Nonfarm employment in New Jersey declined for the first time in seven months in February in February to reach a seasonally adjusted level of 4.3 million, but the unemployment rate held steady at 4.8%, state officials said Thursday.
According to preliminary estimates compiled by the U.S. Bureau of Labor Statistics, there were 6,000 private sector jobs lost in New Jersey last month, which was partially offset by a gain of 700 public sector jobs. The report also downwardly revised the estimated job gains for January to 9,700.
In February, four major private industry sectors recorded losses: professional and business services (-4,200); construction (-3,400); other services (-1,600); and trade, transportation, and utilities (-1,000).
Five of nine major industries reported increased hiring in February: private education and health services (+2,400); leisure and hospitality (+1,000); information (+500); financial activities (+200); and manufacturing (+100).
The state unemployment rate in February held steady at 4.8% for the sixth consecutive month. The national unemployment for February was 3.9%.
Over the past twelve months, New Jersey has added 73,000 nonfarm jobs with about 90% of those gains in the private sector, according to the Department of Labor and Workforce Development.
Seven out of nine private sector industries recorded year-over-year gains from February 2023 to February 2024. These industries are education and health services (+38,100); leisure and hospitality (+13,500); trade, transportation, and utilities (+8,300); other services (+5,700); financial activities (+1,200); construction (+1,000); and manufacturing (+700). Year-over-year, the state’s public sector recorded an increase of 7,100 jobs.
Industries that have recorded year-over-year losses in New Jersey include professional and business services (-1,400); and information (-1,100).
