From NJBIA:
NJ January Jobless Rate Stays Flat at 4.6%
New Jersey private-sector employers added 5,900 jobs during January, but significant losses in the public sector were primarily responsible for an overall drop in total employment to 4,387,700, according to federal data released Thursday by state officials.
Meanwhile, New Jersey’s unemployment rate held steady in January at a seasonally adjusted 4.6% where it has stood for the past eight months. The national unemployment rate in January was 4% and rose to 4.1% in February.
For January, six out of nine major private sectors recorded month-over-month job growth including professional and business services (+3,800); private education and health services (+1,300); financial activities (+600); manufacturing (+600); trade, transportation, and utilities (+200); and other services (+200).
The public sector recorded a loss of 12,000 jobs in January, mainly at the state level (-10,300). Sectors that also recorded losses include information (-500) and leisure and hospitality (-300). Construction recorded no change for the month.
Overall, the preliminary nonfarm employment estimates for January showed a decrease of 6,100 jobs to a seasonally adjusted level of 4,387,700. Although that represents a decline from December, total employment is still up by 36,200 jobs compared to January 2024.
New Jersey’s labor force participation rate was 64% in January, which is below the revised December rate of 64.1% and the post-pandemic peak of 65.0% in June 2023. The labor force participation rate calculates the percentage of the working-age population that is employed or actively seeking work.
The U.S. Bureau of Labor Statistics’ benchmark process, a required annual review and adjustment of previously released employment data at the state levels, shows that year-over year change (December 2023 – December 2024) in total nonfarm jobs was 0.9% (39,800 jobs) higher than the previously reported gain of 0.7% (30,300 jobs). The two-year gain from December 2022 to December 2024, however, was revised downward to 104,000 or 15,900 few jobs than previously reported.
The annual benchmarking process also revised the estimated employment losses caused by the pandemic. The revisions showed that in March and April of 2020, New Jersey lost a total of 723,700 nonfarm jobs or 17.1% of the state total nonfarm employment in February 2020. Revised estimates still indicate that New Jersey returned to its pre-pandemic employment level in April 2022.