NEW JERSEY – Preliminary labor market estimates from the U.S. Bureau of Labor Statistics indicate a stable labor market in New Jersey.
The state’s unemployment rate remained steady at 4.6 percent in June. Total nonfarm employment experienced a slight decrease of 1,200 jobs from May to June, bringing the seasonally adjusted total to 4,388,300 jobs.
The revised job gain from April to May was 12,300, downward from the preliminary estimate of 16,500. The state’s unemployment rate for May remained unchanged at 4.6 percent.
In June, three out of nine private industries recorded employment gains. Sectors that recorded job gains include professional and business services (+500), education and health services (+300), and trade, transportation, and utilities (+300). Sectors that recorded employment losses include leisure and hospitality (‑2,100), financial activities (‑1,200), manufacturing (‑300), other services (‑300), and information (‑100). The construction sector was unchanged month over month. Public sector jobs increased by 1,700 for June.
Over the past twelve months, New Jersey has added 58,300 nonfarm jobs. About eighty percent of those gains were in the private sector, with six out of nine private sector industries recording a gain between June 2023 and June 2024. These include private education and health services (+34,600), trade, transportation, and utilities (+7,800), other services (+4,000), construction (+3,100), professional and business services (+2,700), and leisure and hospitality (+1,800). Losses were recorded year-over-year in manufacturing (‑2,600), information (‑2,500), and financial activities (‑2,100). The public sector has recorded a gain of 11,500 over the past twelve months.
Preliminary BLS data for July 2024 will be released on Aug. 15.
