cost, inflicts untold casualties, and yields only mediocre financial returns. This is spread throughout American business and now all over the world. Moreover Jobs layoffs places tremendous stress and over work on managers and take toll on surviving employees and workers morale. Communities also take a hard hit during layoffs. Decreased tax revenue and falling retail sales on snow ball, creating a down ward economic trend that ultimately is born by all those who remain employed. Churches and school must downsize or even close in response to diminished attendance and funds, further weakening the bonds of community. Families are pushed to the limit as they try to accommodate the loss of a pay check with the least amount of devastation. Recently in five years in New Jersey many corporate office, IT industries, Pharmaceutical companies as well as many telecommunication companies declares a layoffs. In First Seven Months of 2001 NJ Loses 17,900 Private-Sector Jobs.
The NJ Department of Labor reports that the private sector as a whole, which includes all nongovernmental employers, has shrunk by 17,900 jobs...