Employment continues to advance

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New Jersey’s unemployment rate edged lower by 0.1 percentage point to 4.1 percent for October, representing the lowest statewide rate since June 2001, according to preliminary estimates produced by the U.S. Bureau of Labor Statistics.

Meanwhile, data shows employment in the state expanded for the sixth consecutive month in October with total nonfarm wage and salary employment increasing by 17,400 in October to reach a seasonally adjusted level of 4,213,300.

Looking at the longer-term, over the year October 2017-October 2018, employment in New Jersey was higher by 68,500, with all of the gains recorded by private sector employers (+68,500). Since February 2010 (the low point of the last recession), New Jersey’s private sector employers have added 407,200 jobs.

Based on more complete reporting from employers, the previously released total nonfarm employment estimate for September was unchanged to show an over-the-month (August–September) increase of 1,000 jobs. Preliminary estimates had also indicated an over-the-month gain of 1,000 jobs. The state’s revised September unemployment rate was unchanged at 4.2 percent.

In October, employment increases were recorded in seven out of nine major private industry sectors. Industry sectors that added jobs include trade, transportation, and utilities (+5,000), professional and business services (+4,400), leisure and hospitality (+3,700), manufacturing (+2,200), education and health services (+1,100), and other services (+1,100). Industry sectors that lost jobs over the month include financial activities (-700) and information (-400). Over the month, public sector employment was lower by 800 jobs.

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