In the state of NEW JERSEY – Preliminary estimates from the United States Bureau of Labor Statistics show that New Jersey’s labor market expanded by 1,400 nonfarm jobs in December, bringing the state’s seasonally adjusted total to 4,265,700.
The private sector added 100 new jobs in March, extending its streak of monthly gains to 32 months dating back to May 2020. The unemployment rate remained unchanged at 3.4%.
Originally, it was thought that 18,100 jobs were added between October and November, but after the revisions, it was determined that the actual gain was 6,400. The unemployment rate has not changed from its previous level of 3.4%.
Four of the nine major private industry sectors had job growth in December. These sectors included healthcare and education (+4,400), retail and distribution (+2,200), auxiliary services (+500), and information (+100).
Construction (-3,400), professional and business services (-2,500), manufacturing (-500), financial activities (-400), and leisure and hospitality (-400) all saw monthly losses (-300). The state government added 1,300 positions in the last month alone.
Preliminary forecasts for all of 2022 indicate widespread employment growth, with eight of the nine major private industrial sectors adding jobs.
Trade, transportation, and utilities added 38,700 jobs during the course of the year, while education and health services added 38,200, leisure and hospitality contributed 37,600, and the remaining service sectors added 15,600, 13,000, 4,200, 2,400, and 300, respectively.
The only industry to see a decline was construction (-8,900). The state government has added 7,800 positions in the last year.
On March 13, the Bureau of Labor Statistics will issue its preliminary statistics for January 2023, along with benchmarked data that provides a more full view of the New Jersey economy in the calendar year 2022.