General Business

NJ Job Growth Slows in September

Nonfarm wage and salary employment in New Jersey continued to grow through September, but at a slower pace, according to preliminary estimates produced by the U.S. Bureau of Labor Statistics. Specifically, public sector employment grew by 8,200 jobs, while private sector employment declined by 4,400.

Today’s job report shows that nonfarm employment in the state increased by 3,800 in September, reaching a seasonally adjusted level of 4,239,600. So far in 2022, New Jersey employers have added nearly 123,000 jobs, and nearly 195,000 over the past 12 months.

The unemployment rate fell by 0.7 percentage points to 3.3% in September as many previously unemployed residents found new employment while others left the labor force.

Revisions to previously released August nonfarm employment estimates show an increase of 10,000 jobs compared with July; preliminary estimates had shown an increase of 15,400. August’s unemployment rate was unchanged at 4.0%.

In September, four out of nine major private industry sectors recorded job growth. Sectors that recorded employment increases were other services (+1,600), leisure and hospitality (+500), information (+300), and manufacturing (+100). Construction (-2,700), professional and business services (-2,700), and trade, transportation, and utilities (-1,500) recorded losses, while educational and health services as well as financial activities recorded no change. Month-over-month, the state’s public sector increased by 8,200 jobs due to gains recorded at the local level (+7,400).

Preliminary BLS data for October will be released on Nov. 17, 2022.

To access more business news, visit NJB News Now.

Related Articles: