Preliminary Estimates Show a Steady Labor Market in October
Preliminary labor market estimates for October, produced by the U.S. Bureau of Labor Statistics, indicate a slight job loss of 1,500 in New Jersey to a seasonally adjusted level of 4,387,000 jobs statewide. The state’s unemployment rate remained at 4.7 percent.
Revised August-to-September employment estimates were adjusted downward, resulting in job growth of 14,600 (preliminary estimates indicated a gain of 19,200). The unemployment rate for September was unchanged at 4.7 percent.
In October, four out of nine private industries recorded employment gains compared to September. Sectors that recorded employment gains include other services (+1,800), education and health services (+1,400), construction (+700), and manufacturing (+400). Sectors that recorded job losses include professional and business services (-2,900), trade, transportation, and utilities (-1,500), and information (-900). Financial activities, and leisure and hospitality recorded no change for the month. Public sector jobs decreased by 500 for October.
Over the past twelve months, New Jersey has added 43,500 nonfarm jobs, with about eighty-three percent of those gains in the private sector. Four out of nine private sector industries recorded employment gains between October 2023 and October 2024. These include private education and health services (+44,200), trade, transportation, and utilities (+9,200), construction (+4,100), and other services (+2,000). Losses were recorded year-over-year in professional and business services (-7,800), leisure and hospitality (-6,300), information (-4,700), financial activities (-2,800), and manufacturing (-1,800). The public sector has recorded a gain of 7,400 jobs over the past twelve months.
Preliminary BLS data for November 2024 will be released on December 19, 2024.
