New Jersey unemployment falls

New Jersey’s unemployment rate, which set a record low of 3.5 percent for June, fell another 0.2 percentage point in July to 3.3 percent, the lowest monthly rate since statewide records began in 1976 and 0.4 percentage point below the national rate of 3.7 percent, according to preliminary estimates produced by the U.S. Bureau of Labor Statistics.

Employment levels were essentially unchanged over the month, as total nonfarm wage and salary employment in the state decreased by 500 in July to a seasonally adjusted level of 4,202,000.

Looking at the longer term, over the year, July 2018 – July 2019, employment in New Jersey was higher by 48,300 jobs, with gains recorded in both the private (+47,600) and public (+700) sectors of the New Jersey economy. Since February 2010, the low point of the last recession, New Jersey’s private sector employers have added 408,700 jobs.

Based on more complete reporting from employers, the previously released total nonfarm employment estimate for July was revised lower by 2,100 to show an over-the-month (May – June) increase of 8,100 jobs. Preliminary estimates had indicated an over-the-month increase of 10,200 jobs. The state’s June unemployment rate was unchanged, remaining at 3.5 percent.

In July, employment decreases were recorded in five out of nine major private industry sectors. Industry sectors that lost jobs were leisure and hospitality (-2,200), education and health services (-1,300), other services (-700), information (-400), and financial activities (-200). Industry sectors that added jobs were trade, transportation, and utilities (+1,600), professional and business services (+1,300), manufacturing (+1,200), and construction (+500). Over the month, public sector employment was lower by 300 jobs.