Unemployment, TRANSFORMING OUR BUSINESS CLIMATE, Labor
GSI Analysis: October ’19 Jobs Report – Could Job Growth and Participation Rate Hint at Stabilization?
Workforce grows by 26,200 individuals, still slightly below 2008 level
State grew by 10,200 net positions, first gains since June
Labor Force Participation rate increases 0.4% to tie U.S. level
According to Garden State Initiative (GSI) analysis of the newest jobs numbers issued by the Bureau of Labor Statistics, New Jersey’s unemployment rate increased by 0.1% to 3.2% though the increase was driven by an increase in the number of residents who entered the workforce. The state reported an increase of 12,300 private sector jobs in October, while shedding 2,100 public sector positions, for a net gain of 10,200. This marked the first increase in employment, and private sector employment since June.
“After treading water for the last three months New Jersey’s labor market showed signs of stabilization in October with gains in new jobs,” stated GSI’s president Regina M. Egea. “On the heels of last week’s disappointing GDP number where New Jersey ranked 48th in the nation in economic growth, it is yet to be shown that the economy can find any traction moving forward.”
New Jersey’s workforce increased by 26,200 individuals in October, the second consecutive month of significant gains, but remains 2,700 below the pre-Great Recession average of 4,504,400 in 2008. The state’s Labor Force Participation Rate increased by 0.4% to 63.3%, equal to the U.S. rate.
Gains were recorded in seven out of nine major private industry sectors, with the Hospitality sector along with the Education and Health Services sector leading sectors with gains. A loss of 1,400 positions was recorded in the Manufacturing sector, while the Financial Activities sector remained unchanged. According to the most recent data available, New Jersey ranked next to last, ahead of only New York, in job losses in that sector year over year.