NJ Employment Dips in July; Unemployment Rate Ticks Up to 4.7%

TRENTON – Preliminary labor market estimates for July, produced by the U.S. Bureau of Labor Statistics, indicate a New Jersey labor market that is showing signs of easing. The unemployment rate increased by 0.1 percent to 4.7 percent from June to July. Total nonfarm employment fell by 10,300 jobs to reach a seasonally-adjusted level of 4,375,000 jobs in the state.

Revised June employment estimates show that the job loss was 4,200 (preliminary estimates were 1,200). The state’s unemployment rate for June remained unchanged at 4.6 percent.

In July, two out of nine private industries recorded employment gains compared to June. Sectors that recorded job gains include trade, transportation, and utilities (+2,600), and education and health services (+1,800). Sectors that recorded employment losses include professional and business services (‑3,000), leisure and hospitality (‑2,700), other services (‑2,000), manufacturing (‑1,800), construction (‑1,700), financial activities (‑1,600), and information (‑900). Public sector jobs decreased by 1,000 for July.

Over the past twelve months, New Jersey has added 58,600 nonfarm jobs. About eighty‑three percent of those gains were in the private sector, with six out of nine private sector industries recording a gain between July 2023 and July 2024. These include private education and health services (+34,900), trade, transportation, and utilities (+16,700), professional and business services (+3,600), other services (+1,800), construction (+800), and leisure and hospitality (+300). Losses were recorded year-over-year in information (‑3,900), manufacturing (‑3,200), and financial activities (‑2,500). The public sector has recorded a gain of 10,100 over the past twelve months.

Preliminary BLS data for August 2024 will be released on September 19, 2024.