TRENTON – October estimates showed that private sector employers in New Jersey created 4,000 jobs over the month while the state’s unemployment rate continued to decline, down by 0.1 percentage point to 9.1 percent, according to the state Department of Labor. New Jersey’s unemployment rate has now dropped successively during each of the past three months.
Preliminary estimates indicate that total nonfarm wage and salary employment in New Jersey increased by 2,500 in October to a seasonally adjusted 3,868,700, as measured by the United States Bureau of Labor Statistics (BLS) through its monthly employer survey. Private sector employment increased (+4,000), while public sector payrolls were lower over the month (-1,500). Since January of this year, New Jersey private sector employers have added 38,600 jobs.
“The rebound in the job count in October, along with the drop in the unemployment rate, suggests that the state’s economy continues to move forward. The pace of improvement is much less than we all desire, but we are going the right way,” said Charles Steindel, chief economist for the New Jersey Department of Treasury.
Based on more complete reporting from employers, previously released September estimates were better than first reported. The estimate of total employment in September was revised higher, up by 6,100 jobs, to show an over-the-month (August-September) total nonfarm employment loss of 5,000 jobs. Preliminary estimates indicated an over-the-month loss of 11,100.
In October, private sector job gains were posted in five of ten industry sectors; four recorded a loss while one was unchanged. Industries that recorded significant gains included other services (+2,900), educational and health services (+2,600), and manufacturing (+1,500). Smaller gains were recorded in trade, transportation and utilities (+600), and professional and business services (+500). Job losses occurred in information (-1,600), leisure and hospitality (-1,100), financial activities (-700) and construction (-700). Over the month, public sector employment was lower by 1,500 with contraction at the state government (-2,000) level overshadowing a gain of 500 in local government.
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