NJ Unemployment Rate Holds Steady; Job Losses Recorded in February Following Six Months of Gains
Preliminary estimates produced by the U.S. Bureau of Labor Statistics indicate that total nonfarm employment in the state declined for the first time in seven months, decreasing by 5,300 jobs in February to reach a seasonally adjusted level of 4,370,700. Several sectors reported job gains for the month, and the unemployment rate remained steady at 4.8 percent for the sixth straight month.
Estimates of total nonfarm employment for January were adjusted downward for a gain of 9,700 jobs for the month. The unemployment rate remained unchanged for January.
In February, five out of nine major private industry sectors recorded gains: private education and health services (+2,400), leisure and hospitality (+1,000), information (+500), financial activities (+200), and manufacturing (+100). Four major private industry sectors recorded losses: professional and business services (-4,200), construction (-3,400), other services (-1,600), and trade, transportation, and utilities (-1,000). The public sector recorded a seasonally adjusted gain of 700 jobs.
Over the past twelve months, New Jersey has added 73,000 nonfarm jobs; about 90 percent of the gains were in the private sector. Seven out of nine private sector industries recorded year-over-year gains from February 2023 to February 2024. These industries are education and health services (+38,100), leisure and hospitality (+13,500), trade, transportation, and utilities (+8,300), other services (+5,700), financial activities (+1,200), construction (+1,000), and manufacturing (+700). Professional and business services (-1,400) and information (-1,100) recorded losses. Year-over-year, the state’s public sector recorded an increase of 7,100 jobs.
Preliminary BLS data for March 2024, will be released on April 18, 2024.
