unemployment application
General Business

NJ’s Unemployment Rate Drops 0.4%

Nonfarm wage and salary employment in New Jersey increased by 25,800 in November to reach a seasonally adjusted level of 4,060,900, according to Preliminary estimates by the U.S. Bureau of Labor Statistics. This marks the eleventh consecutive month of gains in the state’s total nonfarm job level, with five of the past six months showing gains of at least 20,500 jobs.

Meanwhile, the state’s unemployment rate fell by 0.4 percentage points to 6.6% for the month, while the US unemployment rate is 4.2%. The state has now recovered 548,500 jobs, or about 76% of the number lost in March and April 2020 due to the impact of the coronavirus pandemic.

The November New Jersey gains were concentrated in the private sector (+27,000) of the state’s economy. Including October’s revision, New Jersey private sector employers have added nearly 76,000 jobs over the past three months.

Based on more complete reporting from employers, previously released total nonfarm employment estimates for October were revised higher to show an over-the-month (September – October) increase of 29,800 jobs. Preliminary estimates had indicated an over-the-month increase of 20,000 jobs. The state’s October unemployment rate remained at 7.0%.

In November, employment gains were recorded in eight out of nine major private industry sectors. Sectors that recorded increases are: professional and business services (+8,600), trade, transportation, and utilities (+8,500), education and health services (+4,200), leisure and hospitality (+3,300), other services (+2,400), manufacturing (+700), financial activities (+700), and information (+300). The only sector to record a loss over the month was construction (-1,800). Over the month, public sector employment decreased by 1,200.

To access more business news, visit NJB News Now.

Related Articles: