Solid gains in Garden State’s bounce-back March jobs report

Matthew Fazelpoor//April 19, 2024//

Solid gains in Garden State’s bounce-back March jobs report

Matthew Fazelpoor//April 19, 2024//

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The state added 13,800 jobs last month, according to the March released this week by the New Jersey Department of Labor & Workforce Development.

The report reflects a nice rebound for the state following a rough February.

“March is known for its erratic weather, and those conditions also applied to New Jersey’s labor market numbers,” said Charles Steindel, former chief economist of the State of New Jersey, in his analysis of the data for Garden State Initiative. “The good news was the marked increase of 13,800 in the number of jobs in the state – the largest gain since last July. Moreover, there was an upward revision of 2,100 to February’s job number, though a decline (of 3,200) is still reported for that months’ change.”

Last month, seven of the nine major private sector industries recorded job growth. The top gains included:

  • Private education and health services +5,900
  • Leisure and hospitality +1,800
  • Professional and business services +1,200
  • Construction +1,000

 

Government employment rose by 2,600 jobs, mainly at the local level. The only two sectors that recorded slight losses were information (-200) and financial activities (-100).

“The March increase was evident in most sectors,” Steindel continued.

He says the story is quite different for the employment and unemployment numbers.

“The unemployment rate remained at a dreary 4.8% for a seventh straight month – a point above the national average of 3.8%,” said Steindel.

“After declines in seven of the eight previous months New Jersey’s labor force was virtually unchanged (up 200) in March; household employment did eke out a small 2.300 increase (perhaps some consolation may be gained from the observation that carried to more decimal places, New Jersey’s unemployment rate was 4.753% in March, compared to 4.797% in February),” he continued.

Steindel concluded that, at best, the March numbers may suggest that the recent deterioration of the state’s labor market has ebbed — or ceased.

“A true recovery awaits,” Steindel closed his analysis.

The next jobs report is due May 16.