Unemployment, Labor
GSI Analysis: December ’24 Jobs Report – New Jersey Labor Market Soft to Stable in December

- Unemployment rate unchanged at 4.6%, as declines in resident employment and the labor force cancelled out.
- Moderate job gain of 7,200, after a downward revision of 2,200.
New Jersey’s labor market numbers in December were at best mixed. The state’s unemployment rate was 4.6%, which matches November’s figure. However, December saw a 6,800 decline in resident employment, which has been virtually unchanged since June. The unemployment rate did not rise, because there was a 9,400 drop in the state’s labor force. That was the 4th straight decline in the labor force, and its level in December was down from a year earlier.
The job numbers were better, with a 7,200 gain—the best since September. However, November’s increase was marked down by 2,200. The December job gains were in the service sector; all major industries rose, while all major goods-producing sectors were down. This looks more like an oddity than revealing anything about fundamental changes in the state’s economy.
Over the last 12 months the number of jobs in New Jersey increased by 30,300—less than 1%. In contrast, the nation saw a 1.4% increase. The job numbers for the nation and the state are expected to be revised down; it’s not yet clear how the revision for New Jersey will compare to that for the nation.