New Jersey businesses added 4,900 jobs in August, but the unemployment rate climbed to 5.0%, the highest it has been in three and a half years, according to preliminary estimates by the U.S. Bureau of Labor Statistics that were released Thursday by state officials.
The state’s jobless rate is up 0.1 percentage point from the 4.9% rate recorded in both July and June and stands 0.4 percentage points higher than it was in August 2024. The state’s 5.0% unemployment rate exceeds the current 4.3% national rate by 0.7 percentage points.
Preliminary state hiring estimates for July were revised downward in the latest report to show a gain of 6,400 jobs, not 7,500 as previously reported. The adjustment did not affect the state’s 4.9% unemployment rate for July.
Job losses in August were reported in these five private sectors: financial activities (-1,400), construction (-1,000), manufacturing (-600), information (-500), and trade, transportation, and utilities (-400). The public sector recorded a loss of 2,100 jobs for August.
Four private industry sectors reported job gains in August: professional and business services (+7,300), private education and health services (+1,700), leisure and hospitality (+1,100), and other services (+800).
Viewed year-over-year, employers have added 28,900 nonfarm jobs in New Jersey since August 2024. Six out of nine industry sectors have had gains, including private education and health services (+30,200), professional and business services (+18,000), leisure and hospitality (+7,100), financial activities (+1,900), manufacturing (+1,300), and other services (+800).
Year-over-year jobs losses have been recorded in construction (‑10,000), trade, transportation, and utilities (-7,800), and information (‑5,000). The public sector has recorded a loss of 7,600 jobs over the past 12 months.
