A nationwide drop in the unemployment rate has some New Jersey residents hopeful of an improving economy.

Newark Mayor Cory Booker met with New York City Mayor Mike Bloomberg Sunday to discuss economic issues. Despite the recent drop in the national unemployment rate, Booker says he doesn't believe a recession recovery is currently in the works.

The national jobless rate fell to 9.4 percent in July, but the U.S. Department of Labor stated Newark's jobless rate to be at 14.3 percent in June. Booker says Newark needs federal taxpayer dollars in aid to improve its economy.

President Obama says he anticipates the nation's unemployment rate to reach as high as 10 percent this year.