NEW JERSEY – The state’s unemployment rate fell by a tenth of a percentage point for the second consecutive month, to 4.6 percent. Preliminary labor market estimates for May, produced by the U.S. Bureau of Labor Statistics, indicate a strong labor market.
Total nonfarm employment rose by 16,500 jobs to reach a seasonally-adjusted level of 4,393,700.
Revised estimates of total nonfarm employment in April saw an upward revision of 2,800 jobs, resulting in a revised March-to-April loss of 8,100. The state’s unemployment rate for April remained unchanged at 4.7 percent.
In May, seven out of nine private industries recorded gains compared to April. Sectors that recorded employment gains include leisure and hospitality (+7,200), education and health services (+2,900), trade, transportation, and utilities (+2,700), other services (+900), manufacturing (+600), professional and business services (+500), and financial activities (+500). Sectors that recorded job losses include construction (-400) and information (-200). Public sector jobs increased by 1,800 for May.
Over the past twelve months, New Jersey has added 80,200 nonfarm jobs. About eighty-six percent of those gains were in the private sector, with six out of nine private sector industries recording a gain between May 2023 and May 2024. These include private education and health services (+40,000), trade, transportation, and utilities (+10,500), leisure and hospitality (+9,600), other services (+5,400), professional and business services (+3,900), and construction (+3,700). Losses were recorded year-over-year in information (-2,900), and manufacturing (-1,300), while financial activities recorded no change. The public sector has recorded a gain of 11,200 over the past twelve months.
Preliminary BLS data for June 2024 will be released on July 18.
