State employment rate remains stable

New Jersey’s unemployment rate declined for the second consecutive month in November as employers in the state largely held employment levels steady, according to preliminary estimates produced by the U.S. Bureau of Labor Statistics.
The state’s unemployment rate for November fell 0.1 percentage point to 4.0 percent, the lowest since June of 2001. Total nonfarm wage and salary employment decreased by 1,800 jobs to reach a seasonally adjusted level of 4,211,400.
Looking at the longer term, over the year November 2017 until November 2018, employment in New Jersey was higher by 60,900, with all of the gains recorded by private sector employers (+61,900). Since February 2010 (the low point of the last recession), New Jersey’s private sector employers have added 406,300 jobs.
Based on more complete reporting from employers, previously released total nonfarm employment estimates for October were lower by 100 to show an over-the-month (September–October) increase of 17,300 jobs. Preliminary estimates had indicated an over-the-month gain of 17,400 jobs. The state’s revised October unemployment rate was unchanged at 4.1 percent.
In November, employment decreases were recorded in five out of nine major private industry sectors. Industry sectors that lost jobs over the month include professional and business services (-3,600), information (-1,200), financial activities (-800), leisure and hospitality (-700), and other services (-400). Industries that added jobs over the month include education and health services (+2,100), construction (+1,800), trade, transportation, and utilities (+1,300), and manufacturing (+700). Over the month, public sector employment was lower by 1,000 jobs.
Preliminary BLS data for December 2018 will be released on Jan. 17.