NJ labor market rebounds in November

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The state Department of Labor and Workforce Development issued its monthly jobs report for November 2022, showing solid growth with 11,700 jobs added.

New Jersey’s unemployment rate remained steady at 3.4%, below the national rate of 3.7%, according to the data released Dec. 14.

The rebound follows a lackluster October report, which showed a total loss of 2,500 jobs between September and October after a downward revision by 1,300. The November figures were fueled by the continued strength of the private sector, which added 11,400 jobs — marking the 31st consecutive month of growth dating back to May 2020.

“November’s increases were widespread, with the only sectors reporting losses being manufacturing, information, and leisure and hospitality (down 1,800),” said Charles Steindel, former chief economist of the State of New Jersey, who analyzed the report for think thank Garden State Initiative. “In contrast, construction, professional and business services education and health, and ‘other’ services all had increases of at least 1,000.”

Steindel also noted the continued recovery of the labor force in the Garden State.

“November saw another good increase in the state’s labor force: 11,600,” said Steindel. “New Jersey’s labor force has grown by more than 90,000 (about 2%) since the low point in March, and in November was above 4.7 million for the first time since June 2021.”