NJ Adds Jobs in November; Unemployment Rate Inches Higher
Revised estimates of total nonfarm employment in October saw a downward revision of 2,700, for a revised September-to-October gain of 3,900. The state’s unemployment rate for October remained unchanged at 4.6 percent.
In November, gains in the private sector were concentrated in four out of nine major sectors: education and health services (+3,200), leisure and hospitality (+2,300), trade, transportation, and utilities (+700), and professional and business services (+600). Four sectors recorded job losses: Construction (-2,400), information (-900), other services (-300), and manufacturing (-100). Financial activities recorded no change. The public sector recorded a seasonally adjusted gain of 1,000 jobs.
Over the past 12 months, New Jersey has added 62,700 nonfarm jobs. These gains were distributed across industries, with five out of nine private sector industries recording gains between November 2022 and November 2023. Those industries are: education and health services (+41,200), leisure and hospitality (+12,500), manufacturing (+2,500), trade, transportation, and utilities (+700), and information (+400). Professional and business services (-8,400), construction (-3,000), and other services (-200) recorded losses. Financial activities recorded no change. Year-over-year, the state’s public sector recorded an increase of 16,900 jobs.
Preliminary estimates for December will be released on January 18.