NEW JERSEY – Preliminary estimates produced by the U.S. Bureau of Labor Statistics indicate a mixed labor market picture for the state in October.
Total nonfarm employment grew by 6,600 jobs in October to reach a seasonally adjusted level of 4,353,000. Job growth in the private sector increased by 5,400. However, the state’s unemployment rate increased to 4.6 percent as the state’s labor force participation rate fell.
Revised estimates for September show a gain of 6,700 jobs; preliminary estimates had the monthly gain at 7,700 jobs. The state’s unemployment rate for September remained unchanged at 4.4 percent.
In October, gains in the private sector were concentrated in six out of nine major private industry sectors: professional and business services (+2,000), leisure and hospitality (+1,800), other services (+1,000), trade, transportation, and utilities (+700), education and health services (+100), and information (+100). Manufacturing (-200) and financial activities (-100) recorded losses, while construction recorded no change for the month. The public sector recorded a seasonally adjusted gain of 1,200 jobs.
Over the past 12 months, New Jersey has added 85,700 nonfarm jobs. These gains were distributed across the board, with eight out of nine private sector industries recording a gain between October 2022 and October 2023. These industries were: education and health services (+45,500), leisure and hospitality (+14,400), trade, transportation, and utilities (+4,700), other services (+2,700), construction (+2,700), manufacturing (+2,100), information (+1,600), and financial activities (+300). Professional and business services (-5,200) was the only sector to record a year-over-year loss. Over the year, the state’s public sector recorded an increase of 16,800 jobs.
Preliminary estimates for November will be released on Dec. 21.
