PHOTO: DEPOSIT PHOTOS
PHOTO: DEPOSIT PHOTOS
Matthew Fazelpoor//June 24, 2024//
The May jobs report released June 21 by the state Department of Labor & Workforce Development revealed a jobs gain of 16,500 in New Jersey.
The big month marks a rebound for the labor market after a rough April, which also received an upward revision of 2,800 jobs. However, the prior month still shows a net loss of 8,100 jobs.
For the second straight month, the unemployment rate dropped a tenth of a percentage point. It now stands at 4.6% — still slightly above the national unemployment rate of 4%.
“All major sectors except construction (-400) and information (-200) showed gains,” said Charles Steindel, former chief economist for the State of New Jersey, in his analysis of the report for Morristown research and educational organization Garden State Initiative. “Leisure and hospitality accounted for nearly half the total increase – rising 7,200 to set a new record high of 408,800.”
Education and health services (+2,900) as well as trade, transportation, and utilities (+2,700) also saw notable gains in May.
Steindel noted the unemployment rate trending in the right direction. But, he did point out that the decline was the result of a 3,000 decline in the state’s labor force.
“Over the past 12 months, the state’s labor force has fallen 16,700, and the number of employed residents is down 35,000,” said Steindel. “These figures are in very sharp contrast to the 80,200 increase in jobs. As of now, there is no accounting for the difference. The job figures are traditionally thought to be more accurate – but this is not a hard and fast principle.”
The June jobs report is due out July 18.