0.02%

NJ’s unemployment rate inched up this much in October

November 22, 2023 | Number of The Day

Jobs in both the private and public sectors were added in New Jersey in October for a seasonally adjusted total nonfarm employment level of 4,353,000, according to preliminary estimates by the U.S. Bureau of Labor Statistics.

However, the state’s labor force participation rate declined and the state’s unemployment rate inched up to 4.6% — an increase of 0.02% over September’s rate.

Revised estimates for September show that 6,700 jobs were added that month, 1,000 fewer than preliminary estimates had suggested.

October job gains in the private sector were in professional and business services (+2,000), leisure and hospitality (+1,800), other services (+1,000), trade, transportation, and utilities (+700), education and health services (+100), and information (+100). Private-sector job losses last month were in manufacturing (-200) and financial activities (-100) while the public sector saw a seasonally adjusted gain of 1,200 jobs.

Over the past 12 months, New Jersey has added 85,700 nonfarm jobs.

Preliminary estimates for November will be released on Dec. 21.