GSI Analysis: October ’24 Jobs Report – New Jersey’s Labor Market Stagnant in October

• New Jersey’s labor force edged down.
• Unemployment rate stayed at 4.7%.
• Job count dropped 1,500, with September’s large increase cut back.

On November 14th, New Jersey’s Department of Labor and Workforce Development issued the Monthly Jobs Report for October 2024. Dr. Charles Steindel, former Chief Economist of the State of New Jersey, analyzed the report for the Garden State Initiative:

October was a weak month for New Jersey’s labor numbers. The unemployment rate remained at an elevated 4.7% for a third straight month (New Jersey’s unemployment rate has been fluctuating between 4.6% and 4.8% since August 2023). After falling 3,300 in September the state’s labor force fell another 1,000 in October. The number of New Jersey residents at work did rise, but only by a meager 600.

The job count data was comparable. The total number fell by 1,500, and September’s big increase was revised down from 19,200 to 14,600. Trade, transportation and utilities, and professional and business services, saw fairly marked declines in October, while education and health services and “other” services had the largest increases.

New Jersey’s soft report would appear to go along with the weak national numbers for October. However, it seems pretty clear that much of the national weakness reflected temporary factors: the Boeing strike, and the impact of the storms in the Southeast being the most important. Neither would have had any material effect here. There may be regional factors at work: New York state shed jobs in October. As the close of the year approaches, it seems that 2024 will turn out to be a lackluster year for New Jersey. The October job count was only 20,700 higher than that of December 2023—a meager increase considering that the state has more than 4 million jobs. However, in a few weeks the Bureau of Labor Statistics will be releasing benchmark job counts for the state, which will give some indication as to how the monthly numbers for this year will be ultimately revised.