Labor market estimates show New Jersey lost 1,500 jobs during the month of October, but the state’s unemployment rate held steady at 4.7%, according to U.S. Bureau of Labor Statistics data released Thursday by state officials.
Revised August-to-September employment estimates were adjusted downward, resulting in job growth of 14,600 (preliminary estimates had indicated a gain of 19,200). The state unemployment rate for September was unchanged at 4.7%.
In October, four out of nine private industries recorded monthly employment gains compared to September. Sectors that recorded employment gains include other services (+1,800), education and health services (+1,400), construction (+700), and manufacturing (+400).
Sectors that recorded job losses include professional and business services (-2,900), trade, transportation, and utilities (-1,500), and information (-900). Financial activities, and leisure and hospitality recorded no change for the month. Public sector jobs decreased by 500 for October and private sector jobs decreased by 1,000.
Over the past 12 months, New Jersey has added 43,500 nonfarm jobs, with about 83% of those gains in the private sector. Four out of nine private sector industries recorded employment gains between October 2023 and October 2024. These include private education and health services (+44,200), trade, transportation, and utilities (+9,200), construction (+4,100), and other services (+2,000).
Losses were recorded year-over-year 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 has recorded a gain of 7,400 jobs over the past 12 months.
New Jersey’s 4.7% unemployment rate continues to trend higher than the national unemployment rate, which was 4.1% for October.
