New Jersey’s unemployment rate fell to a historic monthly low in June to 3.5 percent, lower than any monthly rate since the U.S. Bureau of Labor Statistics began state-level records in 1976.
The national unemployment level is 3.7 percent.
Non-farm wage and salary employment increased by 10,200 in June, reaching a seasonally adjusted level of 4,204,600. Gains of 600 and 9,600 were realized in the public and private sectors, respectively.
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Of nine major private industry sectors, eight realized gains. Professional and business services saw an employment increase of 3,000. Trade, transportation and utilities saw an increase of 2,600, and manufacturing saw an increase of 1,000. Both information and education and health services realized gains of 800 jobs; construction saw an increase of 700; and other services saw an increase of 100. The financial services industry sector was unchanged over the month.
Employment in New Jersey rose 47,600 year over year from June 2018 to June 2019.
Since the low point of the recession, New Jersey’s private sector employers have added 410,900 jobs.
“Enthusiasm about the drop in the state’s unemployment rate must be tempered by concern about the continued stagnation in our workforce size, which remains below 2008 levels,” stated Garden State Initiative president, Regina M. Egea. “Job growth in most sectors is an encouraging sign for our economy, however, the Financial Activities sector, which has been flat for two months after New Jersey has led the nation in job losses, remains a cause for concern.”
