New Jersey’s private-sector employment grew by 4,700 jobs, as the unemployment rate fell to 5.0 percent in November, according to preliminary estimates by the United States Bureau of Labor Statistics (BLS). New Jersey has added 278,000 private-sector jobs since February 2010, the recessionary low point for private-sector employment in the state.
New Jersey’s labor force participation rate, which measures the number of people employed or actively seeking work, continues to best the national rate, 63.6 percent to 62.7 percent.
“The Department of Labor and Workforce Development just released the preliminary figures for November and they are highly encouraging. The unemployment rate fell to 5.0 percent in November and private sector employment is up by 23,300 jobs over the past year. The New Jersey economic recovery continues,” said James Wooster, Chief Economist for the New Jersey Department of Treasury.
Industries that experienced employment gains in November included professional and business services (+7,100), education and health services (+1,000), leisure and hospitality (+900), trade, transportation and utilities (+900), and financial activities (+400). Sectors that experienced contraction were other services (-2,200), manufacturing (-1,800), information (-1,100), and construction (-500). The public sector recorded a loss of 800 jobs.
Based on additional reporting from employers, estimates for October were revised to an over-the-month total nonfarm loss of 9,300 jobs. Monthly employment estimates will be revised again in the BLS annual benchmark report released in March 2017.Related Articles: