New Jersey Department of Labor - NJDOL

 

Preliminary employment and labor force estimates for December produced by the U.S. Bureau of Labor Statistics show New Jersey gained an estimated 12,200 nonfarm jobs in December to close out 2023 with a seasonally adjusted level of 4,367,000, up 69,600 jobs from a year ago. Most of December’s growth was in the private sector, with private sector employers adding 10,900 jobs compared with November.

However, the state’s unemployment rate inched up to 4.8 percent, 0.1 percent higher than November, and the state’s labor force participation rate fell slightly for the fourth time in as many months.

Revised estimates of total nonfarm employment in November saw a slight upward revision of 400 jobs for a revised October-to-November monthly gain of 4,500. Revised estimates of the unemployment rate for October remained at 4.7 percent.

In December, employment gains in the private sector were concentrated in seven out of nine major private industry sectors: education and health services (+4,300), construction (+3,800), leisure and hospitality (+1,600), trade, transportation, and utilities (+1,600), manufacturing (+700), other services (+400), and information (+100). The only industry that recorded a loss for the month was professional and business services (-1,600); the financial activities sector was unchanged. The public sector recorded a gain of 1,300 jobs, which was mostly concentrated in local government.

For the calendar year of 2023, New Jersey added 69,600 nonfarm jobs. About 75 percent of those gains were in the private sector, with five out of nine private sector industries recording a gain between December 2022 and December 2023. Those industries are: education and health services (+42,600), leisure and hospitality (+13,900), manufacturing (+2,400), construction (+2,300), and information (+600). Professional and business services (-8,500), trade, transportation, and utilities (-600), and other services (-400) recorded losses, while financial activities recorded no change. Year-over-year, the state’s public sector recorded an increase of 17,200 jobs.

Article Courtesy of the NJDOL