TRENTON – Preliminary estimates produced by the U.S. Bureau of Labor Statistics show that New Jersey’s labor market remains steady in June. Nonfarm employment in New Jersey increased by 600 jobs to reach a seasonally adjusted level of 4,338,300. The gains were all in the private sector. The state’s unemployment rate increased to 3.7 percent, though the state’s labor market as a whole continued its solid growth with the labor force participation rate climbing to 65.4 percent, its highest reading since March 2013. The employment population ratio also reached 63.0 percent, the highest since September 2008.
May employment estimates were revised upward by 1,900 to show an April to May gain of 11,700 jobs. Preliminary estimates had shown a gain of 9,800. The May unemployment rate was unchanged after revisions, remaining at 3.6 percent.
In June, four out of nine major private industry sectors recorded job growth, including education and health services (+2,000), leisure and hospitality (+1,700), information (+400) and other services (+200). Sectors that recorded a loss include professional and business services (-1,600), financial activities (-700), manufacturing (-600), trade, transportation, and utilities (-500), and construction (-300). The public sector recorded no net change in total employment for the month.
Over the past twelve months, New Jersey has added 98,700 nonfarm jobs. These gains were distributed across several industries, with eight out of nine private sector industries recording a gain between June 2022 and June 2023. These industries include education and health services (+49,600), leisure and hospitality (+22,200), trade, transportation, and utilities (+8,900), other services (+5,000), professional and business services (+4,700), construction (+2,100), manufacturing (+1,500), and information (+1,300). Losses were recorded in financial activities (-1,700). Year-over-year, the state’s public sector added 5,000 jobs.
Preliminary estimates for July will be released on August 17, 2023.
Article Courtesy of the New Jersey Department of Labor