NJ’s Unemployment Rate Remains Steady at 3.4%

On Dec 15, 2022

The state’s unemployment rate remained steady at 3.4% in November. Employment reached a seasonally adjusted level of 4,257,900, with nonfarm employment increasing by 11,700 jobs for the month on the continued strength of the private sector, which added 11,400 jobs. This is the 31st consecutive month of growth dating back to May 2020, according to preliminary estimates produced by the U.S. Bureau of Labor Statistics.

October employment estimates have been revised downward by 1,300 to a total loss of 2,500 jobs between September and October, yet employment growth was still in positive territory. The unemployment rate was revised lower by one-tenth of a point to 3.4 percent.

In November, six out of nine major private industry sectors recorded job growth. Sectors that recorded employment increases were education and health services (+5,300), professional and business services (+3,700), other services (+2,900), construction (+1,600), trade, transportation and utilities (+1,000), and financial activities (+100). Sectors that recorded a loss were leisure and hospitality (-1,800), information (-800), and manufacturing (-600). The state’s public sector increased by 300 jobs for the month.

Preliminary BLS data for December will be released on Jan. 19.

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