GSI Analysis: March ’24 Jobs Report – March Numbers Mixed for New Jersey Labor Market

• Solid 13,800 increase in the number of jobs, with gains widespread across industries.
• Unemployment rate mired at 4.8% with little change in the labor force.

On April  18th, New Jersey’s Department of Labor and Workforce Development issued the Monthly Jobs Report for March 2024. Dr. Charles Steindel, former Chief Economist of the State of New Jersey, analyzed the report for the Garden State Initiative:

March is known for its erratic weather, and those conditions also applied to New Jersey’s labor market numbers. The good news was the marked increase of 13,800 in the number of jobs in the state—the largest gain since last July. Moreover, there was an upward revision of 2,100 to February’s job number, though a decline (of 3,200) is still reported for that months’ change.

The March increase was evident in most sectors, with information and financial activities the only ones with (very modest) declines. Education and health services was the standout sector, with an increase of 5,900. Leisure and hospitality’s gain of 1,800 was also notable, as was a 1,000 pickup (not enough to reverse the drop in February) in construction.

The story was quite different for the employment and unemployment numbers. The unemployment rate remained at a dreary 4.8% for a seventh straight month–a point above the national average  of 3.8%. The data through February showed that unemployment rates are high throughout the tri-state metro area, though the rates in Connecticut and New York were a bit below New Jersey’s. After declines in seven of the eight previous months New Jersey’s labor force was virtually unchanged (up 200) in March; household employment did eke out a small 2.300 increase (perhaps some consolation may be gained from the observation that carried to more decimal places, New Jersey’s unemployment rate was 4.753% in March, compared to 4.797% in February).

At best, the March numbers suggest that the recent deterioration in New Jersey’s labor market has ebbed or ceased. A true recovery awaits.