NJ Layoffs: See Where The Job Cuts Are Deepest

Layoff notices continue to come in from New Jersey employers in 2026, with more than 4,100 jobs set to be eliminated as of March 16.

But what does that mean long-term for the state's job market?

According to economists at Rutgers University, it's a mixed bag, with more cuts in the coming weeks before the job market stabilizes in 2027.

"The current forecast for 2026 calls for a small employment decline of 0.1%, followed by a moderate recovery the following year and moderate growth slightly outpacing that of the nation in the medium term," according to the Rutgers Economic Advisory Service forecast published March 2.

The state's unemployment rate is expected to continue to rise through 2027, according to the Rutgers forecast, though how much is uncertain. It was 5.4 percent in December, the most recent unemployment figure for New Jersey available from the federal Bureau of Labor Statistics.

"Employment growth in the state is slowing, with job gains limited to a few sectors," the Rutgers forecast said. It cited the health services sector as the strongest in recent growth, "with professional and business services also showing some resiliency."

That appears to be in spite of layoffs by a number of pharmaceutical companies. Bristol Myers Squibb, which cut 1,266 jobs in 2025, with those layoffs to be completed later in March, announced it will be eliminating 247 more jobs by the end of 2026.

"We’re on a multi-year journey as we build for the future of Bristol Myers Squibb," a company spokesperson said in late 2025, noting the process started in 2024.

"The expansion in our strategic productivity initiative reflects our ongoing plan to reshape the company for long-term, top-tier growth," the spokesperson said.

Other health and pharmaceutical companies that have announced layoffs so far in 2026 are Blue Cross Blue Shield of NJ (242), Spectra Laboratories (57), In tegra Life Sciences (65), Cigna Evernorth Services (134), Reckitt Benckiser (62), RB Health (14) and Mead Johnson (18).

The retail sector also has seen significant layoffs in 2026, led by Amazon — which had previously announced it would be cutting more than 14,000 positions. Macy's (168), Saks & Company (127), Target (107), Walmart (100) and Eddie Bauer (58) all have announced layoffs this year.

Leisure and hospitality employment, construction, and public sector employment were showing slow growth or declines, the Rutgers forecast said.

Layoff notices have slowed slightly in March, with 274, after 1,980 were announced in January and 1,847 in February. Read more: More Layoffs Hit NJ As Federal Job Numbers Fall

The federal unemployment rate rose slightly in February to 4.4 percent, from 4.3 percent in January, with an unexpected loss of 92,000 jobs, the Bureau of Labor Statistics said. Layoffs were highest in the information and federal employment sectors nationally, the bureau said.

Under the federal Worker Adjustment and Retraining Notification law, a company with 100 employees or more must give workers 60 days' notice of a layoff affecting 50 people or more at a single site. In New Jersey, there are additional requirements, including mandatory severance pay.