New Jersey’s long-term employment trend remains positive, with 57,500 private sector jobs added over the past year (July 2015 – July 2016), although jobs moved lower in July, according to preliminary data from the United States Bureau of Labor Statistics (BLS).
Preliminary BLS data for July shows employment contracted by 4,700 nonfarm jobs. The three-month moving average, which evens out the volatility in the monthly employment figures, shows New Jersey’s private sector employment growth averaging 3,700 jobs over the last three months.
New Jersey has added 275,900 private-sector jobs since February 2010, the low point of private-sector employment during the recession. While the July unemployment rate ticked up to 5.2 percent, the Garden State’s labor force participation rate, representing the number of people employed or actively seeking work, continues to exceed the national rate, 64.1 percent to 62.8 percent.
Previously released June estimates were revised lower by 4,200, to show an over-the-month nonfarm employment gain of 16,100 nonfarm jobs.
“The downward revision to June’s payroll figure is unsurprising given how strong the preliminary estimate was. This combined with July’s job loss clearly illustrates the volatility that has characterized monthly payroll growth throughout 2016. The bottom line, however, is that the Garden State’s economy continues to grow and add jobs with a total net gain of 57,500 private sector jobs over the past year,” said James Wooster, Chief Economist for the New Jersey Department of Treasury.
Industries that experienced employment gains in July included education and health services (+1,000), manufacturing (+900), financial activities (+800), other services (+400), and trade, transportation and utilities (+200). Sectors that experienced contraction were construction (-3,200), professional and business services (-2,400), leisure and hospitality (-1,600) and information (-400). The public sector recorded a loss of 300 jobs.Related Articles: