NJ Adds Jobs in August; Employment Growth Continues for 21st Straight Month
TRENTON – Employment growth continued to be robust in August, with the state adding 15,400 nonfarm jobs in the final month of summer, the 21st month of consecutive job growth, according to preliminary estimates produced by the U.S. Bureau of Labor Statistics.
The state has added an average of 12,700 jobs per month over the past three months, the estimates show.
Today’s state job report shows that nonfarm employment reached a seasonally adjusted level of 4,241,200 in August. Private-sector employment grew by 12,200 jobs (+15,500 per month in 2022). The unemployment rate rose by 0.3 percentage point to 4.0 percent in August, primarily driven by a rise in labor-force participation, signaling that more workers are seeking jobs because of strong labor market conditions.
The revised July nonfarm employment estimates increased by 7,500 to an over-the-month increase of 13,800 jobs. Preliminary estimates had shown a rise of 6,300 from June to July. The unemployment rate was unchanged at 3.7 percent.
In August, six out of nine major private industry sectors recorded job growth. Sectors that recorded employment increases were trade, transportation, and utilities (+5,400), education and health services (+4,200), construction (+2,600), professional and business services (+900), information (+800), and financial activities (+500). The three sectors that recorded employment losses were leisure and hospitality (-1,000), manufacturing (-600), and other services (-600). Month-over-month, public sector employment increased by 3,200 jobs.
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Article and Information Courtesy of The Official State of New Jersey.