News Department

BLS: Estimates for July show signs of cooling labor market

NEW JERSEY – Preliminary estimates produced by the U.S. Bureau of Labor Statistics (BLS) indicate that nonfarm employment in New Jersey grew by 1,000 jobs in July to reach a seasonally adjusted level of 4,335,100.

Job growth was driven by the public sector, which saw an increase of 8,400 jobs, while the private sector experienced a decline of 7,400 jobs. The state’s unemployment rate increased to 3.9 percent due, in part, to additional residents entering the labor force.

Revised estimates of total nonfarm employment in June saw a downward revision of 4,200 instead of preliminary gains of 600. The state’s unemployment rate for June remained unchanged at 3.7%. Additionally, the state’s labor force participation rate continued to increase steadily, reaching 65.5% in July — the highest since March 2013.

In July, four out of nine major private industry sectors recorded job growth, including construction (+2,400), education and health services (+2,100), trade, transportation, and utilities (+900), and financial activities (+500). Professional and business services (-5,400), leisure and hospitality (-5,300), other services (-2,400), and manufacturing (-100) recorded losses; information recorded no change. The public sector recorded a seasonally-adjusted gain of 8,300 jobs, focused at the local level (+7,400) due to lower-than-expected summer losses from schools.

Over the past twelve months, New Jersey has added 73,300 nonfarm jobs. These gains were distributed across several industries, with seven out of nine private sector industries recording a gain between July 2022 and July 2023. These industries include education and health services (+47,600), leisure and hospitality (+13,400), trade, transportation, and utilities (+6,800), construction (+4,800), other services (+2,200), manufacturing (+600), and information (+600). Losses were recorded in professional and business services (-14,800) and financial activities (-1,500). Year-over-year, the state’s public sector recorded an increase of 13,500 jobs.

Preliminary estimates for August will be released on September 14, 2023.

Jay Edwards

Born and raised in Northwest NJ, Jay has a degree in Communications and has had a life-long interest in local radio and various styles of music. Jay has held numerous jobs over the years such as stunt car driver, bartender, voice-over artist, traffic reporter (award winning), NY Yankee maintenance crewmember and peanut farm worker. His hobbies include mountain climbing, snowmobiling, cooking, performing stand-up comedy and he is an avid squirrel watcher. Jay has been a guest on America’s Morning Headquarters,program on The Weather Channel, and was interviewed by Sam Champion.

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