New Jersey's unemployment rate remained unchanged at 4.7% in October, despite the state losing 1,500 jobs during the month, according to data from the U.S. Bureau of Labor Statistics released by state officials.
Revised employment estimates for August to September were adjusted downward, showing job growth of 14,600 compared to preliminary estimates of a 19,200 gain. The state's unemployment rate for September also held steady at 4.7%.
In October, four out of nine private industries experienced monthly employment gains over September. These sectors included other services with an increase of 1,800 jobs, education and health services with a rise of 1,400 jobs, construction adding 700 jobs, and manufacturing increasing by 400 jobs.
Conversely, professional and business services saw a decrease of 2,900 jobs; trade, transportation and utilities lost 1,500 jobs; and information dropped by 900 jobs. Financial activities and leisure and hospitality sectors recorded no change for the month. Public sector employment fell by 500 positions while private sector employment decreased by 1,000 positions.
Over the past year, New Jersey has added a total of 43,500 nonfarm jobs with approximately 83% in the private sector. Four out of nine private sector industries recorded employment increases between October 2023 and October 2024: private education and health services grew by 44,200 jobs; trade transportation and utilities increased by 9,200; construction rose by 4,100; and other services added another 2,000 positions.
Year-over-year job losses were observed in professional and business services (-7,800), leisure and hospitality (-6,300), information (-4,700), financial activities (-2,800), and manufacturing (-1,800). The public sector gained a total of 7,400 jobs over this period.
New Jersey’s unemployment rate continues to be higher than the national average which was reported at 4.1% for October.
