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The statehouse in Trenton. New Jersey fared poorly in a study examining how well states are run, finishing 43rd.

(Patti Sapone/The Star-Ledger)

New Jersey is the eighth-worst run state in the country, according to a report on WallStreet247.com.

Although the Garden State has a relatively low poverty rate and the third-highest median income in the nation, it was offset by several negative factors, the study said. Among the items that worked against New Jersey: a downward trending credit rating as well as the 10th-highest unemployment rate and a high debt per capita.

The study said New Jersey's cost of living is the third highest in the United States — 14 percent higher than the typical state. Its reported debt per capita of $7857 in 2012 was the fifth highest in the nation.

The rankings were compiled in three major categories: financial position, economic outcomes, and social outcomes.

The three worst-run states in country according to WallStreet247.com are Illinois, New Mexico and Mississippi. The three best-run are North Dakota, Wyoming and Nebraska.

New Jersey's neighbors all fared better — Delaware was ranked 13th best; New York 33rd and Pennsylvania 26th.

In late November, Fitch Ratings' primary analyst has once again offered a "negative" rating outlook for the state's credit rating, and has assigned its second-lowest "investment grade" credit rating to the Garden State's offering of some $525 million in bonds, which began last week.

The agency's negative rating outlook indicates that if current financial trends continue, New Jersey’s credit rating is likely to move downward — for an eighth time — sometime over the next one- to two-years.

More on the study's methodology can be found here.

Jeff Goldman may be reached at jeff_goldman@njadvancemedia.com. Follow him on Twitter @JGoldmanNJ. Find NJ.com on Facebook.