According to a Garden State Initiative analysis of the newest jobs numbers released by the Bureau of Labor Statistics Monday, New Jersey’s job growth for 2018 was much smaller than first reported – instead of the previously reported 61,900 new jobs added in 2018, there were actually only 39,400 new jobs added last year.
The revised BLS numbers represent a decline of 44 percent. So, while the state did experience jobs growth in 2018, the actual number was 27,500 jobs lower than what was initially reported.
Additional highlights from this month’s jobs report include: the state’s unemployment rate ticked up slightly, by .1 percentage points, to 4 percent; Leisure and Hospitality and Professional and Business Services gained the most jobs in January with 8,100 jobs and 7,900 jobs added, respectfully; Financial Activities and Other Services lost the most jobs in January with 1,300 jobs and 1,500 jobs lost respectfully.
Overall, New Jersey’s labor force participation rate rose slightly by .1 percentage point in January to 62.5 percent.
“This anemic report, with substantial downwards revision to the jobs created in 2018, is yet another cause for alarm over the resiliency of New Jersey’s economy,” said Regina Egea, president of GSI. “Despite the first increase in the workforce participation rate in over a year, New Jersey is still lagging the U.S. average and while Wall Street continues a bull market, our financial activities sector led in job losses for the year.”