Preliminary estimates produced by the U.S. Bureau of Labor Statistics for October show a stable labor market. The private sector grew in the past 30 months while the public sector remained stable, albeit losing jobs in October.
Today’s New Jersey job report shows that nonfarm employment decreased by 1,300 in October, reaching a seasonally adjusted level of 4,247,400. However, the three-month average gain is 7,200. Private sector employment rose by 6,700 jobs, continuing a streak of 30 consecutive months of growth, which started in May 2020. The unemployment rate rose by 0.2 percentage points to 3.5 percent in October due to people re-entering the labor force seeking employment.
The revised September employment report shows a month-over-month growth of 12,900 jobs, a revision of 9,100 above preliminary estimates of 3,800. September’s unemployment rate was unchanged at 3.3 percent.
In October, eight out of nine major private industry sectors recorded job growth. Sectors that recorded employment increases are trade, transportation, and utilities (+2,400), professional and business services (+1,900), education and health services (+1,700), leisure and hospitality (+1,100), other services (+600), construction (+400), manufacturing (+200), and information (+200). Financial activities (-1,800) was the only supersector to record a loss. Month-over-month, the state’s public sector decreased by 8,000 jobs, mostly due to losses recorded at the local level (-7,800).
Preliminary BLS data for November will be released on December 15, 2022.
Article Courtesy of the State of New Jersey