Unemployment, TRANSFORMING OUR BUSINESS CLIMATE, Labor
GSI Analysis: July ’22 Jobs Report – New Jersey Jobs Still Shy of a New Peak
Losses in government and leisure and hospitality prevent state from matching its old high.
Unemployment rate moves down 0.2% to 3.7%, versus 3.5% U.S. average
On August 18th, New Jersey’s Department of Labor and Workforce Development issued the monthly jobs report for July 2022. Dr. Charles Steindel, former Chief Economist of the State of New Jersey, analyzed the report for the Garden State Initiative:
New Jersey employers added 6,300 jobs in July. The gain left the state 10,100 jobs under the February 2020 peak, and stood in some contrast to the national count reaching a new high. New Jersey’s somewhat modest performance was due to losses in the government and leisure and hospitality sectors, both of which rose in the nation as a whole. New Jersey’s count of private jobs excluding leisure and hospitality rose a fairly steep 17,900, with marked increases in professional and business services as well as education and health.
The state’s unemployment rate notched down from 3.7%, edging closer to the national figure of 3.5%. Resident employment rose a marked 11,400, while there was a 4,700 increase in the labor force, continuing its recent rebound (the national labor force fell in July). However, the size of New Jersey’s labor force was less than in July 2021.
The U.S. Bureau of Labor Statistics will issue its monthly “State Employment and Unemployment” report on Friday, August 19th, which offers a comparison of how New Jersey is faring relative to other states.