Unemployment, TRANSFORMING OUR BUSINESS CLIMATE, Labor
GSI Analysis: May ’19 Jobs Report: NJ Still Lagging Behind US and Shed 7,600 Private Sector Jobs
State loses 7,600 Private Sector jobs, Government adds 800 jobs
Job Losses in 7 out of 9 major private industry sectors
Workforce declines by 2,300 and remains smaller than average labor force in 2008
Unemployment Rate Decreases .1 to 3.8% on shrinking workforce
NJ still leads US in YTD Financial Activities sector job losses
According to Garden State Initiative (GSI) analysis of the newest job numbers issued by the Bureau of Labor Statistics, New Jersey’s economy lost 7,600 private sector jobs in April, while the public sector added 800 positions.
Additionally, the report shows New Jersey’s workforce shrank by 2,300 in the month of May to 4,447,200, remaining below the 2008 average annual workforce of 4,504,400, the beginning of the last recession.
“Our state is an outlier from the positive national trend of adding private sector jobs to the economy,” said Garden State Initiative President Regina M. Egea. “Coupled with a workforce size that remains below when the last recession occurred in 2008, everyone in New Jersey needs to be concerned about how our lack of competitiveness is hurting our state’s economy.”
The number of employed persons in the state increased by 5,000 in the month, while the number of unemployed persons declined by 7,300, leading to a decline in the state’s total workforce of 2,300 persons. Due to the state’s shrinking workforce, the state’s unemployment rate declined by .1 to 3.8%.
The report indicated that lost jobs in 7 out of 9 major private industry sectors: Professional and Business Services (-3,500), Trade, Transportation, and Utilities (-2,300), Education and Health Services (-1,900), Other Services (-1,400), Manufacturing (-500), Leisure and Hospitality (-300), and Information (-100).
Positive results were reported in the Construction (+800) and Financial Activities sectors (+800). The gains for the Financial Activities sector were welcomed since the sector had reported year to date losses of 8,100 positions in April. With updated year to date losses of 6,000 positions, New Jersey has significant ground to recover as the state leads the nation in job losses for the Financial Activities sector year over year according to the Bureau of Labor Statistics.