Unemployment, TRANSFORMING OUR BUSINESS CLIMATE, Labor
GSI Analysis: June ’22 Jobs Report – New Jersey Private Jobs Back to Pre-Pandemic Level
June increases were mixed across sectors as softness in construction continues.
Unemployment unchanged at 3.9%, slightly higher than the nation’s 3.6%
Labor force continues recent rebound but remains lackluster
On July 21st, New Jersey’s Department of Labor and Workforce Development issued the monthly jobs report for June 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 9,800 jobs in June. This preliminary estimate would, if not revised, be the first increase under 10,000 since last August (the initial May increase of 6,700 was revised up to 10,000). The gains were somewhat mixed. Construction shed 2,200 jobs to a level 1,900 under that of June 2021. With the likelihood of homebuying and building ebbing losses may continue. Finance, which had been showing some strength, lost 2,700 positions, and the big professional and business services sector was down 2,600. These losses were more than offset by large gains in trade, transportation and utilities (4,200), education and health services (3,800), and, especially, leisure and hospitality (7,600). The Atlantic City-Hammonton metro area has consistently in recent months been one of the nation’s leaders in job growth, and this gain in leisure jobs suggests that will likely continue when the June numbers come out.
With June’s increase, private-sector jobs in New Jersey set a new peak 8,600 above the February 2020 level. The nation as a whole also set a new private-sector peak in June—in that regard, New Jersey has been keeping up with the Joneses. The total private and public job count in the state in June was 16,400 under the 2020 peak; again, this is comparable to national developments. Within sectors, despite the large June increase, leisure and hospitality was still 7,600 under its peak.
New Jersey’s unemployment rate in June was 3.9%, unchanged from May, and slightly above the national rate of 3.6%. However, New Jersey saw solid gains of more than 15,000 in both resident employment and the labor force (the national labor force contracted in June). While New Jersey’s labor force continues to be lackluster (this June’s count was 38,500 under last June’s), there has been a gain of 45,800 since March.
UPDATE: The U.S. Bureau of Labor Statistics issued its monthly “State Employment and Unemployment” report on Friday, July 22nd, which offered a comparison of how New Jersey is faring relative to other states. The report found that New Jersey’s 3.9% was tied for 14th highest in the nation.